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Crypto-assets are highly volatile. You could sustain a loss of some or all of your investment, so it is important to invest only what you can afford to lose. For a detailed overview of the risks, please review the Risk Disclosure.
Crypto-assets are highly volatile. You could sustain a loss of some or all of your investment, so it is important to invest only what you can afford to lose. For a detailed overview of the risks, please review the Risk Disclosure.
Launched in 2011, Litecoin is one of the oldest cryptocurrencies apart from Bitcoin. One of the key differences is that Litecoin mining uses far more memory than Bitcoin. This is intentional, to encourage more individuals to mine the cryptocurrency. Like Bitcoin, Litecoin is an open-source cryptocurrency which enables peer-to-peer payments without a central authority.
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Purchasing Litecoin (LTC) and other cryptocurrencies is simple and straightforward online. You can buy and sell Litecoin (LTC) on various platforms, including crypto brokers and exchanges.
Investing in Litecoin (LTC) and other cryptocurrencies can be done in a few easy steps. Follow this guide to get started with crypto trading on platforms like Bitpanda and build your digital asset portfolio.
Start by selecting a suitable trading platform that supports Litecoin (LTC)
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Once the funds are in your account, you can buy Litecoin and other cryptocurrencies
Simply select Litecoin for purchase, choose a payment method, and confirm the transaction
Buying cryptocurrencies like Litecoin (LTC) involves risks and can lead to the total loss of the invested capital.
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Forecasts predict a continuous increase in the Litecoin (LTC) price due to the growing acceptance and use of cryptocurrencies. Those who invest early could benefit from long-term price appreciation.
The value of Litecoin (LTC) can be affected by various factors, such as regulatory changes and global economic events. Therefore, it is essential to thoroughly research before investing. The following sections give an overview of the key events and factors impacting its price.
The past price trends of Litecoin (LTC) do not indicate future performance.
Do you want to learn more about cryptocurrencies and their various applications? The Bitpanda Academy offers in-depth articles, tutorials, and resources to help you become a crypto expert.
Key information about Litecoin:
Litecoin (LTC) was developed by Charlie Lee in 2011 as a Bitcoin (BTC) fork, which is a modification of the Bitcoin blockchain
Litecoin is one of the oldest cryptocurrencies on the market
Litecoin transactions are processed about four times faster than Bitcoin transactions
Litecoin is abbreviated as LTC and is limited to 84,000,000 coins
In May 2021, the Litecoin price reached its all-time high with a price of 410 US dollars USD
Former Google employee Charlie Lee developed Litecoin in 2011 and the network went online on 13th October 2011. The cryptocurrency is a modification of the Bitcoin blockchain, and why experts refer to it as a Bitcoin fork.
Like Bitcoin (BTC), the Litecoin blockchain is based on the Proof of Work validation method, where transactions are validated by high computational power. New Litecoin, or LTC coins, are generated through mining. The maximum amount of LTC coins is limited to 84 million units. Currently, around 19,300,000 coins are in circulation.
Coins are stored in wallets, which are storage units where private and public keys are kept. The public key is the address on the blockchain where coins can be stored. The private key acts as a pin to verify outgoing transactions from the public key's address and shouldn’t be shared.
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Charlie Lee developed Litecoin as a modification of the Bitcoin blockchain. Experts refer to a blockchain modification that creates a new network as a fork. A blockchain is a decentralised database that is simultaneously updated and edited on computers worldwide. This technology and its associated cryptocurrencies are practically impossible to hack.
Litecoin and Bitcoin are very similar. Both technologies are based on the Proof of Work validation of transactions. Under high computational power and thus a lot of energy consumption, movements on the blockchain are verified through mining. Computers solve transaction-related algorithms to confirm the process. New blocks, or blocks, are added to the database chain, or chain, with the completed transactions. Miners receive a reward in the form of a transaction fee and newly created LTC coins.
Like Bitcoin, the supply of Litecoin is limited. A halving occurs every four years to delay the mining of the last block and counteract inflation. In this process, the amount of Litecoin generated through mining is halved. The last halving occurred in 2019 and the next is expected in August 2023.
Litecoin is one of the oldest cryptocurrencies after Bitcoin. Its popularity is based on the simplicity and widespread use of LTC coins as investments and means of payment, with thousands of merchants worldwide now accepting payments with Litecoin.
Transactions are validated four times faster compared to Bitcoin resulting in better scalability. Due to low transaction fees, Litecoin is a popular alternative to Bitcoin in developing countries.
The Litecoin price, like most cryptocurrencies, is subject to volatility in price. If you invest and the price rises sharply afterwards, you can profit from this volatility. However, if the price falls after your investment, you may experience significant losses due to the price fluctuation.
