Hyderabad: In just one year, Litecoin has seen 4000 percent growth in terms of its price.
While in the start of 2017 the price of one Litecoin is $4.33, but in just 24 hours, the price of single Litecoin has now increased upto $328.92
In terms of market capitalization, according to Coinmarketcap, Litecoin ranks fourth after Bitcoin, Ethereum, and Bitcoin Cash with close to $13.8 billion.
The possible reasons for sudden rise in the price of Litecoin is as follows:
• First, Litecoin has more room to grow, given that only 64 percent of its total stash of 84 million coins are in circulation.
• The mining profitability for Bitcoin on an average continues to be the highest at $3 per day for one transaction hash. However, for Litecoin this number still remains to be at $0.0499 per day for a single hash.
• Charlie Lee, the creator of Litecoin has said in the past that most innovative works done by Bitcoin developers and projects directly benefit Litecoin.
Charlie had said that “Every Bitcoin developer also works on Litecoin. Absolutely nothing they can do about that. If you don’t like that Litecoin piggybacks off of Bitcoin developers’ hard work, it is because you care more about Bitcoin making you rich than crypto changing the world.”
• The average block time for one Bitcoin transaction is close to eight minutes and 53 seconds. But the same for Litecoin is close to just two minutes and 11 seconds. The faster block time of Litecoin reduces the risk of double spending because of confirmations.