We explain everything you need to know about the cryptocurrency and why the price is going up.
How to buy Litecoin and is it safe?
Coinbase is available in the UK, United States, Canada, Europe, Singapore, and Australia and the fees will come out to 3.99% per purchase.
You can also get hold of Litecoins by mining them, using standard computing equipment.
However, Litecoins have a less developed infrastructure than their heavyweight Bitcoin brother, meaning they’re more difficult to purchase.
The best way for novices to purchase is through using an existing Bitcoin stash.
Their values are volatile, with the ability to plummet as quickly as they shoot up.
And investors are frequently targeted by hackers and other criminals who seek to steal their crypto-cash online.
Be especially careful if you are using direct, peer-to-peer platforms to sell and buy cryptocurrencies.
What is its price?
The cryptocurrency was valued at more than $130 (around £93) per coin during January last year.
At the moment one Litecoin is equivalent to around £203.
Three years ago, its price slumped from £213.70 ($289.93) at the begining of the year, to just £87.80 ($122.64) a month later.
So it it easy to see how the price can be unpredictable and fluctuate over time.
The popularity of cryptocurrency is on the rise though, so the price will likely increase too.
But it’s not without its downfalls as demonstrated in Bitcoin‘s crash in 2018 which was called “the biggest bubble in history”.
It was sparked after Coinmarketcap removed prices from South Korean exchanges without warning.
The widely used research site’s decision to exclude average price data from Bithumb, Coinone and Korbit resulted in a sudden drop in displayed prices.
This sparked panic and confusion amongst investors.
ON THE RISE
What is Cardano and why is the price going up?
Is the cryptocurrency as valuable as Bitcoin?
But Bitcoin still dominates the market and is the best known cryptocurrency right now – its closest competitor is Ethereum, the second-largest cryptocurrency, which has a market cap of nearly $212 billion.