A good way to balance this is through regular investments. If you buy LTC coins multiple times at different prices, the total value of your investment increasingly reflects an average Litecoin price trend. Experts refer to this as the cost-average effect.
With a Bitpanda Savings plan, you can offset fluctuations in the Litecoin price and benefit in the long term.
You can spread the risk by diversifying your crypto portfolio and investing in multiple coins. This way, price fluctuations of individual crypto tokens like Litecoin can be balanced out by others in your portfolio.
With the Bitpanda crypto indices, you automatically spread your investment across several different assets. You can choose between different indices and diversify your crypto portfolio.
Key points to know about Litecoin:
In 2011, former Google employee Charlie Lee released Litecoin and the Litecoin whitepaper
The Litecoin blockchain is a modification (fork) of the original Bitcoin blockchain
The platform is practically impossible to hack due to blockchain technology
Litecoin enables faster and cheaper transactions than Bitcoin
A Litecoin transaction is completed in 2.5 minutes
Measured by market capitalisation, Litecoin is among the top 20 cryptocurrencies (as of February 2023)
New Litecoins are mined with high computational and energy expenditure
The maximum amount of Litecoin is 84,000,000 coins
Currently, around 19,300,000 Litecoins are in circulation
Litecoin reached its all-time high in May 2021 with a price of around 410 USD
Due to the high computational power required for cryptographic transaction validation, the energy consumption of the Litecoin blockchain is very high
LTC coins are stored in wallets
The price per Litecoin, like all cryptocurrencies, is determined by supply and demand. As cryptocurrencies are decentralised currencies, neither states nor financial institutions directly influence their prices. However, political, economic and social developments can.
Litecoin is currently among the top 20 cryptocurrencies by market capitalisation.
Shortly after its release, the price of Litecoin climbed to 0.30 USD per coin. By November 2013, it had peaked at 50 USD. However, by March 2017, the price had dropped to around 4 USD.
During the crypto hype in 2017, Litecoin's price surged to an all-time high of 360 USD. The price corrected in the following years, but during the bull market of 2021, Litecoin reached its highest price to date of around 410 USD. In 2022, in the crypto winter or bear market, the price fell below 50 USD. In 2023, Litecoin briefly surpassed the 100 USD mark. Many experts predict further price gains in the future.
Major price milestones include:
2011: 0.3 USD
November 2013: 50 USD
June 2014: 10 USD
March 2017: 4 USD
December 2017: 360 USD
December 2018: 25 USD
November 2020: 55 USD
May 2021: 410 USD
January 2022: 150 USD
2022: 50 USD
2023: 100 USD
Shortly after its release in 2011, the Litecoin price chart climbed to around 0.3 USD per coin. During the first major crypto hype in 2013, the Litecoin price increased significantly, reaching a peak of around 50 USD. After a price correction, the Litecoin chart experienced various price fluctuations in the following years.
In 2017, the crypto scene and Litecoin experienced a strong price surge. Increasing media interest led the LTC price to an all-time high of around 360 USD.
It is now suspected that the hype was a targeted market manipulation. With the price correction, the Litecoin price fell again in the following years, dropping below 25 USD in December 2018.
In the years following the hype, the price of most cryptocurrencies recovered and experienced steady increases. 2021 saw a bull market for digital assets, fueled by increased interest from major companies in crypto and expanding use cases. PayPal announced its acceptance of cryptocurrency payments, while blockchain technologies gained popularity as payment methods. Tesla also made substantial investments in Bitcoin and other cryptocurrencies.
Capitalising on these market conditions, Litecoin reached its all-time high in May 2021, peaking at around 410 USD per LTC coin.
After the positive LTC price trends of 2021, a strong correction phase followed for many crypto prices and the Litecoin price fell below 50 USD in 2022.
The war in Ukraine, rising inflation rates and state plans to regulate cryptocurrencies unsettled investors, leading to a significant drop in demand. The FTX crypto platform collapse and the crash of the Terra blockchain also affected confidence in cryptocurrency.
In anticipation of a declining inflation rate and increasing economic and political stability, the charts of many assets, including the Litecoin price, began to recover at the end of 2022 and the beginning of 2023. In January 2023, Litecoin price temporarily reached 100 USD.
Litecoin ranks in the top 20 cryptocurrencies by market capitalisation. Its price often benefits from Bitcoin's gains due to their similarities, however, Litecoin has the advantage of processing transactions faster. The Proof of Work validation process and increasing energy costs may reduce the attractiveness of blockchain mining in the long run, potentially raising transaction costs and dissuading investors.
