One of the first cryptocurrencies, Litecoin, just marked its 12th birthday, an important turning point in its history. Litecoin’s history, from its beginnings as the “silver to Bitcoin’s gold” to its most recent ventures into NFTs, is a remarkable illustration of persistence and tenacity in the cryptocurrency industry.
Litecoin’s promise
In order to remedy some of the apparent inefficiencies of Bitcoin, Charlie Lee, a former Google developer, introduced Litecoin. Lee’s main objective was to provide quicker confirmation times for transactions, aiming for a new block every 2.5 minutes as opposed to Bitcoin’s 10 minutes.
Litecoin gained popularity and adoption swiftly in its early years, in part because to technological innovations and in part because of its positioning as the “silver” to Bitcoin’s “gold.”
This is one of the very few original cryptocurrencies that is still useful today, along with Bitcoin.
Litecoin is presently trading at $61.51 and occupies position 15 on the list of cryptocurrencies by market capitalization. The price of Litecoin has dropped by a moderate 5.1% over the past week, following a general trend seen across a variety of cryptocurrencies. With a market value of more than $4.5 billion, Litecoin is still a significant participant in the sector.
Halving and NFTs
Litecoin’s third “halving,” a planned event when the incentives for mining the cryptocurrency are half, was recently the subject of news in the cryptocurrency community.
The Litecoin network recently launched its first non-fungible tokens (NFTs), which marked the coin’s debut into the hot NFT arena.
