Litecoin, often dubbed the “Silver to Bitcoin’s Gold”, is an open-source decentralized cryptocurrency developed on Bitcoin that was released for public use in 2011. Originally intended as an alternative solution, Litecoin sought to address some of its weaknesses, such as concentrated mining pools and transaction speed issues.
LTCUSD has entered a global double zigzag pattern, with actionary wave [W] completed and linking wave [X] emerging – this indicates a bullish scenario.
Price chart
Litecoin, created in 2011 by Charlie Lee, an engineer from Google software engineering team, is an established cryptocurrency that was first released for public trading in 2011. Like Bitcoin, Litecoin follows its code base while boasting some key differences such as faster transaction confirmation times and different hashing algorithms with lower mining fees.
LTC stands out with a higher maximum supply of 84 million coins and faster block generation time of 2.5 minutes, making transactions on its network simpler for traders looking to diversify their digital asset portfolio. It has quickly become one of the more sought-after options.
Traders can utilize the price chart and MACD indicator to identify potential trading opportunities, while Fusion Media reminds you that data provided here comes from third party sources and may vary accordingly.
Technical analysis
Litecoin, also dubbed the “silver” to Bitcoin’s “gold”, has quickly become one of the world’s most beloved cryptocurrencies. Created by Charlie Lee and based on its blockchain, Litecoin differs significantly in terms of max supply and mining protocol: using memory intensive Scrypt mining algo for ease of consumer-grade hardware accessibility; its maximum supply cap stands at 84 million coins, four times higher than Bitcoin’s maximum supply limit.
As with other cryptocurrencies, LTCUSD pair is subject to market and price volatility and fluctuations. Investor sentiment, adoption rates and overall market trends all impact its value; technical traders can use indicators such as MACD and RSI to predict potential trading opportunities; an increasing MACD line may signal price rebound while falling MACD lines indicate potential price troughs or bottoming outs; additional economic events like monetary policy changes and inflation data may have indirect repercussions for crypto markets and its competitors.
Future of Litecoin
Even during a challenging year for cryptocurrency, Litecoin’s community remains strong. Google searches show high volumes for this crypto as well as active wallets suggesting people remain interested in adding it to their portfolios.
However, in order to attract mainstream investors, the coin will need to make significant strides forward. To do this, new mining hardware that can handle larger blocks and higher transaction rates is needed as well as convincing banks of its value and business plan.
Litecoin’s price has already seen substantial gains this year and may continue to do so in the future. However, investors should remember that any cryptocurrency investment involves high risks of losing capital; only invest an amount you are prepared to lose before diversifying your portfolio to protect it against sudden drops in value.
Investing in Litecoin
Investing in Litecoin involves significant risks and is not suitable for every investor. Your investments’ value could fluctuate both up and down, and it may take more time than anticipated for you to see the return of all that money invested. Therefore, before investing any significant sums of your savings into this cryptocurrency coin, research its history, practice safe trading techniques, and only invest what is comfortably within your means.
Coinbase and Binance provide cryptocurrency exchange services where you can purchase Litecoin. To create an account on either platform, all that’s necessary to buy crypto is an internet connection, computer/smartphone access and photo identification – once set up you can follow step-by-step instructions on purchasing coins – remembering always to store your coins safely within an individual wallet for added protection.
Spread betting and CFDs allow traders to speculate on price movements without actually owning any cryptocurrency, however leveraged trading increases both returns and losses exponentially.
