Whereas Bitcoin has turn into nearly synonymous with cryptocurrency, not lots of consideration is paid to the wide selection of Altcoins out there within the cryptocurrency market. The time period “Altcoins” is derived from the time period “different cash” and refers to cryptocurrencies which might be options to Bitcoin. There are over 5,000 “different” currencies, most of that are Bitcoin and its functionalities. Of the numerous altcoins, Litecoin is a cryptocurrency that carefully resembles Bitcoin. In reality, Charlie Lee, founding father of Litecoin, referred to it because the “silver to Bitcoin’s gold.” Litecoin additionally shares the identical codebase as Bitcoin.
That is not all. This resemblance even extends to the value moments and market behaviour of the 2 cryptocurrencies. And this resemblance is intentional, on condition that Litecoin was developed on the mannequin of Bitcoin. As per the founder, there was a acutely aware effort to make sure that Litecoin follows Bitcoin.
Which means when there’s a rise in Bitcoin charges, a concurrently excessive can also be recorded in Litecoin worth. The intention to have Litecoin as a shadow for Bitcoin was made conserving in thoughts the transaction payment. For Bitcoin, the transaction payment for transferring giant quantities of cash and in addition small quantities of cash is identical. These may appear unfeasible for smaller transactions, create a marketplace for the utilization of Litecoin, with regard to the smaller transactions.
Nonetheless, such dependence on one forex also can trigger points. For example, if the value of Bitcoin sees a droop, it would result in a crash in Litecoin costs as properly. As Litecoin shares the identical codebase with Bitcoin and mimics its market motion, a difficulty with the Bitcoin community also can adversely have an effect on Litecoin’s worth.
On September 27, 2021 (as of 4.00 PM) the value of Litecoin in India is Rs 12,074. Bitcoin, then again, is valued at Rs 4,53,462.