Why Litecoin is Outperforming Bitcoin

Litcoin (LTC)

Review Price: 97.25                  QC Ranking 3 (Average)

Yearly Performance: +93%      QC Timeliness: 1 (Highest)

Founded: 2011                        QC Safety: 2 (Above Average)

Launched: Oct 2011                Sector: Currency

Launch Price: $0.30                 Review Date: 7/06/2023

Overview:  Litecoin that was created in 2011 by Charlie Lee, a former Google engineer.  Litecoin shares many of the same characteristics as Bitcoin, including the halving.       Litecoin has some features that distinguish it from Bitcoin, including faster transaction times and a different mining algorithm called “Scrypt”.

Litecoin is often referred to as the "silver to Bitcoin's gold".  Scrypt was chosen to enable faster transaction confirmation times and make mining more accessible to a wider range of individuals. Interestingly when Dogecoin was designed, it chose to use the faster Scrypt algorithm also. However these are the only two cryptocurrencies of note using this PoW algorithm.

The total supply of Litecoin is capped at 84 million coins, four times the supply of Bitcoin. Litecoin, like Bitcoin, benefits from a community of developers and supporters who     actively contribute to its development and adoption. 

Litecoin Halving

On Aug 2, 2023 the Litecoin halving will see its block reward cut by half. The price chart below reviews the performance of Litecoin and Bitcoin in early 2019 when the last Litecoin halving occurred  on Aug 5, 2019.

In the past year only 25 out of the 500 cryptocurrencies covered by Quantify Crypto have outperformed Bitcoin, Litecoin is one of those 25 cryptocurrencies. This is repeating the price pattern that occurred 4 years ago.

The chart below illustrates in 2023 how Litecoin is currently outperforming Bitcoin.

Of recent note is the launch of the new crypto exchange, EDX Markets, on June 20th. The exchange is backed by Charles Schwab, Fidelity Digital Assets, and Citadel Securities. EDX Markets currently offers four cryptocurrencies on its platform: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Following the launch of EDX, both Bitcoin Cash and Litecoin have experienced significant price improvements. It is anticipated that EDX Markets will attract substantial institutional trading.

Regarding the Litecoin Halving, the saying 'History doesn't repeat itself, but it often rhymes' seems to hold true for Litecoin. After the Litecoin halving, caution is advised when considering Litecoin's performance. Currently, Litecoin has the highest Quantify Crypto score for Timeliness due to its recent performance. This evaluation will be re-assessed after August 2nd.

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