Over the past few days, bitcoin and litecoin have both shown strong uptrend movements. The two cryptocurrencies are constantly breaking their all time highs over and over again. But the big question is which is better, bitcoin or litecoin?
In the past week, bitcoin saw approximately a 46 percent surge from $11,800 to a high on Tuesday of $17,273.69, according to Coindesk’s price. Shortly after hitting $11,800, bitcoin surged to $17,000 and crashed again down to nearly $13,000 but shortly recovering again.
Late Sunday, Chicago based exchange, Cboe Global Markets launched its bitcoin futures, allowing investors to get a taste of bitcoins in a regulated market. Cboe launched a one month bitcoin contract at $15,460, shortly after it rose to $18,000 then dropping again.
While Cboe launched its bitcoin futures, Litecoin saw a huge spike in prices over a few days period. Litecoin hit another high on Tuesday at $341, according to Coinmarketcap.com. In the past week alone, Litecoin has increased over 250 percent. Litecoin has now become the fourth largest cryptocurrency with a market cap of $17.8 billion, surpassing IOTA.
Bitcoin has now increased approximately 1631 percent in the year, while Litecoin has increased approximately 8890 percent in the year. Litecoin has shown an exponential increase in the year alone, but what also makes it stand out better than bitcoin is the transaction time.
Litecoin transactions take just a few short minutes to process through, while bitcoin shows average times of short as 20 minutes to as high as over 1,000 minutes for confirmation. This also means that litecoin can handle much more transactions at once than bitcoin. The faster transaction rate and block generations increase supply at more rapid than bitcoin, creating a much larger circulating supply.
Bitcoin has a supply limit of roughly 21 million, while Litecoin has a supply limit of roughly 84 million.Currently, there is 54.3 million Litecoins in circulating supply, while bitcoin has 16.7 million.
Charlie Lee, creator of litecoin, tweeted a picture on Tuesday showing that litecoin was the most traded cryptocurrency on the GDAX exchange. There are many reasons as to why litecoin saw a sudden surge in the past few days.
Data from Cryptocompare showed that 40 percent of litecoin was bought using bitcoin, meaning that investors are using cryptocurrencies they already have to diversify or expand into other cryptos.
Overall, based off statistics and data, litecoin is the far more superior cryptocurrency, but due to the media and craze, bitcoin will still remain the more popular one. It won’t be a surprise if litecoin soon takes over based on its factor that sets it apart from the other cryptocurrencies.
Analysts say that as bitcoin settles over a period, litecoin usually tends to increase, but regardless investors can expect litecoin to keep increasing over time.