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One of the first altcoins, or cryptocurrencies other than Bitcoin, was Litecoin, released in 2011. Although it was technically identical to Bitcoin, it significantly sped up transaction times. Transaction processing times for Litecoin are roughly four times faster than those for Bitcoin.
In terms of price, cryptocurrency enthusiasts frequently refer to Litecoin as the silver to Bitcoin’s gold. However, LTC has always been much cheaper than Bitcoin, and some investors have chosen it as their investment.
Litecoin Hashing Algorithm
Scrypt is the hashing algorithm that Litecoin uses. Scrypt requires more memory and runs slower than SHA-256. However, it gained more support from the cryptocurrency community after the 2011 Tenebrix project modified Scrypt to support mining on standard CPUs.
Developing application-specific integrated circuit (ASIC) miners was also challenging due to Scrypt’s significantly higher memory requirements. The world’s first LTC ASIC miner was released in 2016, its ASIC-resistant setup didn’t last long.
How Much Money Would You Make If Litecoin Reaches $100?
Litecoin is currently trading at $63.05 and has a market capitalization of $4,530,611,712. It has lost considerable value in recent times. LTC has plunged alongside the broader cryptocurrency market in 2022, with prices falling about 48% in a year. LTC was 81% below its all-time high at the beginning of December.
According to TRADINGBEASTS.COM, LTC will breach the $100 barrier by October 2024. Let’s assume that you invest a modest $1000 in Litecoin today.
According to today’s price, which is $63.05, you will have approximately 15.86 Litecoin coins. If Litecoin’s price hits $100 in the next few years, your $1000 will become $1586.00.
Let’s say you bought $1000 worth of Litecoin coins today. With the current rate, you will have approximately 15.86 coins. However, you can potentially make $1586 when it reaches the $100 mark.
Disclaimer: This is not investment advice. Please do your due diligence before investing in any asset.
Also Read: Here’s How Much Your $100 Investment in Polkadot Will Be Worth If DOT Reaches $10
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