Despite this, experts see further growth in the Litecoin price as likely due to Litecoin's established position and popularity among investors. Investors should know that past price developments and forecasts cannot indicate future value trends.
Due to a limited supply, regular halvings and a decentralised platform, there is little risk of Litecoin itself experiencing inflation. However, the inflation of established fiat currencies influences investors' willingness to invest. Fiat currencies are state-regulated currencies like the euro or US dollar. With rising inflation rates, investors have less money for investments, and assets like cryptocurrencies are sold to bridge financial gaps.
Political and economic developments also have an effect. Announcements by large companies and even entire states, to invest in cryptocurrencies or use the technology to increase efficiency, often strengthen demand for digital assets, leading to price increases.
Litecoin benefits from its widespread acceptance and ability to be used for payments bymerchants worldwide.
Litecoin becomes even more convenient with the Bitpanda Card. This crypto credit card converts your digital assets into fiat currency at the current exchange rate, allowing you to use LTC for payments wherever VISA is accepted.
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We understand that cryptocurrencies can be complex. We are here to answer your questions about Litecoin (LTC) and provide you with the information you need to make informed investment decisions.
Some of the major online shops that accept Litecoin as a payment method include:
Travala (travel website)
RE/MAX (real estate company)
eGifter (digital gift cards)
Snel.com (web hosting)
ShopinBit (online shop)
Another option for paying with Litecoin is using a crypto credit card like the Bitpanda Card.
This card allows you to convert your digital assets, such as Litecoin, into the required fiat currency at the current exchange rate, which can then be used for payment
Litecoin is limited to a maximum of 84 million coins. Currently, there are around 19.3 million LTC in circulation. The last Litecoin is expected to be mined in the year 2142.
Litecoin is based on a modification of the Bitcoin blockchain. Due to its high similarity, the Litecoin price often follows the Bitcoin price. However, unlike Bitcoin, the Litecoin blockchain uses a more efficient network architecture, allowing transactions to be validated about four times faster. This makes Litecoin significantly more scalable than Bitcoin.
As a cryptocurrency, the Litecoin price is subject to a certain level of volatility, meaning value fluctuations. While investors can ride out these fluctuations and wait for rising prices, the LTC coin loses significant value and purchasing power as a payment method during low prices.
Another disadvantage is the high energy consumption involved in mining. The complex cryptographic processes require substantial computing power to validate transactions. This is a common criticism of Proof of Work-based cryptocurrencies, especially with rising energy prices.
The next halving for Litecoin miners is expected in August 2023. This follows the four-year cycle after the last halving in 2019. The final Litecoin halving is projected to occur in the year 2142.
Investors can buy Litecoin directly or indirectly to benefit from price movements. Direct purchases involve acquiring individual LTC coins, which are stored in wallets. Indirect purchases involve investing in financial products to track prices, such as Exchange Traded Notes (ETNs) or Contracts for Difference (CFDs).
You can buy Litecoin (LTC) quickly and easily on the Bitpanda platform, where you can also set up savings plans or invest in crypto indices.
ESG (Environmental, Social, and Governance) regulations for crypto assets aim to address their environmental impact (e.g., energy-intensive mining), promote transparency, and ensure ethical governance practices to align the crypto industry with broader sustainability and societal goals. These regulations encourage compliance with standards that mitigate risks and foster trust in digital assets.
