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Should you invest in Litecoin? Know the pros and cons of investing in Litecoin.
Litecoin is generally regarded as digital silver because it shares many attributes similar to that of Bitcoin. It is among the oldest crypto in the market to exist in the top ten cryptos in market capitalization.
The current market price of Litecoin is $197 after an increase of 1.32% over 24-hours. Since its debut, Litecoin is the top-performing altcoin under the ticker symbol LTC. Charlie Lee created it, and it is a leading indicator for the rest of the crypto market. According to the community, Litecoin is the altcoin that lights the path of the other altcoins.
Code of Litecoin is almost identical to that of Bitcoin, and it is also powered by proof-of-work consensus, just like Bitcoin. Litecoin has become a preferred mode to send cryptos to and from the exchanges because of its lower block generation time than Bitcoin.
According to the sources, Litecoin is expected to rise above $250 by the end of the year 2021. It could increase till the year 2023 and then might have a downfall for the following year. Talking about the year 2021, it is believed to have a bullish trend till the end of the year that ultimately makes it a good investment option. It is thought that October might prove a standout period in 2021 for investment in LTC.
Pros to invest in LTC
· It has a much higher transaction speed compared to Bitcoin.
· Litecoin has a low transaction fee.
· It has a straightforward process of mining.
· It is scalable.
· It has a long reputation in the market in the top ten cryptos.
· It gives explosive returns during uptrends.
· It has a trustworthy team of developers.
Cons to invest in LTC
· It has specific branding issues.
· Its high use on Dark Web is also a con.
For the early investors, it is incredibly profitable to invest in Litecoin, and the investment in LTC could be life-changing for the investors. Litecoin (LTC) is incredibly promising as an investment in the fast-growing crypto market.