Litecoin (CCC:LTC-USD), launched in 2011, is often described as the “silver to Bitcoin’s gold.” As an efficient, cheaper cryptocurrency that supports point-of-sale transactions, Litecoin was developed specifically to fill that void in the market.
DASH differs from Bitcoin by employing an alternative mining protocol and having shorter block generation times, as well as faster transaction processing and confirmation times.
Market Cap
Litecoin (LTC) is one of the world’s most beloved crypto currencies, frequently known as “the silver to Bitcoin’s gold”. Created by former Google software engineer Charlie Lee and evolving from Bitcoin in terms of efficiency and affordability. Offering faster transaction confirmation times and lower transaction fees compared to BTC makes Litecoin ideal for point-of-sale transactions as well as microtransactions.
Like Bitcoin, Litecoin uses a Proof-of-Work consensus algorithm; however, instead of the more efficient SHA256, Scrypt provides easier mining for average computers.
Litecoin has maintained a stable position among the top 10 by market capitalization for most of its history, even when other cryptocurrencies rose and fell. Its steady position within the crypto ecosystem has solidified its role as an early testnet for Bitcoin with new technological developments often being implemented first on Litecoin’s network.
Price Changes
Litecoin price has settled into a consolidation pattern as bulls defend a former resistance-turned-support zone. The daily relative strength index (RSI) has nearly reached 60 mark and any close above this mark could signal another push towards $240.
Litecoin was released as an alternative cryptocurrency by Charlie Lee, a former Google engineer, in 2011. Based on Bitcoin, Litecoin offers faster transaction times while employing Scrypt as its proof-of-work algorithm.
Like other cryptocurrencies, Litecoin’s price can be highly unpredictable and change rapidly. A variety of factors can impact its price such as investor sentiment, adoption and market trends; regulatory changes; economic news releases; or inflation data which has an immediate effect on investor decisions to protect themselves against devaluation of assets such as cryptocurrency investments.
Trading Hours
If Bitcoin is gold, then Litecoin is silver. Well known for its speedy payments and low costs, Litecoin has quickly established itself as an effective complement to Bitcoin rather than being seen as its successor.
Many factors can impact Litecoin prices. For instance, when one of its competitors experiences regulatory changes or bans that deter investors and bring down prices. Furthermore, inflation data can cause ripple effects throughout the cryptocurrency market and spur increased demand for crypto assets as a safe-haven asset.
Traders can speculate on the Litecoin price by purchasing or selling Contract for Difference (CFDs), which provide exposure to its underlying asset without needing physical coins themselves. CFDs allow traders to gain exposure without physically owning physical coins while still being able to speculate on price movements whether rising or falling; typically daily and weekly timeframes are used when trading CFDs; monthly and yearly intervals may also provide good trading signals; so it’s essential that traders select an interval suitable for their trading style and goals!
Platforms
Charlie Lee, an engineer at Google, developed Litecoin as the “silver to Bitcoin’s gold.” He believed that BTC would face long-term scalability issues and high transaction fees; so his solution was to develop a lightweight blockchain with improved performance and lower costs.
Contrary to Bitcoin (BTC), which utilizes the SHA-256 hashing algorithm, Litecoin uses Scrypt for transaction validation and block reward accumulation, making mining companies with dedicated hardware rigs harder for validating transactions and earning block rewards.
Like its fellow cryptocurrencies, Litecoin trades against the US dollar. Being decentralized digital currency means its holders can send and receive funds without middlemen being involved; making Litecoin an ideal option for online payments. As its price often tracks that of Bitcoin due to their strong correlation, an increase or decline will often cause LTC’s price to also increase; conversely a selloff in one will cause an opposite response – necessitating an in-depth knowledge of market fundamentals when trading either pair!