| Name | Bitpanda Asset Management GmbH, Bitpanda GmbH |
| Relevant legal entity identifier | 9845005X9B7N610K0093, 5493007WZ7IFULIL8G21 |
| Name of the crypto-asset | Litecoin |
| Consensus Mechanism | Litecoin is present on the following networks: binance_smart_chain, litecoin. Binance Smart Chain (BSC) uses a hybrid consensus mechanism called Proof of Staked Authority (PoSA), which combines elements of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA). This method ensures fast block times and low fees while maintaining a level of decentralization and security. Core Components 1. Validators (so-called “Cabinet Members”): Validators on BSC are responsible for producing new blocks, validating transactions, and maintaining the network’s security. To become a validator, an entity must stake a significant amount of BNB (Binance Coin). Validators are selected through staking and voting by token holders. There are 21 active validators at any given time, rotating to ensure decentralization and security. 2. Delegators: Token holders who do not wish to run validator nodes can delegate their BNB tokens to validators. This delegation helps validators increase their stake and improves their chances of being selected to produce blocks. Delegators earn a share of the rewards that validators receive, incentivizing broad participation in network security. 3. Candidates: Candidates are nodes that have staked the required amount of BNB and are in the pool waiting to become validators. They are essentially potential validators who are not currently active but can be elected to the validator set through community voting. Candidates play a crucial role in ensuring there is always a sufficient pool of nodes ready to take on validation tasks, thus maintaining network resilience and decentralization. Consensus Process 4. Validator Selection: Validators are chosen based on the amount of BNB staked and votes received from delegators. The more BNB staked and votes received, the higher the chance of being selected to validate transactions and produce new blocks. The selection process involves both the current validators and the pool of candidates, ensuring a dynamic and secure rotation of nodes. 5. Block Production: The selected validators take turns producing blocks in a PoA-like manner, ensuring that blocks are generated quickly and efficiently. Validators validate transactions, add them to new blocks, and broadcast these blocks to the network. 6. Transaction Finality: BSC achieves fast block times of around 3 seconds and quick transaction finality. This is achieved through the efficient PoSA mechanism that allows validators to rapidly reach consensus. Security and Economic Incentives 7. Staking: Validators are required to stake a substantial amount of BNB, which acts as collateral to ensure their honest behavior. This staked amount can be slashed if validators act maliciously. Staking incentivizes validators to act in the network's best interest to avoid losing their staked BNB. 8. Delegation and Rewards: Delegators earn rewards proportional to their stake in validators. This incentivizes them to choose reliable validators and participate in the network’s security. Validators and delegators share transaction fees as rewards, which provides continuous economic incentives to maintain network security and performance. 9. Transaction Fees: BSC employs low transaction fees, paid in BNB, making it cost-effective for users. These fees are collected by validators as part of their rewards, further incentivizing them to validate transactions accurately and efficiently. Litecoin, like Bitcoin, uses Proof of Work (PoW) as its consensus mechanism, but with a few key differences: 1. Scrypt Hashing Algorithm: Unlike Bitcoin’s SHA-256 algorithm, Litecoin uses the Scrypt hashing algorithm, which is more memory-intensive. This makes mining Litecoin more accessible to regular users and limits the advantages of specialized hardware (like ASICs) in the early years. 2. Mining and Block Creation: Miners compete to solve cryptographic puzzles and, upon success, add new blocks to the blockchain. This process involves solving the Scrypt algorithm, which requires computational work. The first miner to solve the problem earns the block reward and transaction fees associated with the transactions in the block. 3. Block Time: Litecoin has a block time of 2.5 minutes, much faster than Bitcoin’s 10 minutes. This means transactions confirm more quickly, increasing the overall network speed. 4. Block Reward Halving: Similar to Bitcoin, Litecoin has a block reward halving event approximately every four years. Initially, miners earned 50 LTC per block, but this reward decreases by half after each halving event. This process continues until the maximum supply of 84 million LTC is reached. 5. Difficulty Adjustment: Litecoin adjusts the mining difficulty approximately every 2,016 blocks (about every 3.5 days) to ensure that blocks continue to be mined at a consistent rate of 2.5 minutes per block, regardless of fluctuations in the total network hash rate. |
| Incentive Mechanisms and Applicable Fees | Litecoin is present on the following networks: binance_smart_chain, litecoin. Binance Smart Chain (BSC) uses the Proof of Staked Authority (PoSA) consensus mechanism to ensure network security and incentivize participation from validators and delegators. Incentive Mechanisms 1. Validators: Staking Rewards: Validators must stake a significant amount of BNB to participate in the consensus process. They earn rewards in the form of transaction fees and block rewards. Selection Process: Validators are selected based on the amount of BNB staked and the votes received from delegators. The more BNB staked and votes received, the higher the chances of being selected to validate transactions and produce new blocks. 2. Delegators: Delegated Staking: Token holders can delegate their BNB to validators. This delegation increases the validator's total stake and improves their chances of being selected to produce blocks. Shared Rewards: Delegators earn a portion of the rewards that validators receive. This incentivizes token holders to participate in the network’s security and decentralization by choosing reliable validators. 