Tuesday, November 24, 2020
Home Finance This Crypto Currency With 5,700% Return Is Giving Bitcoin A Tough Competition

This Crypto Currency With 5,700% Return Is Giving Bitcoin A Tough Competition

Crypto Currency

Litecoin, the digital currency, overtook Ripple and IOTA and turned out to be the 4th biggest crypto currency in terms of market value post Ethereum, Bitcoin, and Bitcoin cash.

With market value of Rs 0.88 Lakh Crore, Litecoin was selling at Rs 16,313 this week, as per the information obtainable with coingecko.com. In the global markets, the currency is hanging around at almost $253.

On a basis of year-to-date, Litecoin has grown more than 5,700% as of this week, whereas Bitcoin has grown 1,550% during the similar time frame.

Ripple and IOTA have market value of Rs 0.67 Lakh Crore and Rs 0.75 Lakh Crore. Ripple was selling at Rs 17.28 whereas IOTA was selling at Rs 270.59 at almost the similar time frame. IOTA stands for a 3rd generation of blockchain post Ethereum and Bitcoin were developed. It really is not a simple blockchain any longer, but rather an entirely new idea.

Bitcoin, the star of the year, is hanging around at almost Rs 10.73 Lakh.

Facts about Litecoin:

  • Litecoin is a crypto currency developed by Charlie Lee. Lee is a Ex-Director of Engineering at Coinbase and previous Google employee. Coinbase is one of the biggest exchanges and the 1st to list Litecoin next to Ethereum and Bitcoin.
  • The Litecoin system is planned to limit at 84 Million units of the currency.
  • Litecoin is very analogous to Bitcoin in its technological execution. Making fresh Litecoins is achievable via mining too.
  • As per Deutsche Bank Wealth Management, this crypto currency has a benefit in speed of processing. Its 4x quicker in comparison to Bitcoin. A single block is created in 2.5 Minutes. This keeps costs of the transaction low since they occur for quicker verification of a payment.
  • Litecoin is also depended on a simple algorithm, which permits miners to employ less computing capability for verifying a block.
Handling the position of Head of Admin and Networking at Zion Market Research, Sandip is a tech geek constantly looking out for niche innovations in the field of Networking and Technology. He can be reached at Facebook | Twitter | sandip@techicy.com


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