As a consequence, it has surpassed Solana (SOL) in terms of market capitalization during the course of the past week. Litecoin was initially developed in 2011 as a fork of Bitcoin and now provides peer-to-peer (P2P) transactions at nearly no cost.
The transaction processing time is far shorter than that of Bitcoin, fees are more reasonable, and there is a cap on the total amount of LTC tokens that may ever be created (approximately 84 million).
Litecoin was initially conceived upon and created by Charlie Loo, a software programmer who once worked for Google. Loo referred to the token as "Bitcoin light" in his explanation.
In an unexpected turn of events, the asset has outperformed other crypto assets, including the most popular digital coin, Bitcoin, as well as the altcoin with the greatest market cap, Ethereum.
In the meanwhile, the FTX contagion is likely playing a significant role in Solana's collapse. According to the financial statement of FTX, Solana has a considerable exposure to the company, which results in a significant amount of assets being illiquid.
After climbing over 19% to the top spot in the rankings over the course of the previous week, Litecoin is now the 15th largest cryptocurrency token based on market capitalization. According to the most recent statistics from Coinmarketcap, it has had a gain of 27.64% over the course of the previous twenty-four hours and is trading at around $79 at this time.
On the other side, Solana's share price experienced a decline of about 23.7% during the course of the last week. As a result, its current market cap is around $4.1 billion. Despite a general downward trend in the cryptocurrency market over the previous day and a half, the value of the token has increased by 16.94%.
Maintaining the Current Pace Going
Similar to Bitcoin, Litecoin goes through a process called halving, in which the coin's base rewards miners who are able to produce new blocks on the network. This process happens at set intervals. Because of this, the next halving phase for the Litecoin network will take place in August of 2023. On the other hand, its new mining payouts are set to 6.25 LTC, which is a loss of 50% from the prior reward level of 12.5 LTC.
Litecoin is the token that industry professionals believe will be the one to watch for the remainder of the year, despite the fact that it lags behind the majority of the top crypto assets, notably Bitcoin. Since December of 2017, LTC has been monitoring the performance of Bitcoin, and the most recent measurements point to the network being able to maintain the momentum it has gained.
The price of the token has increased in tandem with that of the most valuable virtual asset, albeit with some brief periods of underperformance. Litecoin has gone a long way to establish itself as one of the top tokens, despite the fact that its performance is sluggish when compared to that of Bitcoin.
