Litecoin has become known as “Bitcoin’s silver brother”, after its creation by Charlie Lee in 2011 to facilitate point-of-sale transactions on decentralized blockchains with faster block generation times compared to Bitcoin.
Price history can provide some indication of future trends; however, market participants must do their own research and exercise due diligence when making investment decisions.
How to Buy
Litecoin, often referred to as the “silver to Bitcoin’s gold,” is an alternative cryptocurrency which serves as a fast, cheap, and secure payment system for smaller transactions. You can purchase Litecoin via both centralized and decentralized exchanges; however it is wise to do your research prior to investing any funds.
Coinbase and Kraken are among the most popular choices for purchasing cryptocurrency online, enabling users to buy Litecoin using bank accounts or debit/credit cards. Prior to trading on either exchange, however, you will first need to open an account, verify your identity and deposit funds into it before being allowed access.
Once your funds have been deposited into an exchange account, navigate to the Litecoin trading page and place a buy order for an amount you would like. Your market or limit order options allow you to buy at either the current price or set your own price – once executed your coins will instantly appear in your exchange wallet.
Exchanges
As with other cryptos, Litecoin’s market price fluctuates frequently depending on investor sentiment and overall cryptocurrency adoption. Furthermore, its maximum supply of 84 million coins also contribute to its worth.
Blockchain’s rapid transaction speed and low fees have made it an attractive option for point-of-sale payments, micro transactions, and smaller purchases. Blockchain was developed as a Bitcoin fork to address issues associated with scaling as well as block transaction times on BTC.
Keep an eye on Litecoin USD price trends and technical trading indicators to spot potential buy or sell signals. For instance, when MACD lines are above zero it indicates an upward price trend while when below zero could signal that a downward trend is developing or an asset has reached overbought status, prompting correction. Trading cryptocurrency involves high levels of risk including possible loss of principal.
Transactions
Litecoin transactions are completed rapidly with almost zero transaction fees, making it ideal for both speculative purposes as well as use in developing nations that rely on cryptocurrency transactions for real-time payments. It can also serve as an effective alternative to Bitcoin for real-time transactions.
Litecoin’s price is closely correlated to that of the US Dollar, the world’s strongest fiat currency. Furthermore, its movements often follow those in Bitcoin prices so traders should keep an eye on both when utilizing LTC as an investment asset.
Monitor the USD price of Litecoin by employing technical indicators like MACD. A positive MACD indicates a likely rise in price while negative MACD signals possible trend reversal or correction. You can also use RSI indicator to monitor overbought/oversold conditions; an RSI level above 70 could signal a reversal while below 30 indicates buying opportunities. Another method would be watching for 50-day moving average crossover above 200-day moving average crossover, which serves as a bullish signal.
Storage
Current cryptocurrency price levels represent an attractive entry point to long positions. From a technical viewpoint, daily RSI levels above 59 indicate bulls may be fighting hard for price recovery.
Litecoin was launched as a fork of Bitcoin by former Google engineer Charlie Lee in 2011. The primary differences between it and BTC include its reduced block generation time (2.5 minutes instead of 10 min), higher maximum coin supply limit, and slightly different functional algorithms.
Litecoin boasts several key advantages over Bitcoin when used as a digital currency, including faster transaction confirmation times and improved storage efficiency. Furthermore, its scrypt algorithm was specifically created to resist mining hardware. Like many digital assets, its value has fluctuated due to global events and fundamental growth catalysts; currently LTC stands as Bitcoin’s silver counterpart when considering investment returns and potential.
