About the Litecoin/US dollar(LTC/USD)
Litecoin (LTC) is a match-to-match cryptocurrency and open-source software project issued under the MIT/X11 license. The production and transference of coins are based on an open source cryptographic protocol and are not managed by any central authority. Litecoin was an early Bitcoin spinoff or altcoin, starting in October 2011. In technical details, Litecoin is nearly the same to Bitcoin.
The cryptocurrency pair indicates how many US dollars (the quote currency) are needed to purchase one Litecoin (the base currency). For example, if the pair is trading at $112.16, it means that it takes $112.16 US dollars to buy 1 Litecoin.
History of the Litecoin
Litecoin was issued via an open-source client on GitHub on October 7, 2011 by Charlie Lee, a Google worker and former Engineering Director at Coinbase. The Litecoin network performed live on 13 October 2011. It was a branch of the Bitcoin Core client, differing primarily by having a decreased block generation time (2.5 minutes), the increased maximum number of coins, different hashing algorithm, and a slightly modified GUI.
During the month of November 2013, the aggregate value of Litecoin experienced tremendous growth, which included a 100% leap within 24 hours.
In May 2017, Litecoin became the first of the top five cryptocurrencies to adopt Segregated Witness. Later in May of the same year, the first Lightning Network transaction was completed through Litecoin, transferring 0.00000001 LTC from Zürich to San Francisco in under one second.
Litecoin is changed in some ways from Bitcoin. The Litecoin Network proposes to process a block every 2.5 minutes, rather than Bitcoin's 10 minutes. The developers claim that this allows Litecoin to have faster transaction confirmation.
Litecoin uses the script in its proof-of-work algorithm, a subsequent memory-hard function requiring asymptotically more memory than an algorithm that is not memory-hard. Due to Litecoin's use of the script algorithm, FPGA and ASIC devices made for mining Litecoin are further complicated to create and more expensive to produce than they are for Bitcoin, which uses SHA-256.
What is the market value of Litecoin?
It has reached $600million market cap, according to 2014 statistics.
What will be the total number of Litecoins?
The total number of Litecoins that will be produced after opening would be around 84 million, meaning that there would be more Litecoins than Bitcoins. On the one hand, this might mean more liquidity, whereas on the other, it might also mean less value for the Litecoin. A key point to understand is that liquidity is not going to be necessarily true because they can be divided into smaller fractions. However, people can still use it for other services, which means that they might be more readily used.
Instruments Correlated to Litecoin
Other prominent cryptocurrencies like Ether (ETH) and Bitcoin (LTC) are positively correlated to Litecoin prices. This correlation, however, has varied from time to time.
There have been times when Ether (ETH) and Bitcoin (LTC) have moved in opposite directions to Litecoin. Nevertheless, these two cryptocurrencies are prone to move in tandem with their big brother Bitcoin, because Bitcoin generally sets the tone for the cryptocurrency market.
When Bitcoin live price performs well, it sends out a message to the investment community that all is well in the cryptocurrency market. Consequently, Ether and Litecoin tend to benefit from a rosier Bitcoin. Ether and Litecoin are some of the largest cryptocurrencies.