Litecoin was one of the first altcoins or cryptocurrencies to be released, and it was launched in 2011. It was technically identical to Bitcoin but significantly increased transaction times. Litecoin transactions are processed four times faster than Bitcoin.
Many cryptocurrency enthusiasts refer to Litecoin, in terms of price as the silver to Bitcoin’s gold. LTC is still much cheaper than Bitcoin and some investors have chosen LTC as their investment.

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Litecoin Hashing Algorithm
Litecoin uses Scrypt as its hashing algorithm. Scrypt is slower than SHA256 and requires more memory. It gained more support from cryptocurrency enthusiasts after the 2011 Tenebrix project modified Scrypt so that it can be mined on standard CPUs.
Due to Scrypt’s higher memory requirements, it was also difficult to develop application-specific integrated circuits (ASIC) miners. In 2016, the world’s first LTC ASIC miner was released. Unfortunately, its ASIC-resistant setup didn’t last long.
Litecoin trades at $63.05 with a market capitalization $4,530,611,712. It has seen a significant decline in value in recent years. LTC prices have fallen 48% per year, just like the wider cryptocurrency market in 2022. LTC was 81% lower than its December high.
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TRADINGBEASTS.COM predicts that LTC will surpass the $100 barrier by October 2024. Let’s say you invest a modest $1000 today in Litecoin.

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You will receive approximately 15.86 Litecoin coins based on today’s $63.05 price. Your $1000 will be worth $1586.00 if Litecoin’s value reaches $100 within the next few years.
Let’s suppose you bought $1000 worth Litecoin coins today. At the current rate, you’ll have approximately 15.86 coins. You can make $1586 if it reaches $100.
Disclaimer: This article is not intended to be an investment advice. Before investing in any asset, please do your research.
Also read: Here’s how much your $100 Polkadot investment will be worth if the DOT reaches $10

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Disclaimer

The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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