By
Steve Muchoki
April 19th, 2024
The real competitor for Bitcoin is not Ethereum, but Litecoin, which gained 19.5% during last 24 hours, with its value being pushed past $100.
During 2017 the cumulative cost of all cryptocurrencies has increased from $17,7 billion to a new record maximum of $347 billion. During past 11 months the cost of all virtual currencies has increased for more than 1,620%. In comparison, the stock market, including reinvestment of dividends, historically receives about 7% a year. This year digital currencies have completely beaten traditional assets.
Leading the charge Bitcoin achieved $11,000 per coin. Now the price of Bitcoin is $11,555 according to the CoinMarketCap. The token began this year trading less than $970 dollars per coin, therefore it had an improbable surge. Its current market capitalization of $194 billion actually places it towards Dow Jones Industrial Average stalwart General Electric. We shouldn’t forget, that despite Bitcoin runs the show, it isn’t the only cryptocurrency – there are 1,327 different investable currencies more.
Ethereum is considered to be the most important competitor of Bitcoin. It has the second-large market capitalization and still the best annual production rate. Its blockchain is utilized in small and pilot projects of 200 various organizations in Enterprise Ethereum Alliance. At the moment the token makes $455.
If compare Ethereum to Bitcoin – these two have different purposes. Ethereum advances blockchain to the enterprises, while it ignores Ether as mean of payment. Meanwhile, Bitcoin focuses extensively on creation of its reputation as a payment means, and only recently has paid the attention to involvement of the companies into its blockchain. While competitive to a certain extent, Bitcoin and Ethereum are not direct threats to each other.
Litecoin, on the other hand, in essence is the same as Bitcoin, because they use similar protocols. While Litecoin already finished the SegWit updating and offers fast transactions, like Bitcoin, the platform allows to simplify up-dating of the protocol. It is necessary to mark that among the companies of institutional level, only Overstock accepts Litecoin , but it doesn’t mean that there is something wrong with the currency, it’s more a focus problem instead.
According to Litecoin.org, Litecoin is a peer-to-peer cryptocurrency that enables instant, near zero cost payments to anyone in the world. Litecoin is an open source, a global payment network which is completely decentralized having no central authorities.
The mathematics protects a network and authorizes people to control their own finance. Litecoin differs in faster time of confirmation of transactions and the increased efficiency of storage, than the leading math-based currency. With serious branch support, trade volume and liquidity, Litecoin is a reliable tool for commerce in addition to Bitcoin.
The cost of Litecoin increased by 19.5% during last 24 hours, pushing its value past $100. At the moment, the price of Litecoin makes $ 98.92 according to the CoinMarketCap. Litecoin also has a solid trading volume of over US$636 million. It is highly likely that this upward trend is not going to stop in the near future, although it remains to be seen how everything will develop in the long term.
As Motley Fool research states:
“Litecoin hasn’t been nearly as successful, but that looks to be more a function of its creator, Charles Lee, taking a backseat for years and only recently putting his full effort behind building up his cryptocurrency’s use. “
The Litecoin founder, Charles Lee believes that both tokens – Litecoin and Bitcoin – could function simultaneously without any problems, and their co-existence could contribute greately to the improvement of both virtual currencies.