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Investment in Litecoin is worth it if you consider the long term potential. Is it worth investing in 2021?
On February 10, many altcoins, including Litecoin, Chainlink, and Cardano, took the trend to bullish as the price rose drastically.
The price of Litecoin increased by 3.07% in 24 hours, marking a market price of $189.33 on February 11, at the time of writing. It has a circulating supply of more than 66 million with a $12 billion market cap.
Litecoin is one of the non-Bitcoin cryptos that has managed to stand up in the increased competition level between cryptocurrencies and became the 8th largest digital asset by market cap. The transaction speed of Litecoin is faster and can produce more coins when compared with Bitcoin. Litecoin is often termed as digital silver as it shares many attributes with Bitcoin. In recent weeks, Litecoin has managed to gain 25% making the number of active addresses nearly 231,975. This increased number of new addresses indeed represents the influx of investors.
Litecoin (LTC) is a cryptocurrency which is performing well since its debut in 2011. Whereas Bitcoin is more used as a store of value, Litecoin is a preferred method to send cryptocurrencies to and from the exchanges because of its faster transaction speed. Investing in Litecoin can be incredibly profitable for early crypto investors and would turn out to be life-changing.
Many factors make Litecoin a good investment option when compared to other cryptos. These include faster transactions, lower fees, explosive returns, and a long-standing reputation in the crypto market.
Seeing its trend for previous years, it can be said that there might be a more significant amount of risk as compared to the reward for Litecoin than the other cryptos, but it certainly is not a bad idea to invest in Litecoin. Litecoin is a precious digital currency due to its close relationship with Bitcoin. Its technical analysis shows the trend for Litecoin is more bullish, and it could explode by a massive margin if the trend continues in 2021. Although there is more potential return if you invest more money in it, but is advisable that you should not invest more than you afford, keeping in mind the volatile nature of cryptocurrencies.