Once you realise that Bitcoin is not the only cryptocurrency out there, a whole new world opens up — the world of digital currencies. Right now, BTC is still the most dominant crypto; its market cap is a lot bigger compared to any other altcoin.
However, other cryptos are doing a lot to upgrade the underlying technologies used for building these currencies, mainly blockchain. Two cryptos that are often regarded as the most popular ones after Bitcoin are Litecoin and Ethereum. If you own them, you are probably aware of some of the main advantages and disadvantages they have when compared to the digital gold.
But what about the differences and similarities between these two altcoins? Let’s check them out.
How Are LTC and ETH Similar?
One of the most important similarities between these two cryptocurrencies is that they are doing great on the road towards mass adoption. Although there are still a lot of things to overcome in this long process, much has been accomplished so far. For example, you can use your Ethereum and Litecoin here to play games on the web. Moreover, you can use them to make numerous types of payments on the Internet.
Apart from that, the two cryptocurrencies don’t have much in common. But their differences make them unique, so let’s focus on them instead.
What Are the Differences?
Essentially, Litecoin is much more similar to Bitcoin than Ethereum.
LTC was initially made to be an addition to BTC that would speed up the entire system, but eventually became a cryptocurrency of its own. Just like Bitcoin, it is a decentralised payment system, but the only difference is that it’s much cheaper and transactions are generally faster.
Therefore, it’s an upgraded version of Bitcoin, some would dare say. Nevertheless, its popularity is nowhere near that of Bitcoin. Therefore, regardless of its efficiency, Litecoin still has a long way to go, especially marketing-wise, in order to get near Bitcoin.
Ethereum, on the other hand, is quite popular. In fact, it is the second most popular cryptocurrency out there. Its secret is that it’s basically not a cryptocurrency at all. Ethereum is not a payment system but rather a decentralised platform that provides the basis for creating and using dapps – decentralised applications.
Therefore, comparing the two in terms of how they operate is quite difficult. On the other hand, we could look at some facts and compare them in terms of popularity.
Which Altcoin Is More Popular?
According to CoinMarketCap’s list, the most popular cryptocurrency is Bitcoin, with the current market cap of $156.7 billion. Ethereum is the next one, but the market cap is nowhere near that of BTC. Namely, this cryptocurrency/decentralised platform’s cap is $17.93 billion.
On the other hand, Litecoin is currently located in the seventh place, with a total market cap of $3.6 billion, which is far less than Ethereum. Cryptos that are currently ranking in front of Litecoin are Tether, Bitcoin SV, Bitcoin Cash, Ripple, and, of course, Ethereum and Bitcoin.
A single unit of Ethereum currently costs $163, whereas one Litecoin is priced at $56. Mind you, these prices vary almost every day, so this may change a lot by the time you read this.
Conclusion — Which One Is a Better Alternative to Bitcoin?
There’s no conclusion on whether you should buy Ethereum or Litecoin. Although Ethereum is doing much better at the moment, Litecoin has some advantages as well. In the end, it’s up to you to decide which one you should choose.
What’s important to know is that both of these altcoins, as well as BTC and many other popular cryptocurrencies, are all still very young. Therefore, there’s still a lot to be done before they reach massive adoption and become as popular as fiat currencies.