ETH vs LTC: What Should a Novice Trader Choose?

ETH vs LTC: What Should a Novice Trader Choose?

Cryptocurrency & Blockchain / Trading

ETH or LTC — What to Begin Your Crypto Journey with?

Ethereum’s value stood below a dollar in 2015, just shortly after making its debut in the crypto market. At the time of writing this article, its value is $1,390. Anyone that invested and held on to the cryptocurrency back in 2015 is a millionaire now thanks to this astronomical growth. 

Although the first-mover’s “advantage” days of earning millions from early investments in new cryptocurrency are long behind us, you can still earn a lot of money by making calculated trades. In this blog post, we compare two cryptocurrencies for you to make informed trades and make some profit as a novice trader. 

Here’s an ETH vs LTC guide to help you understand the assets better.

Is Investing in Ethereum Profitable?

Ethereum is both a cryptocurrency and a blockchain for building dApps. The developers have been rolling out an update (Ethereum 2.0) in 2022, which will improve the technical characteristics of the blockchain, including throughput, speed, and scalability. These updates will only mean an increase in the value of ETH. 

The Merge looks to shift Ethereum from the more energy-intensive PoW (Proof Of Work) system to the more energy-efficient PoS (Proof Of Stake) system. This change will reduce the energy required to validate transactions on the blockchain by up to 99.95%, which will appease investors and regulators that were skeptical about the carbon footprint of the cryptocurrency.

The Uniqueness of Ethereum

Some of the unique features of ETH are: 

• dApps Platform. Ethereum supports decentralized apps backed by smart contracts. 
• Smart contracts. These programmed contracts help automate common transactions like insurance claims without the need for a third party. 
• DAOs. These are decentralized and community-based organizations that run completely on the blockchain network. 

Ethereum Price Predictions 2023-2028

As of now, ETH costs $1385. Experts predict that it’s going to keep increasing in value in the coming years. 

Is Investing in Litecoin Profitable?

While it isn’t as valuable as Bitcoin, LTC is quite liquid, with multiple merchants accepting it as a payment option. You can use it to pay for goods on Shopify and Woocommerce — some of the biggest eCommerce platforms in the world. 

Updates to LTC, such as the Mimblewimble Extension Block (MWEB) upgrade, have helped LTC solidify its place as a trustworthy coin in the market. MWEB is an extension of the main Litecoin Blockchain that boosts transaction privacy and security. 

While LTC is not as flashy as ETH or BTC, its performance has been stable over the years. It remains one of the most consistent cryptos that can bring you long-term profits. 

The Uniqueness of Litecoin

Litecoin’s main selling point is its widespread acceptability. It has a fast block creation time of 2.5 minutes, which further improves its usability. In comparison, the creation of one Bitcoin block takes 10 minutes.

While both Bitcoin and Litecoin use a PoW system for blockchain validation, mining Litecoin works under the Scrypt algorithm instead of Bitcoin’s SHA-256 algorithm. The former is less power-intensive, though.  

LTC Price Prediction 2023-2028

LTC price stands at $55 as of now, but experts predict that it will keep rising in value in the next few years:

Verdict

Both LTC and ETH have undergone recent changes that are bound to positively impact their market performance. ETH is more likely to bring in instant results in trades. With LTC, it will definitely require more patience. 

If you are a patient trader, you can also swap ETH to ADA. Experts promise decent long-term profits for this crypto pair. 

Cryptocurrency & Blockchain / Trading

ETH vs LTC: What Should a Novice Trader Choose?