Litecoin has led the Charge in November
This crypto winter has hindered the growth of most coins but there are few that are still fighting back in an impressive way and among these coins is Litecoin. In the beginning of November, Litecoin was traded around $55 but on 30th of November, its price is around $78. This show its price has gained more than 37% during the last 30 days making it one of the few tokens with this kind of resilience. So I think it is worth mentioning few things about the token.
What is Litecoin (LTC)?
Litecoin first launched in October of 2011 by Charlie Lee based on the the Bitcoin Protocol. It was designed to enable instant peer-2-peer exchanges and have properties such as speed, security and low transaction fees. Due to its similarities with Bitcoin, Lite coin is sometimes referred to as "Bitcoin Lite" or "Silver to Bitcoin's Gold". Although there are similarities with the Bitcoin protocol, it uses different hashing algorithm, hard-cap and block transaction time to satisfy its design properties.
The Litecoin (LTC) Token in November
Litecoin is one of the cryptocurrencies that use the Proof-of-Work consensus mechanisms so user can acquire it through mining. There is a total supply of 84 million LTC and over 66 million have already been mined and in circulation.
LTC registered its all-time-high price of $410.26 in 2021 and all-time-low of $1.15 in 2015. And during this bear market, LTC is performing considerably well. In the month of November, LTC's price managed to rise considerably surpassing the $80 mark on the 23rd. What makes this more impressive is that other major coins like Bitcoin and Ethereum are still struggling.
Currently, LTC has a market cap of slightly over 5.6 billion and ranked 13th as compared with other tokens' market cap.
Final Thoughts
Throughout Litecoin's history, there were few events to take note of. Litecoin fully implemented the MimbleWimble Extension Blocks (MWEB) upgrade in May 19, 2022. This upgrade provided users the option to make their transactions more private, which created a backlash form regulators and some exchanges delisted the token.
It is also worth remembering that the token is still deep in the red when you see its price for the last year.
Although the current records are great, the volatile nature of crypto and the current bear market makes it had to definitively say LTC will continue with its current form. But it is always great to recognize the little wins during this seemingly never ending bear market.
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Disclaimer
I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.
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Interesting take, I hope Litecoin continues to rise in December too.