3. Candidates: Pool of Potential Validators: Candidates are nodes that have staked the required amount of BNB and are waiting to become active validators. They ensure that there is always a sufficient pool of nodes ready to take on validation tasks, maintaining network resilience. 4. Economic Security: Slashing: Validators can be penalized for malicious behavior or failure to perform their duties. Penalties include slashing a portion of their staked tokens, ensuring that validators act in the best interest of the network. Opportunity Cost: Staking requires validators and delegators to lock up their BNB tokens, providing an economic incentive to act honestly to avoid losing their staked assets. Fees on the Binance Smart Chain 5. Transaction Fees: Low Fees: BSC is known for its low transaction fees compared to other blockchain networks. These fees are paid in BNB and are essential for maintaining network operations and compensating validators. Dynamic Fee Structure: Transaction fees can vary based on network congestion and the complexity of the transactions. However, BSC ensures that fees remain significantly lower than those on the Ethereum mainnet. 6. Block Rewards: Incentivizing Validators: Validators earn block rewards in addition to transaction fees. These rewards are distributed to validators for their role in maintaining the network and processing transactions. 7. Cross-Chain Fees: Interoperability Costs: BSC supports cross-chain compatibility, allowing assets to be transferred between Binance Chain and Binance Smart Chain. These cross-chain operations incur minimal fees, facilitating seamless asset transfers and improving user experience. 8. Smart Contract Fees: Deployment and Execution Costs: Deploying and interacting with smart contracts on BSC involves paying fees based on the computational resources required. These fees are also paid in BNB and are designed to be cost-effective, encouraging developers to build on the BSC platform. Litecoin, like Bitcoin, uses the Proof of Work (PoW) consensus mechanism to secure transactions and incentivize miners. Incentive Mechanisms 1. Mining Rewards: Block Rewards: Miners are rewarded with Litecoin (LTC) for successfully mining new blocks. Initially, miners received 50 LTC per block, but this reward halves approximately every four years. Transaction Fees: Miners also earn transaction fees from the transactions included in the blocks they mine. Users pay fees to have their transactions processed by miners, especially when they need faster confirmation times. 2. Halving: The halving mechanism ensures that over time, fewer Litecoins are introduced into circulation, creating a deflationary model. This makes mining more valuable as the circulating supply becomes scarcer, incentivizing miners to continue participating in the network even as block rewards decrease. 3. Economic Security: The cost of mining (e.g., hardware and electricity) provides a strong economic incentive for miners to act honestly. If miners attempt to cheat or attack the network, they risk losing the computational work they invested, as invalid blocks will be rejected by the network. Fees on the Litecoin Blockchain 1. Transaction Fees: Litecoin users pay a transaction fee for each transaction, typically calculated in LTC per byte of transaction data. The fees are dynamic and vary based on network congestion. Low Fees: Litecoin is known for its relatively low transaction fees compared to other blockchains like Bitcoin, which makes it ideal for smaller transactions and micro-payments. Fee Redistribution: Collected transaction fees are distributed to miners as part of their rewards for validating transactions and securing the network. |
| Beginning of the period | 2024-01-30 |
| End of the period | 2025-01-30 |
| Energy consumption | 1095211210.71380 (kWh/a) |
| Energy consumption resources and methodologies | The energy consumption of this asset is aggregated across multiple components: For the calculation of energy consumptions, the so called “top-down” approach is being used, within which an economic calculation of the miners is assumed. Miners are persons or devices that actively participate in the proof-of-work consensus mechanism. The miners are considered to be the central factor for the energy consumption of the network. Hardware is pre-selected based on the consensus mechanism's hash algorithm: Scrypt. A current profitability threshold is determined on the basis of the revenue and cost structure for mining operations. Only Hardware above the profitability threshold is considered for the network. The energy consumption of the network can be determined by taking into account the distribution for the hardware, the efficiency levels for operating the hardware and on-chain information regarding the miners' revenue opportunities. If significant use of merge mining is known, this is taken into account. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation. To determine the energy consumption of a token, the energy consumption of the network(s) binance_smart_chain is calculated first. Based on the crypto asset's gas consumption per network, the share of the total consumption of the respective network that is assigned to this asset is defined. When calculating the energy consumption, we used - if available - the Functionally Fungible Group Digital Token Identifier (FFG DTI) to determine all implementations of the asset of question in scope and we update the mappings regulary, based on data of the Digital Token Identifier Foundation. |
| Renewable energy consumption | 15.116112016 (%) |
| Energy intensity | 0.04254 (kWh) |
| Scope 1 DLT GHG emissions - Controlled | 0.00000 (tCO2e/a) |
| Scope 2 DLT GHG emissions - Purchased | 451222.70188 (tCO2e/a) |
| GHG intensity | 0.01752 (kgCO2e) |
| Key energy sources and methodologies | To determine the proportion of renewable energy usage, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined. |
| Key GHG sources and methodologies | To determine the GHG Emissions, the locations of the nodes are to be determined using public information sites, open-source crawlers and crawlers developed in-house. If no information is available on the geographic distribution of the nodes, reference networks are used which are comparable in terms of their incentivization structure and consensus mechanism. This geo-information is merged with public information from the European Environment Agency (EEA) and thus determined. |
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