What is Litecoin?
Litecoin is similar to bitcoin and functions based on the platform of blockchain. It is a digital currency that offers you the features of faster transaction, better quantity of transactions with effective market capture.
However, the market capture and market capital of Litecoin has come into a questionable situation making us wonder if we should invest or not in it. Litecoin had been launched by the year 2011 and it has been giving services with the same features ever since and the price does not seem to go below the line too. The price keeps going up from time to time with each update to buy and the value of it has been on a constant fluctuation confusing the users on its performance. There have been days when Litecoin’s value hiked up like rockets and it was like apple of everyone’s eye and ever since the value has been going down and up. Following is a price analysis for Litecoin.
Litecoin Price Analysis
The current market capital of Litecoin is $3,156,975,738; In the last 24 hours the trading volume value for it has been $506, 719, 901 and the price of 1 Litecoin has been as low as $52.18 and as high as $54.84 in the last 24 hours. The available supply of Litecoin had been low as 58.4 million coins and as high as 84 million coins.
Let us take the price of Litecoin at various periods of time and analyse based on that. Let us take yearly consideration for our analysis.
In the year 2013 Litecoin had started with a price of $0 and 0 volume and it had gone high up to a price of $38 for 1 Litecoin with a volume as high as $152, 518,276.
Market capital reached a hike around $910,110,222.
Later from the late period of 2013 till late period of 2016 there was not much hike in the price or market capital of Litecoin. During the yearly period of 2014, 2015, 2016 and late end of 2017 the price of Litecoin stayed up mostly around on an average of $140, 000, 000 and average volume value of $80, 000, 000. This shows that during these period Litecoin never performed much on their operations or gave any new features on their updates. They mostly remained the same in functioning and features thus there was not much hike in price or reduction in price as well as the volume value. But still, Litecoin was on circulation within the cryptocurrency market for its faster operation and the number of transactions it allowed.
However, the usage and price of Litecoin plummeted in the year 2014 when bitcoin’s platform was invaded with the decline of computer systems with VGA cables and thus making Litecoin the important source of cryptocurrency medium for transaction until bitcoin and other new cryptocurrencies came back into the market for action.
In the last 48 hours from 19th to 20th September 2018, the price of Litecoin had gone up as high as $54.84 for 1 Litecoin and has gone as low as $52.18 with a volume value as high as $495, 388, 128 and as low as $414, 374,626.
Today’s price is $53.96 on an average of 1 Litecoin and in the past 24 hours the price value of Litecoin has gone up by 0.4%; 4% in the last 7 days; 0.2% in the last 30 days and 7.1% in the last 1 year. The price of Litecoin has gone down -8.8% in the last 14 days and -35.2% in the last 60 days. The reduction of price in the last 60 days is pretty huge comparatively to other cryptocurrencies such as bitcoin or Ethereum.
Limitations of Litecoin
The major problem with the usage of Litecoin is the limitations in the platforms on which it can be used and transactions can be made. This makes the transaction limited only to platforms where Litecoin is accepted thus the availability of users get limited too. The trading of Litecoin has been declining in the past few months especially after may 2018 and slight increase was witnessed by the month of August. The acceptance of Litecoin has been declining too among business entities.
Before investing in Litecoin on a long-term basis, you need to consider all the above information on its performance and features. The price of Litecoin is never high or never low for long. It keeps fluctuating with a constant fall and a rise, thus it is advisable to make your own research on investing in Litecoin before you invest in them as currently there are numerous cryptocurrencies that are new yet operate faster and are promising for the future. This article is only an opinion of the writer and is not an investment advise in any form.
