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As more and more investors search for a viable and affordable alternative to bitcoin, few genuine contenders have emerged. Many of the coins and cryptocurrencies previously touted as the “next bitcoin” have come to naught, barely rising above a few cents per coin in value.
However, one coin has stood out from the pack, with the potential to become a long-term, high-value investment. This is, of course, Litecoin. If you’re considering whether or not to buy Litecoin, there are several factors to consider, beyond its pure value. Read on to find out the main reasons why right now could be the right time to buy Litecoin.
1. Similarity to Bitcoin
One of the main reasons why Litecoin has become so attractive to investors over the past year is its similarity to bitcoin. Much like bitcoin, the overall Litecoin stock is limited to a fixed amount. But how many Litecoins are there? 84 million coins to be exact.
While this is higher than the number of bitcoins that will ever be brought into existence, it still represents a form of digital scarcity that serves to buttress its inherent value. As Litecoin mining picks up, expect the price of Litecoin to surge.
2. Very High Market Cap
There are currently thousands of different cryptocurrencies. Of these, all but a very small handful of currencies actually have much value as assets. The vast majority of coins – even some of the most well-known ones – have hardly any value whatsoever. With Litecoin, this is not the case.
The value of Litecoin has been well above $100 per coin for several years, even reaching more than $300 per unit at some points. Consider the fact that you could buy one Litecoin for around $3 as recently as 2017, and it is clear just how much potential this currency has.
One of the best attributes of Litecoin is its accessibility. Unlike many crypto assets, Litecoin is safely and widely available across a wide range of trusted exchanges, keeping you safe from scammers.
With trusted platforms such as VirgoCX, you can buy and sell real Litecoin instantly, as well as check the Litecoin price, including the Litecoin USD price. It is, by most measures, one of the safest and easiest cryptocurrencies to trade.
4. Genuinely Useable
Another plus of Litecoin is that it is genuinely useable across a wide range of contexts. Many massive companies now accept Litecoin for purchases, including Travala, RE/MAX, and Sheetz. Meanwhile, financial institutions such as Blackrock and JP Morgan Chase are buying into Litecoin, helping to legitimize it as a medium of exchange.
5. More Affordable Than Bitcoin
Finally, it is worth stressing the simple fact that Litecoin is much, much more affordable than Bitcoin. Bitcoin has hovered around and above $30,000 for a long time now, locking most people out of the market.
With Litecoin currently running at around $160, it’s clear that this is a more accessible option for your crypto portfolio. Whether Litecoin will ever reach BTC levels of valuation remains to be seen, but it’s clear that now would be the time to buy.
Real Investment Insights You Can Trust
Now that you know the benefits of choosing to buy Litecoin, it’s time to future-proof your portfolio. In our expert Investment guides, you can find real insights on all markets that you can trust. Check them out today.