The same reasons that they've been doing it to a lot of other crypto channels, but hopefully we're back on track and things are going to be fine and dandy. From this point forward – and yes, I did just say dandy anyway, guys so moving on today's video is about light. Queen now light grain has obviously been around for a while. In fact, it was made in 2011, but in case you're new to the space or just haven't, given litecoin any thoughts, we're going to be doing a review of that project right now, so let's take a look at what we'll be covering in today's video. So first we'll be looking at like coins metrics. Then we are going to actually be looking at the history of light coin, followed by the what it is and what it actually does and basically how the technology works. Then we're gon na talk about the team. Very briefly and finally, I'm gon na give you my verdict on what light Queen is going to do in the future and whether it's something worth investing in so first up let's take a look at the metrics for light Queen right now. At the moment, it's up 2.8 percent, it's 73 dollars and two cents per light coin and, as you can see, it's up quite a good percentage today. But then the whole market is looking pretty great this week with Bitcoin already up to nine thousand eight hundred dollars.
24 hour trading volume on this one is really good. I mean this is the number six queen on queen market cap. It'S no surprise when I say that we're looking at just under five billion dollars worth of trade volume in 24 hours, which makes like going to a great one for day traders, the market cap on this one is just under five billion dollars as well. The great thing about this is: it shows that litecoin is changing, hands and there's a lot of movement with this Queen and there's demand and supply for it, and the total supply for this coin is 84 million litecoins its all time high was 360 dollars, but of Course, in that we have the crash and now we're just grateful to see the price increasing when we talk about the price and metrics for this coin, it's also really worth pointing out about the having that happened back in 2019. It was August, the fifth, and if we go over to light coin, you can see that when the having actually occurred prior to the having we had this massive increase in the price that brought it back up to about one hundred and forty four hundred and forty Five dollars – and this was the hype that built up to that having event as you see, it had a massive reversal since that hype dissipated, but along with Bitcoin, it does seem to be heading back up again right now, so let's go back to the presentation now And take a look at the history of light coin.
So, first of all, I want to point out. It was created in October 2011, charlie Lee, and the managing director of light Queen actually was looking at improving on Bitcoin some ways, and it was in 2011 that he decided to build light cream. So basically, if bitcoin is gold, then like wayne is designed to be silver. It'S got 84 million like wings, which is four times the supply of Bitcoin. It also happens to be much faster and cheaper to send and to use like wind and Bitcoin as well. Litecoin was developed to be a much more faster and useful old coin to Bitcoin, and this is why there's such a big drive for adoption of light coin, which the foundation are actually doing a pretty decent job of doing the reason why it's able to be much Faster is partly because of the mining algorithms that it uses, which we'll talk about in the text section, but also because it only has a block time of 2.5 minutes, which is four times faster than Bitcoin as well. Now things haven't been rosy for like Queen over the last few years, it's not all been wonderful news. After wonderful news and managing director Lee Charlie Lee actually sold all of his like queen holdings back in December 2017 and rightfully so. People were very concerned that it was an exit scam about to happen, and there was a lot of thud that entered the market about likely and to be honest, review.
Looking at it now, you can definitely understand why people were concerned. If any project did this now, where the CEO or people on the board decided to sell all of their holdings, you would be very concerned something was either very wrong with the project or that they were about to exit scam from the project. Luckily enough for everybody that hasn't been the case, charlie lee did sell all of his litecoin, but he did say that this was due to a conflict of interest and he has actually stayed on with the project since that time and litecoin is still going and going Very strong, even though he did this back in 2017, we also had the having event in August and 2019 һәм, like I said there, the price really rapidly increased prior to that as people hyped up and excited, and then following it, the actual price did drop down. Almost by a hundred percent losing all the gains it mate it's also really worth pointing out that, following the having like winds, mining power actually fell by 28 percent as well. Now this kind of made me worry about Bitcoin. It could Bitcoin end up doing that. This time around with its Harding coming up but Bitcoin, is much bigger than light going and more established and it's already been through several and it's been through a number of having events already. So we have a pattern that we can kind of expect to see.
