Litecoin price monthly 2016-2020

Litecoin, one of the major cryptocurrencies, rose slightly in price against the previous month to 67.58 U.S. dollars per coin in January 2020. Its highest price in the past two years came in February 2018, at 216.56 U.S. dollars per coin. In the first half of 2019, the Litecoin strengthened against the dollar, which is good for cryptocurrency speculators but displays volatility. This strengthening was followed by a drop in late 2019, likely hurting the portfolios of these speculators.

What is a cryptocurrency?

Cryptocurrencies are digital currencies that do not have a centralized regulating authority. The first of these, Bitcoin, introduced a technology called blockchain, in which a distributed ledger records every transaction on every bitcoin in circulation to prevent fraud. Litecoin also uses this technology. To accommodate the demands of constant ledger updates, users sell computational power in exchange for an amount of Litecoin, a process known as mining.

More about Litecoin

Cryptocurrencies are still emerging technology, and few are using them for transactions. As such, most users are speculators who look at the value of all coins in circulation as the market capitalization rather than money supply. Still, the average number of Litecoin transactions ranges in the tens of thousands, meaning that the cryptocurrency has a substantial financial footprint.

Price of Litecoin from January 2016 to January 2020

Price in U.S. dollars
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Source

Release date

February 2020

Region

Worldwide

Survey time period

January 2016 to January 2020

Supplementary notes

End of month closing prices.

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