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One of the primary altcoins, or cryptocurrencies apart from Bitcoin, was Litecoin, launched in 2011. Although it was technically similar to Bitcoin, it considerably sped up transaction instances. Transaction processing instances for Litecoin are roughly 4 instances quicker than these for Bitcoin.

In phrases of value, cryptocurrency lovers continuously check with Litecoin because the silver to Bitcoin’s gold. However, LTC has all the time been less expensive than Bitcoin, and a few buyers have chosen it as their funding.

Litecoin Hashing Algorithm

Scrypt is the hashing algorithm that Litecoin makes use of. Scrypt requires extra reminiscence and runs slower than SHA-256. However, it gained extra help from the cryptocurrency group after the 2011 Tenebrix challenge modified Scrypt to help mining on commonplace CPUs.

Developing application-specific built-in circuit (ASIC) miners was additionally difficult as a result of Scrypt’s considerably greater reminiscence necessities. The world’s first LTC ASIC miner was launched in 2016, its ASIC-resistant setup didn’t final lengthy.

How Much Money Would You Make If Litecoin Reaches $100?

Litecoin is at the moment buying and selling at $63.05 and has a market capitalization of $4,530,611,712. It has misplaced appreciable worth in latest instances. LTC has plunged alongside the broader cryptocurrency market in 2022, with costs falling about 48% in a 12 months. LTC was 81% beneath its all-time excessive originally of December.

According to TRADINGBEASTS.COM, LTC will breach the $100 barrier by October 2024. Let’s assume that you just make investments a modest $1000 in Litecoin in the present day.

According to in the present day’s value, which is $63.05, you should have roughly 15.86 Litecoin cash. If Litecoin’s value hits $100 within the subsequent few years, your $1000 will grow to be $1586.00.

Let’s say to procure $1000 worth of Litecoin cash in the present day. With the present price, you should have roughly 15.86 cash. However,  you’ll be able to probably make $1586 when it reaches the $100 mark.

Disclaimer: This is just not funding recommendation. Please do your due diligence earlier than 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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The offered content material might embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any accountability to your private monetary loss.