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Litecoin {LTC} lingers under the domination of ASICs in spite of using Scrypt; altcoin descends


Bitcoin maximalists hate the majority of altcoins that get listed on coinmarketcap. However, this hatred doesn’t always extend to Litecoin. This is because this currency has been amongst the top 10 currencies for the last 8 years since it was created under the guidance of Charlie Lee.

Lee sold off the LTC that he had ownership over back in December of 2017. It was precisely at this time that the price of LTC had breached the $365 mark. His purpose of initiating the sell-off has been questioned various times, and the answer his simple: he exploited an opportunity that was presented to him.

This year, the hashrate fell following the halving event in August. The lack of activity from developers has also been a topic of discussion in the past. Charlie took to Twitter so as to encourage LTC HODLers. He apologized for the slow progress and promised to keep upgrading the network.

Mining LTC is a simpler process in comparison to BTC. However, Scrypt was used [instead of SHA-256] in order to prevent centralization; after a while, Bitmain and other companies rolled out apt miners for LTC. Thus, things didn’t work out according to Lee’s plans.

Most stores which accept BTC transfers as a tool of payment welcome LTC transactions too. Scalability and fungibility are both matters which should be addressed. If you live in a nation where electricity is affordable, you can relax and purchase a machine to mine LTC tokens. Litecoin is here to stay.

Litecoin sank to #6 after Tether outstripped it [in terms of value] in the market. It is presently occupied in the red zone, and LTC dove at a rate of 4.24% in the course of the past 24-hours. This brought it all way down to $63.34. The trading volume recorded is $3.036 billion, whereas the supply has 63,143,487 LTC coins involved. As of this moment, the total market cap of Litecoin stands at $3.999 billion.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.