Bitcoin stands matching engine for crypto and stock exchanges as the top and most popular cryptocurrency in the market. However, given that its price has skyrocketed to new highs, very few people can afford to buy one Bitcoin, and they look towards alternative coins such as Litecoin. Litecoin is one of the oldest cryptocurrencies; thus, this coin has been traded for many years now. Going by its price performance over the years, LTC has made major gains, and it could be open to more gains in the future.
Litecoin Price(LTC)
There are many informative pieces online with all the details about Litecoin. However, it is important to do your own research to determine whether LTC is a good addition to your investment portfolio. Therefore, ensure that you know the requirements needed on the platform you want to use Litecoin. Most importantly, ensure that the platform you want to use is regulated in your country.
A cryptocurrency is a digital asset conceived for use as a medium of exchange, which uses cryptography to secure transactions, control the supply of additional units, and corroborate transfers. Cryptocurrency is stored in a ‘wallet’, which can take various forms. For instance, Litecoin can be stored in an online wallet, or alternatively in an offline electronic wallet, and it can even be stored physically in hardware. The goal in launching Litecoin was to improve on Bitcoin in a few different ways. For one, Lee developed a new hashing algorithm for Litecoin called Scrypt (pronounced S-crypt).
How to trade Litecoin CFDs
There are pivotal differences between buying a cryptocurrency and trading a CFD in a crypto market. When buying cryptocurrency, it is stored in a wallet, but when trading CFDs the product is stored in your account, which is regulated by a financial authority. You are more liquid when you purchase CFDs because you are not tied to the asset, you have merely purchased the underlying contract.
Cryptocurrency exchanges have largely evolved from those that simply offer spot trading to those that provide derivatives trading. Some of the largest cryptocurrency exchanges offer derivatives trading options such as contracts for difference (CFDs), futures and options. If the Bitcoin and Litecoin networks mature and reach the desired levels of development, they could become interoperable.
Step 1: Open an account
Litecoin is best at quick, instant, relatively low value exchanges, whereas, Bitcoin is better at more secure exchanges for high values that do not need to be exchanged as quickly. On Balance Volume can be used to detect trend changes before they occur. The indicator is based on volumes and how this influences the price action. Ichimoku can be a complex indicator for a beginner due to the many details involved. However, it is one of the most used indicators for analyzing price movements. Exchanges have also been built to be convenient to new and expert traders.
Before you invest in Litecoin, learn how to buy Litecoin and read up on cryptocurrency wallets. Speak with a financial advisor about how much you could realistically invest in cryptocurrency based on your unique financial goals. From the get-go, without any additional tech layers added on top of the Litecoin blockchain, it’s a faster cryptocurrency to transact than Bitcoin, and the new investor’s complete guide to brokers it does so more cheaply. Yet when miners add a new block to Litecoin’s blockchain, they’re rewarded with newly-generated LTC.
Online Brokers
- He had been criticised for tweeting whilst holding Litecoin, accused of attempting to make personal gain because this had a possible price effect on Litecoin.
- In addition to its desktop platform, Gemini also offers comprehensive mobile trading and more advanced tools for users who prefer to have access to expert-level charting and analysis tools.
- For example, an exchange that charges a 1% spread will charge you an extra $50 for every $5,000 invested on the platform.
- Online brokerage platforms also provide you with the chance to use leverage trading to boost your trading position.
- The simpler algorithm supported Litecoin’s faster transaction speeds.
The regulatory framework for digital assets has shifted greatly over the past few years. For exchanges to remain compliant, they have shifted their operations from being fully decentralized, and they are now verifying user details. When there is favourable news in the market, the price of LTC tends to shoot, and when the news is negative, LTC tends to take a dip. The much-anticipated Litecoin Halving event occurred on August 2, 2023 and proceeded smoothly without any technical glitches.
Where Can I Trade Litecoin?
Through a trading plan, you can determine whether you want to become a day trader or a long-term trader. how to create an app Day trading is where you trade against the daily price movements of Litecoin. You can also decide to become a long-term trader, where you buy LTC and then hold it for a specified period as you wait for a price gain. One of the platforms where you can trade Litecoin is through an online brokerage firm such as that of PrimeXBT.
Sometimes referred to as the “silver to Bitcoin’s gold,” Litecoin (LTC) is an open-source, peer-to-peer cryptocurrency designed for payment processing at scale. Litecoin’s maximum supply is capped at 84,000,000, which is 4 times that of Bitcoin’s maximum supply. Litecoin’s network is based on the technology behind Bitcoin, but with a few changes to allow for higher throughput.
As of May 2024, it was still being maintained by a community of developers with fixes and improvements. In 2024, Litecoin activated Runes (similar to non-fungible tokens), similar to the Runes available on the Bitcoin blockchain. The live Litecoin price today is $62.90 USD with a 24-hour trading volume of $311,073,295 USD. The current CoinMarketCap ranking is #19, with a live market cap of $4,713,978,977 USD. Litecoin was released via an open-source client on GitHub on Oct. 7, 2011, and the Litecoin Network went live five days later on Oct. 13, 2011. Since then, it has exploded in both usage and acceptance among merchants and has counted among the top ten cryptocurrencies by market capitalization for most of its existence.
The failure of the network to grow and make its upgrades independently has made it lose a huge chunk of followers. The Bitcoin and Litecoin networks are some of the oldest in the crypto space, and they share several similarities. Litecoin integrated SegWit before it was adopted on the Bitcoin network. Moreover, both Bitcoin and Litecoin have the Lightning Network and Atomic Swaps in their development roadmaps. Therefore, its network shares the same benefits as Bitcoin in being the pioneers of the sector.
The broader differences between the two cryptocurrencies are listed in the table below. Litecoin (LTC) is a cryptocurrency created from a fork of the Bitcoin blockchain in 2011. Litecoin is a cryptocurrency created from a fork of the Bitcoin blockchain but with several changes. It is faster, will have more coins available, and uses a different hashing algorithm than Bitcoin.
Litecoin’s rapidly aging infrastructure is no longer as unique as it was when the coin debuted in 2011, with many altcoins now offering the same benefits and efficiency. Litecoin’s founder, Charles Lee, also sold his stake in Litecoin in 2017, which has affected investor confidence. One of the biggest complaints that cold storage wallet users have about cold wallets is that they tend to support fewer cryptos than hot wallets. This can mean purchasing multiple different wallets to store all of your tokens, which increases the chance that you’ll misplace a device.
Convert Litecoin to an intermediary currency (like USD Coin or Tether) when you think the price is high, then convert back to Litecoin when you believe the price is low. This allows you to accumulate more Litecoin, which you can cash out when you decide to take profits. In November 2013, the value of Litecoin experienced a surge in growth, which included a 100% gain in value over 24 hours. By the end of that month, Litecoin reached a market capitalisation of $1 billion. In December 2017, Lee announced that he had sold almost all of his Litecoin holdings because of a perceived conflict of interest. He had been criticised for tweeting whilst holding Litecoin, accused of attempting to make personal gain because this had a possible price effect on Litecoin.
