Litecoin to Australian dollar exchange rate
Find the best LTC/AUD exchange rate for 12 Apr 2021.
We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!
Refreshing in: 60s | Mon, Apr 12, 02:01AM GMT
- Buy and sell Litecoin
- Multiple payment methods
- Deposit fiat currencies
Historical Rate chart of LTC and AUD
2017 was a busy year for Litecoin (LTC). In the year up to 24 December 2017, LTC saw a 9,000% increase in price. Hovering at around the US$4 mark until April of that year, LTC then saw its price increase significantly, peaking at US$375 on 19 December 2017.
Litecoin was created in 2011 by former Google employee Charlie Lee, and he has led the LTC development community ever since. On 20 December 2017, Lee shocked the cryptocurrency world when he announced the sale of his LTC holdings on a popular cryptocurrency forum. Not only did this cause worry with those who owned LTC, but it also came just a day after LTC’s all-time high.
See: How to buy Litecoin
What has caused LTC’s growth?
Despite Litecoin’s founder selling his stake, the cryptocurrency’s development has been managed quite successfully. The technology that supports LTC is very similar to bitcoin, but the developers made changes that allow LTC to achieve faster transaction speeds and reduced transaction costs. When using the best technology, transactions become almost instant anywhere in the world.
More efficient transactions have two effects on LTC’s price growth: mining the cryptocurrency becomes more profitable, which generates more efficient transaction speeds, and as transaction speeds increase and transaction costs are reduced, businesses and individuals have the ability to settle everyday transactions. This means that it's easier to use LTC as the currency has become more widespread.
The better transaction speeds and lower transaction costs occurred alongside a very effective marketing campaign. These have all been major factors in LTC’s adoption into the world’s busiest cryptocurrency exchanges. In May 2017, Coinbase and Bithumb both announced their decision to list LTC on their exchanges. Being the two largest exchanges in the world, these events, more than any other, have driven the rise in the price of LTC.
LTC’s market capitalisation, market cap for short, is the strongest measure of LTC's performance. Market cap is worked out by multiplying the total mined LTC by its price. LTC’s market cap has jumped from just over US$340 million on 1 April 2017, prior to its programming upgrades and major listing announcements, to as high as US$20 billion on 19 December 2017. That equals a 5,782% increase, which is a noteworthy figure considering 61,000 units, or three-quarters of total minable LTC, have already been mined.
What needs to be considered before buying Litecoin?
Only a total of 84 million units of LiteCoin can be mined into existence, which is 63 million units more that bitcoin’s 21 million minable units. The extra 63 million minable units of LTC was probably intended to give the cryptocurrency greater price stability. However, this was not the case and LTC began to experience greater price swings. This had to be expected in a cryptocurrency market that in 2017 saw the value of all cryptocurrencies increase from just under US$18 billion to over US$650 billion.
As well as upward pressure on price and market cap, there has also been pressure on transaction costs for LTC. This is a threat to the long-term prospects of LTC as a currency and as an investment tool. During the wild price swings the cryptocurrency market experienced from 8 December to 20 December 2017, LTC’s price increased by over US$220. Its transaction volume increased from an average of 20,000 transactions per day to as many as 160,000. The LTC community has never experienced this kind of pressure and it resulted in bottlenecked transactions. As the network struggled to process the transactions, transaction costs increased from US$0.094 to US$1.50 – an increase of 1,495%.
Market rate for common transfer amounts LTC to AUD
|Litecoin (LTC)||Australian Dollars (AUD)|
What does it mean that its founder sold all of his Litecoin?
When Charlie Lee sold his entire LTC holdings at the end of December 2017, the resulting unexpected pressures were the first real test of LTC’s programming advances and the results are bound to worry its developers and its competitors. The effect on price stability and on transaction costs may mean that the hopes of LTC being a usable currency won't come to fruition.
It's important to keep an eye on how LTC handles these pressures. Mr. Lee has defended his move by saying his intentions were to avoid a conflict of interest as he continues his leadership of the LTC development community.
The programming changes and effective marketing strategies secured LTC’s place as one of the most influential cryptocurrencies of 2017 and are a direct result of Mr. Lee's leadership. His leadership is also a factor that heavily influences LTC’s future investment potential. Mr. Lee’s has been the driving force behind LTC’s price gains. However, his decision to sell all his LTC seems oddly timed and his intentions for selling are anybody’s guess. Keeping Mr. Lee’s excellent management skills in mind, it may be best to do as Mr. Lee does and not as Mr. Lee says.
Confidence in LTC, particularly moving past 2018, would be based purely on speculation. A potential buyer would be well advised to exercise a good deal of caution.
- Bitcoin price breaks out setting new all-time high at AUD$79,800
- Coinbase IPO: How investors can get in before it lists
- Crypto market dives but Ethereum’s price remains strong – here’s why
- Ethereum breaks new record price and looks set to go higher
- Ethereum price soars on the heels of Visa’s crypto announcement
More guides on Finder
Liquid cryptocurrency exchange review
If you want to buy or sell digital currencies on the Liquid crypto exchange, check out our review of its fees, features and payment methods as well as its pros and cons.
Charlie Lee tweetstorm explains Litecoin’s value proposition
The crux might be that, despite little rational economic value, great PR is a tangible strength.
Litecoin price weekly analysis 3 August: LTC suffers downtrend, trading volume rises
Litecoin's value has been slammed over the past week, despite a raft of positive developments being reported.
Bitcoin vs Litecoin: How are BTC and LTC different?
What’s the difference between bitcoin (BTC) and Litecoin (LTC)? Find out in this comprehensive guide.
QRYPTOS cryptocurrency exchange review
Your guide to the QRYPTOS cryptocurrency exchange, the coins it allows you to buy and sell, and its pros and cons.
CryptoBridge decentralised cryptocurrency exchange review
A comprehensive review of the CryptoBridge decentralised exchange, the features it offers and its pros and cons.
CoinMate cryptocurrency exchange – April 2021 review
What are the pros, cons, features and fees of cryptocurrency exchange CoinMate? Find out in this comprehensive review.
Dogecoin (DOGE) price prediction 2021
Where is the price of Dogecoin headed in 2018 and beyond, and what are the factors affecting the value of this iconic cryptocurrency?
CoinSwitch cryptocurrency exchange – April 2021 review
A comprehensive review of the CoinSwitch cryptocurrency exchange, including its features, fees and pros and cons.
Litecoin (LTC) price prediction 2021
A comprehensive look at the factors that impact upon the price of Litecoin and how the value of this popular crypto coin could change in the future.
Ask an Expert