Like coin, however, is recovering now, as well with the rest of the market. So now let's talk about light Queens technology and its uses well like Wayne, is actually basically a hard fork of Bitcoin. It uses pretty much all of the same technology. However, there have been some fundamental changes to it to make it much faster than Bitcoin. One of those is the proof of work mechanism that it uses instead of using sha it's, actually using script, which is a cpu based mining algorithm. They also have their own version of the Lightning Network, which means you can send transactions instantaneously, and the transaction fees are very, very low, much lower than Bitcoin, but of course, bitcoin is kind of more speculative in the way that people are holding on to Bitcoin. For the long term, and when people transact Bitcoin, it tends to be in much higher amounts. Litecoin is definitely used for smaller payments and sort of transfers. So, in fact, even though they have the Lightning Network on litecoin it's, actually pretty fast, even if you don't use that aspect of the network now, one thing that they are working on is a mobile wallet for litecoin that will actually have lightning built into it or The lightning feature built into it so that's something to look forward to with regards to the technology. The team at like when foundation are looking for ways to continue developing scalability for the project, to make sure that it is ready for mass adoption.
Changes and regulations are also going to make use of, and adoption of, litecoin easier. For example, the american government are looking now at a bill. That would actually mean you don't have to worry about filling out tax forms for purchases and transfers under 200. I believe so that would make things like litecoin much more usable for people in general, but it would also be more enticing for people to use litecoin than Bitcoin if, like coin, is faster and designed for those smaller transactions. The whole point of light coin is to be a store of value and for news and payments and we've seen big push for a mainstream adoption from the light cream foundation with their light queen accepted here campaign, which did generate a lot of press and buzz, and It is actually gaining some ground, they haven't got huge huge amounts of retailers on board, but it is definitely a move in the right direction. Now, if we go on to look at the team on this, one really there's not a huge amount. I need to say, unlike smaller projects that nobody knows about, I do tend to go and check out LinkedIn pages and stuff like that, but these guys are well known in the industry that they've been doing this since 2011. So I don't really need to worry too much about whether these are real people. We know they are Charlie. Lee is, of course, very very well known in the industry and does loads of interviews of people and is always doing talks about my coin and about crypto.
In general, and I think that the guy is very, very sensible, he's a really genuine person from what I've seen in all of his videos – and I think the team there does have a lot of skill and experience and you'd expect that they've been doing this. For literally nine years, though I do wish their web site would have liked a bit more information on here about them I'd love to see a bit of a biography there of everybody involved in the project. It'D be nice to just get that kind of idea. I guess this is the thing is that people already in the industry and people who already trade in crypto? They will know these people and will recognize them from seeing them elsewhere. But you know we've got to remember the majority of people. Don'T know anything about litecoin. They don't know anything about Bitcoin and crypto in general, so having more information for the new people in the industry would be great and also for me, so that all I have to do is read off of the website what these guys have done in the past, But we know all about Charlie Lee anyway, so no big deal there. I suppose so. Finally, the verdict. What do I think of like going well? The first thing I am going to say is that you should buy Bitcoin first, but it is kind of my advice for any coin out there. If you aren't, holding Bitcoin and are just holding all cranes, you are doing yourself a disservice.
Bitcoin has been in the game longest and should definitely be your primary investment in the cryptocurrency space, but litecoin, however shouldn't be ignored. It definitely could do very well if they can solve scalability issues before Bitcoin can. Certainly, I think that, if regulations change to allow people to do smaller transactions without having to worry about calculating tax and such forth, litecoin will be a go to cryptocurrency for that as well. There'S. Also, the fact that there is a lot of synergy between bitcoin and litecoin themselves in form of their technology, but also the communities as well. People who hold Bitcoin are much more open to the idea of holding my coin and vice versa, because they know the technology that's all based on and because it holds a lot of the positive features that Bitcoin has as well. So my verdict is that litecoin is probably gon na do pretty well over the next year, and certainly if Bitcoin continues on this interesting parabolic run it started just this month. I think my coin holders will have no problem seeing bigger gains in the price. I do think my clean house potential to be a good investment, and certainly one thing that I have noticed is that there does tend to be a correlation between litecoin and bitcoins price and, like they say, like coin, is silver to Bitcoin as gold. So there is definitely uses for like coin, and the adoption of light cream is going to make it a much more interesting cryptocurrency moving forward.
As I said at the beginning, the trading volume on this is brilliant, which makes it a good one for trading as well. Now I hope you found this review interesting and useful, especially if you didn't know anything about light Queen beforehand. If you did like the video, please make sure that you like it and subscribe to the channel as well. If you'd like me to look at other points that you don't know much about, please make sure that you follow us on twitter at crypto, pink media, and we will actually take your suggestions and you, those for you as well. Please definitely tune in next week for a price analysis of the market on Tuesday and a further review of another old coin that you guys can choose on Twitter, so that will be out on Thursday next week. I look forward to seeing you all again soon. As always, this is not financial advice.