Whereas Bitcoin has grow to be virtually synonymous with cryptocurrency, not numerous consideration is paid to the big selection of Altcoins obtainable within the cryptocurrency market. The time period “Altcoins” is derived from the time period “various cash” and refers to cryptocurrencies which can be alternate options to Bitcoin. There are over 5,000 “various” currencies, most of that are Bitcoin and its functionalities. Of the various altcoins, Litecoin is a cryptocurrency that intently resembles Bitcoin. In actual fact, 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 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 protecting in thoughts the transaction charge. For Bitcoin, the transaction charge for shifting massive quantities of cash and likewise small quantities of cash is similar. These might appear unfeasible for smaller transactions, create a marketplace for the utilization of Litecoin, with regard to the smaller transactions.
Nevertheless, such dependence on one foreign money also can trigger points. As an illustration, if the value of Bitcoin sees a droop, it is going to 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.