Litecoin (CCC:LTC-USD) is on the rise Monday as investors in the cryptocurrency hope it reaches the $400 mark soon.
Litecoin was trading at around $392 this morning and that positive movement could carry it higher. While it already jumped about $400 yesterday, it didn’t stay above that price. Investors are no doubt hoping they can push it higher again and keep it from falling.
Keeping that in mind, we’re taking a look at Litecoin and everything investors need to know about it.
- For starters, Litecoin is a peer-to-peer cryptocurrency that was created to be open source.
- The creator of the cryptocurrency is computer scientist Charlie Lee.
- Lee was working for Google before it became Alphabet (NASDAQ:GOOGL,GOOG) when he created Litecoin and later went on to have a job at Coinbase (NASDAQ:COIN) for a time.
- The cryptocurrency was an early spinoff of Bitcoin (CCC:BTC-USD) that was made in October 2011.
- While a spin-off of bitcoin, there are various differences between the two cryptocurrencies.
- For example, Litecoin processes a block every two and a half minutes instead of bitcoin’s every 10 minutes.
- That allows for fast confirming of transactions with LTC instead of BTC.
- It’s also worth mentioning that Bitcoin uses scrypt algorithm.
- This makes it harder to create mining machines for the cryptocurrency.
- It’s also worth noting that Lee sold off all of its Litecoin back in 2018.
- The founder of the cryptocurrency did so to avoid conflict of interests while developing it.
LTC was up 7.9% as of noon Monday over a 24-hour period. The cryptocurrency is also sitting 209.2% higher since the start of the year.
Cryptocurrency lovers have plenty of options to choose from with many of them gaining popularity of late.
That includes new cryptos, as well as some old ones that are gaining steam. A few examples of cryptos worth checking out include Shiba Inu (CCC:SHIB-USD), Dogecoin (CCC:DOGE-USD), Ethereum (CCC:ETH-USD), and Stellar Lumens (CCC:XLM-USD). Investors can learn more about these and other crypto news below.
Monday Crypto News
- Binance Suspended Withdrawals: 10 Things to Know as Crypto Frenzy Hits the Largest Exchange
- 20 XLM Partnerships That Have Stellar Lumens Bulls Hopeful
- Shiba Inu (SHIB) Price Predictions: Where Will SHIB Go After Binance Listing?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.