Quick Comparative Crypto Analysis: Binance Coin (BNB) and Litecoin (LTC)

What is Binance Coin (BNB)?

Binance debuted its Binance Coin (BNB) as an ERC-20 token on Ethereum in 2017 with an initial coin offering (ICO). It serves as a utility token for the Binance exchange, allowing users to pay for transactions and trading fees at a reduced cost. At the time of writing, Binance Coin (BNB) is the third-largest cryptocurrency in the market, and thanks to its popularity among crypto enthusiasts, it has become available on several trading platforms. Furthermore, Binance Coin (BNB) had a large price gain at the start of 2021, putting it on the radar of corporate investors.

What is Litecoin (LTC)?

Litecoin (LTC) was founded as a result of a fork in the bitcoin blockchain. It is seen as a “lighter,” speedier form of Bitcoin (BTC) for a variety of reasons, and it has trailed Bitcoin (BTC) since its creation. Also, the core protocol upgrades for Litecoin (LTC) are mostly based on the core protocol updates for Bitcoin (BTC).

What are their best features?

Let’s take a look at the top five (5) characteristics of both coins:

Binance Coin (BNB)

• Binance Coin (BNB) has a trading discount.  You can also get a 50% reduction on your trading charge when you use Binance Coin (BNB). With traditional payment methods, if you buy $10,000 worth of coins, you will be charged $10. The trading charge is lowered in half if you use Binance Coin (BNB), so you will just have to spend $5.
• Binance Coin (BNB) is fast and affordable. Binance Coin (BNB) is one of the most quickly transacted cryptocurrencies. Binance Coin (BNB) is not only one of the fastest cryptos for transactions, but it is also one of the most affordable!
• Binance Coin (BNB) is easy to trade. Since it is one of the highly popular cryptocurrencies, several trading platforms support Binance Coin (BNB)—and one of those is Crypto Genius. 
• Binance Coin (BNB) can be an alternative to Ethereum (ETH). Despite Ethereum’s (ETH) efforts to develop, the price has remained relatively stable. The Binance smart chain, on the other hand, is a newcomer. This implies it avoids many of the issues that Ethereum (ETH) has, such as scalability.
• Binance Coin (BNB) is liquid. Binance Coin (BNB) is one of the most liquid cryptocurrencies on the market. It presently has a capitalisation of $95.4 billion, according to CoinMarketCap.

Litecoin (LTC)

• Litecoin (LTC) employs Scrypt. While its hash function is Scrypt, its consensus process is based on the infamous proof-of-work (PoW) consensus mechanism. The Litecoin (LTC) network processes a block every 2.5 minutes, as opposed to Bitcoin, which takes 10 minutes, allowing for speedier transaction completion. Additionally, the Litecoin (LTC) network creates 84 million LTC, which is four times the amount created by Bitcoin (BTC).
• Litecoin (LTC), like other cryptocurrencies, is decentralised. Litecoin (LTC) transactions may be conducted without the use of a middleman, lowering transaction costs. Litecoin (LTC) transactions are less expensive than many other cryptocurrencies such as Bitcoin (BTC).
• Litecoin (LTC) has lower transaction rates. As mentioned above, Litecoin (LTC) transactions are affordable. Because transactions on its network are very inexpensive, some people use it to transfer cash from exchanges, lending platforms, and other networks to transactions on networks with high transaction fees.
• Litecoin (LTC) is scalable. Another significant feature of Litecoin (LTC) is its scalability. Litecoin (LTC) can perform 56 transactions per second.
• Litecoin (LTC) is fast. The transaction speed of Litecoin is about 2.5 minutes, compared to around 9 minutes for Bitcoin, because of its usage of Scrypt. Its quicker transaction processing also makes the system less vulnerable to assaults since hackers have a very little time frame in which to execute a double-spending attack.

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Binance Coin (BNB) and Litecoin (LTC)’s price performances.

As of November 18, 2021, Binance Coin (BNB) and Litecoin (LTC) are sold at $571.40 and $222.2, respectively. Looking at their price performance from the beginning of 2021, as per CoinMarketCap, Binance Coin (BNB) started at only $37.9 while Litecoin (LTC) started at $126.23 on January 1st. Compared to Litecoin’s (LTC) price growth this year, Binance Coin (BNB) has quickly increased in value.

Q: What do crypto analysts say about Binance Coin (BNB) and Litecoin’s (LTC) futures prices in 2022?

A: Trading Beasts tried to be realistic with their current predictions. By the beginning of January 2022, the Binance Coin (BNB) price is expected to reach $493.610. The maximum estimated price is $617.012, with a minimum price of $419.568. Binance Coin (BNB) is expected to reach $493.610 before the end of the month. By December 2022, it is expected to reach an average price of $529.529. As for the Litecoin (LTC) prediction, it is expected to reach $206.862 by the start of January 2022. The maximum predicted price is $258.577, with the lowest expected price of $175.833. The end-of-month Litecoin (LTC) price estimate is $206.862. It’s anticipated to reach an average price of $196.217 by December 2022.

Then according to Coin Price Forecast, the Binance Coin (BNB) price will rise to $820 in the first half of 2022, then fall $50 in the second half and end the year at $770, a +48% increase over its present price. Meanwhile, the price of Litecoin (LTC) will rise to $276 in the first half of 2022, then rise another $32 in the second half to finish the year at $308, a gain of 67% over its present value.

DISCLAIMER: Before you start trading, make sure you have done your research. The cryptocurrency market is a difficult environment to engage in. Cryptocurrency values are volatile, having the tendency to fall as rapidly as they arise. When trading currencies, it’s vital to keep your emotions in check. Before you fill your account with the broker and start trading with it, you must check to see if the broker you were linked to complies with all local rules and regulations, is regulated in your nation, and is permitted to accept customers from your location.