Developed by former Google engineer Charlie Lee in 2011, the Litecoin blockchain was designed to overcome the Bitcoin network's limitations. LTC is the native token of the Litecoin network.
The Litecoin network uses a different hashing algorithm to facilitate faster transaction settlements. Compared to Bitcoin’s 7 TPS, Litecoin offers around 54 TPS, which is why many merchant stores accept LTC as payment.
Litecoin (LTC) is decentralized and open-source and follows a similar proof-of-work (PoW) consensus mechanism. However, it stands out for its “hashing algorithm,” which allows new blocks to be added to the Litecoin chain every 2.5 minutes compared to Bitcoin’s 10 minutes.
LTC reached its all-time high of $446.24 on June 17, 2015, with its total market capitalization crossing past $23 billion.
Correlation shows how closely two variables move in relation to one another. In investing, this relationship is expressed numerically and ranges between -1.0 and 1.0.
A correlation of 1 is a perfect positive correlation. In this case, as one security moves, the other security moves in the same direction by the same percentage.
A correlation of -1 is a perfect negative correlation. As one security moves, the other moves in the opposite direction.
A zero correlation implies no relationship between the two securities.