Cryptocurrency investors hope that the ‘miracle’ will happen twice. They say that if Bitcoin has benefited from a fulminant growth in the past weeks, this will encourage the migration to other virtual coins. How is that possible? Bitcoin has grown so much in a short period of time that it has reached a record price level. It reached a high pitch very fast, and that was the level from where the virtual coin started to decrease.
Speculators claim that the most important thing is to know what coin to trade at the right moment and to know when to stop. Sounds a little bit like gambling, isn’t it ? In reality, it is not that easy. From the definition of what a virtual coin is, we know that it is a digital asset designed to work as a mean of exchange and uses cryptography to secure the transactions. So, the ‘gambling’ side is knowing when to exchange and which coin will be the next coin to rise.
The so-called altcoins or alternatives to Bitcoin have had an increasing value too in the past week, of course, not as big as Bitcoin’s but full of potential. The majority of altcoins are forks of Bitcoin with some small and unsignificant changes. The one that stands out in front of all altcoins is Litecoin. It has recorded a 60% growth until Wednesday reaching the trading value of $ 341.72 according to CoinMarketCap.
The evolution of Litecoin is incredible if we take into consideration the fact that at the beginning of the year, it was trading at $ 4.33 and at the beginning of this December, it reached 88 dollars. Making a comparison between the two virtual coins, Bitcoin has grown with 1600% this year, and Litecoin has grown with 7000%.
Litecoin first appeared in 2011 as the main rival of Bitcoin. The ascension of it depended very much on the increase of Bitcoin’s notoriety. Another important factor was the possibility of the coin to be traded on GDAX platform, which belongs to Coinbase. This platform has been distinguished from the others as being the first platform that ‘newbies’ use.
The creator of Litecoin, Charlie Lee, is a software engineer who worked for Google and Coinbase. In 2011, he started his own version of Bitcoin, called Litecoin, a cheaper and faster alternative. Bitcoin has an open-source software, that means anyone has the possibility to copy it and modify it, with the aim of creating another coin.