INSUBCONTINENT EXCLUSIVE:
When there is a rise in Bitcoin, a simultaneous high is also recorded in Litecoin valueWhile Bitcoin has become almost synonymous with
cryptocurrency, not a lot of attention is paid to the wide range of Altcoins available in the cryptocurrency market
Of the many altcoins, Litecoin is a cryptocurrency that closely resembles Bitcoin
This resemblance even extends to the price moments and market behaviour of the two cryptocurrencies
And this resemblance is intentional, given that Litecoin was developed on the model of Bitcoin
As per the founder, there was a conscious effort to ensure that Litecoin follows Bitcoin.This means that when there is a rise in Bitcoin
rates, a simultaneously high is also recorded in Litecoin value
The intention to have Litecoin as a shadow for Bitcoin was made keeping in mind the transaction fee
For Bitcoin, the transaction fee for moving large amounts of money and also small amounts of money is the same
These could seem unfeasible for smaller transactions, create a market for the usage of Litecoin, with regard to the smaller
transactions.However, such dependence on one currency can also cause issues
For instance, if the price of Bitcoin sees a slump, it will lead to a crash in Litecoin prices as well
As Litecoin shares the same codebase with Bitcoin and mimics its market movement, an issue with the Bitcoin network can also adversely
Bitcoin, on the other hand, is valued at Rs 4,53,462.
