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Thursday, September 23, 2021

Ethereum (ETH) vs. Litecoin (LTC): Which is a better investment prospect?

Ethereum (ETH) – the queen of cryptocurrencies – and Litecoin (LTC) – the digital silver – which one to bet on? Both cryptocurrencies are on the forefront of the cryptocurrency race, with performances that stand, at times, unrivaled. We dig deeper into which cryptocurrency is a better investment in the long run.

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Ethereum (ETH) performance

Ethereum is ranked second in the cryptocurrency market with a market capitalization of $191,857,351,588. The daily trading volume of Ethereum surged by 24% in the past 24 hours. Ethereum was standing at $750 towards the end of December, having already picked up bullish momentum by the end of the month. In the new year, the cryptocurrency saw phenomenal growth in par with the king of the cryptocurrencies. Ethereum established its new all-time high at $2,000. Afterwards, the all-time high acted as strong resistance for Ethereum and after various tries to test the level, it failed. Ethereum has taken a downturn and currently stands at $1,663.

In the yearly window, Ethereum achieved a growth of around 600% while the weekly performance of the coin suffered a loss of 6%. The technicals for Ethereum stand at a neutral position

Litecoin (LTC) performance

Litecoin has a ranking of 9th with a market capitalization of $12,318,202,210. The daily trading volume of the cryptocurrency has gone up by 18% while the market capitalization decreased by 5%. Litecoin was standing at $130 in December last year and went up to $240 – a gain of around 300% in the yearly timeframe. The cryptocurrency was only able to establish a 52-week high while the all-time high of $370 remains untouched. Litecoin has not showed a performance like other major coins in the market. It has stayed relatively stable which was what enticed traders and investors to buy the cryptocurrency as the volatility of other cryptocurrencies was becoming increasingly dangerous.

Being relatively stable, traders hoped that Litecoin will stay immune to market corrections as well; however, Litecoin disappointed traders as the bearish turn of the market has resulted in the cryptocurrency’s performance going down by 8%. The market sentiment has turned bearish with the technical indicators giving out a signal of sell.

Ethereum or Litecoin?

Keeping the market standing in view then Ethereum is definitely the better bet. The queen of cryptocurrencies has her movements tied close to Bitcoin and Bitcoin being the king of the market does not have a parallel. Ethereum is also in the final stages of rolling out the ETH2.0 upgrade. With the Proof of Stake mechanism and other innovative technologies like Sharding being incorporated, the network is expected to improve drastically.

On the other hand, Litecoin is not lagging, in term of activity, either. Litecoin – with its MimbleWimble update – has some great things in store for the network including the privacy feature.

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Muskan Naveed
Muskan is an economist-in-the-making with a knack for writing. What started off as a hobby has now turned into a possible career path. She specialises in fin-tech but would never say no to writing.

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