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Because crypto is volatile, you should only invest money you can afford to lose. Cryptocurrency should also be limited to a small portion of your investment portfolio, such as 5% to 10%. You might already have decided to invest in crypto, but the hard part is deciding whether some or all of that investment should include Litecoin.
In Litecoin’s favor, it is faster than Bitcoin and has lower transaction fees. Additionally, it is generally accepted as one of the major coins. On the top cryptocurrency exchanges, you won’t find every coin, but you’ll almost always find Litecoin. Litecoin, however, has historically had a hard time getting out of Bitcoin’s shadow. Additionally, it doesn’t offer much that makes it unique, as Ethereum or Cardano does.
Litecoin investors who invested at the right time have been rewarded. It’s impossible to predict where Litecoin will go in the future, so it’s important to do your research before investing.
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A $1,000 purchase of Litecoin three years ago would have given you this amount today
Litecoin may not receive as much attention as other coins, but does it provide better returns?
In 2011, Litecoin became one of the earliest altcoins, a term for cryptocurrencies other than Bitcoin. Although it is technically similar to Bitcoin, it drastically improved transaction times. Litecoin transactions are about four times faster than Bitcoin transactions.
Crypto enthusiasts often refer to Litecoin as the silver to Bitcoin’s gold, which is certainly true in terms of price. Since Litecoin has always been cheaper than Bitcoin, some investors have gravitated toward it. It’s a question of whether it’s a wise decision. See what might have happened if you purchased Litecoin 3 years ago for $1,000.
What your Litecoin would be worth today
What your Litecoin would be worth todayHistorical price records make it easy to find out how much any crypto investment would be worth today. Litecoin’s price increased from $119.44 to $183.50 between May 25, 2018 and May 25, 2021. A value increase of nearly 54%. Litecoin was worth $1,000 three years ago, but now it is worth $1,536.34.
Litecoin’s results compared to other cryptocurrencies
Three years ago, if you had chosen a different coin, you would have earned the following amount:
You’d have $5,133.89 if you bought $1,000 of Bitcoin, a 513% increase. Ethereum bought for $1,000 would have grown to $4,613.08, a 461% increase. If you bought $1,000 of Cardano, you would have $7,800, an increase of 780%. By investing $1,000 in Dogecoin, you would have $99,611,59, a 9,960% increase. As you can see, there were opportunities for much greater gains than Litecoin provided. These are also four of the largest coins, and all have been very successful this year. Keep in mind that Litecoin is being compared to the current cream of the crop before getting too disappointed.
Here are the three-year returns for two coins that haven’t been quite so successful:
If you purchased $1,000 of Bitcoin Cash, you would have $707.71, a 29% decrease. A $1,000 purchase of TRON would now be worth $1,142.86, an increase of 11%.
Litecoin hasn’t exactly blown up the world. Nonetheless, it has done better than many coins, especially when you consider that some coins from 2018 lost all of their value.
Another important consideration here is. A coin’s past performance does not necessarily predict how it will perform in the future.
It may explode in value, or it may fall off a cliff. However, just because other coins have done better to date does not mean that trend will last indefinitely.
Litecoin: Is it a good investment?
Litecoin is very volatile, just like other cryptocurrencies. This is a high-risk, high-reward investment, even if the rewards have paled in comparison to some of the most popular coins.
Businesses that accept Litecoin
In the early days of cryptocurrency and Blockchain technology, Bitcoin had competitors. Many of these contenders could not survive until the future of crypto, but Litecoin was different in that regard. Even today, Litecoin remains a valuable cryptocurrency token that investors and users cannot ignore despite not having the same massive trading volume and value as Bitcoin. In light of the current value of 1 LTC being less than 100 USD, Litecoin is a currency you can use to buy things.
Can you pay for your favorite products and services with Litecoin? Yes, that’s the answer. Many businesses accept Litecoin as a payment method, offering you the convenience of quick cryptocurrency transactions.
Here are some questions we will answer before we show you the list of enterprises where you can spend LTC.
A work of the Bitcoin Core client, the code of Litecoin is similar to that of Bitcoin. The main difference is a block generation time of 2.5 minutes rather than Bitcoin’s ten minutes. As a result, the name “Lite Coin” was coined due to its lightweight design and speedy transaction times. Due to its place among the top ten cryptocurrency projects based on market cap, LTC price predictions can go so high – the top ten projects have proven to be the most promising ones in terms of growth and value, making them solid investments in an otherwise risky market.
Due to its close connection to Bitcoin, Litecoin has added value and is often referred to as digital silver to Bitcoin’s digital gold narrative. Both assets have a hard-capped supply that gives them a scarcity aspect similar to precious metals.
A recent LTC news report claims that Litecoin has been regularly used to test upcoming second-layer applications on the Lightning Network and Segregated Witness that will eventually be applied to Bitcoin.
