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Litecoin (LTC) is a peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Litecoin was an early Litecoin spinoff or altcoin, starting in October 2011. In technical details, Litecoin is nearly identical to Litecoin.
It is considered to be among the first altcoins, derived from Bitcoin’s original open source code.
Initially, it was a strong competitor to Bitcoin. However, as the cryptocurrency market has become much more saturated and competitive in recent years with new offerings, Litecoin’s popularity has waned somewhat.
Litecoin has always been viewed as a reaction to Bitcoin. In fact, when Lee announced the debut of Litecoin on a popular Bitcoin forum, he called it the “lite version of Bitcoin. For this reason, Litecoin has many of the same features as Bitcoin, while also adapting and changing some other aspects that the development team felt could be improved.
As of November 2021, 1 LTC (one Litecoin) is worth around $215, making it the 14th-largest crypto with a market capitalization of just under $15 billion.