This is often referred to as “profit-taking”, and we’ve seen it in other cryptocurrencies as well, notably Bitcoin. Halving events, intended to keep inflation under control, usually trigger bull runs. However, although history has helped form some sort of a pattern and come to such a conclusion, the positive effect of halving schedules isn’t always guaranteed.
In fact, more Bitcoins in terms of U.S. dollars are moved each day than Litecoin’s entire market capitalization. The number 2 and 3 positions on CoinMarketCap as of July 2018 are occupied by platform coin Ethereum and foreign currency lubricant Ripple, respectively. Both boast market caps many times that of Litecoin, which settled into the number 6 global market capitalization position.
A Brief History On The Price Of Litecoin
What all of this comes to show is that predicting the coin’s price is very hard even for seasoned industry professionals. The technological development, the market shifts, the regulation – all these and other factors that are hard to take into account at this point in time further complicate the price prediction process. However, the reality is that only time will tell in which point of this wide horizon will the price end up.
There is a few other projects with this stated goal, but none can boast the pedigree or the market capitalization of Litecoin. Furthermore, Bitcoin and Litecoin share heavy coding elements, and so projects explicitly designed for one coin or another are often interoperable. Very little tech has survived from 2008 unchanged, from mobile phones to laptops to solar panels. Although its introduction was revolutionary, Bitcoin price its underlying code has aged somewhat poorly. Bitcoin was never really designed to handle the kind of traffic the network currently demands, and so speed and scalability issues have plagued the Bitcoin community since shortly after its rise to prominence. This has a resulted in at least 30 legitimate forks of the coin’s open-source code, almost all geared toward improving Bitcoin’s average transaction speed.
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Litecoin has increased by around 60% in value during this crisis period, which is obviously bullish for the cryptocurrency going forward. Bitcoin’s SHA – 256 is mathematically complex compared to Litecoin’s scrypt. This explains why Bitcoin can only handle a maximum of 7 transactions, whereas Litecoin can manage up to 56 transactions per second. Litecoin is an open-source decentralised cryptocurrency developed under MIT/X11. It is very similar to Bitcoin and has often been said to be the digital silver to Bitcoin’s digital gold. This is because the coin draws on the same protocols used in Bitcoin with minor tweaks. Bitcoin’s 24-hour volume in July 2018 was about $5.2 billion, dwarfing Litecoin’s $264 million.
- In addition, cryptocurrency markets and exchanges are not regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing.
- Cryptocurrencies are not stocks and your cryptocurrency investments are not protected by either FDIC or SIPC insurance.
- This cryptography protects the transactions, and ensures that they cannot be intercepted.
- Trading in cryptocurrencies comes with significant risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks.
- The blockchain associated with Litecoin then records a decentralised and public ledger of all transactions.
- Please see the Robinhood Crypto Risk Disclosures and Crypto Web Disclosures to learn more.
- Litecoin involves the creation and transfer of digital coins via a cryptographic protocol.
The only big negative in the Litecoin arena is, ironically, its similarity to Bitcoin. As a cheaper, faster Bitcoin, Litecoin presents investors with major advantages over the current king of crypto. https://umarkets.net/ The next generation of altcoins, however, are purpose-built to replace Bitcoin in a variety of arenas, from pure currency to the Internet of Things to artificial intelligence to digital platforms.
What Is Bitcoin?
However, some factors such as trading volume or the price reaction at $149 can give a trader the signal to enter the market in an appropriate direction. The 25% and 75% levels are take-profit levels, and based on the momentum of LTC the range lows and highs can also be tested. Trading history presented is less than 5 years old unless otherwise stated and may not suffice as a basis for investment decisions.
How long does it take to mine 1 ethereum?
Successful mining on the Ethereum network is valued at 3 Ether, in addition to all transaction fees and code-processing fees. However, on average, it takes only 12 seconds to mine Ethereum, whereas it takes about 10 minutes to mine a block of Bitcoin transactions.
For more information please read our full risk warning and disclaimer. This would seem to be bullish for Litecoin going forward, but the potential of the token to achieve its price potential will be predicated on its ability to stand out from other digital currency contenders. Technical issues related to the blockchain will also no doubt have some impact on Litecoin, but its price discovery will be most profoundly influenced by the ongoing Covid-19 and its related economic impacts. Although Litecoin was primarily launched with the intention of being a digital payment platform, the escalation in value of the cryptocurrency has resulted in it also becoming an investment tool. Many investors have indeed made a huge amount of money by investing in Litecoin, and this has helped increase its economic prominence. But whereas the coronavirus scenario has been negative for the majority of investments, this doesn’t apply to the cryptocurrency niche. Many cryptocurrencies have increased in value during the coronavirus pandemic, and this has indeed applied to Litecoin as well.
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Prices may go down as well as up, prices can fluctuate widely, you may be exposed to currency exchange rate fluctuations and you may lose all of or more than the amount you invest. Investing is not suitable for everyone; ensure that Litecoin price you have fully understood the risks and legalities involved. If you are unsure, seek independent financial, legal, tax and/or accounting advice. This website does not provide investment, financial, legal, tax or accounting advice.
It is also one of the more liquid coins, and easier to trade to fiat when compared with other altcoins. It further offers a little more diversification than other forms of digital money in that it is considerably more affordable than bitcoin, giving it more room for growth. Users who prefer verifying the transactions by themselves and want to contribute to the decentralization of the project usually opt for using the original Litecoin full Litecoin price node as a desktop wallet. It is worth noting that it downloads and runs the whole blockchain, which means you will have to ensure there is enough space on your computer . Bear in mind that to be able to navigate the software successfully, you will need basic tech skills. If you find it too daunting, switch to one of the third-party solutions. In the six months before the halving in 2019, the price of the coin jumped by more than 370%.
Litecoin Price Chart Ltc
Litecoin may very well supplant Bitcoin in some areas, but it will be hard-pressed to work as a catchall solution for the hordes of alternative coins looking to take its place. For virtually every Litecoin use case, there is an altcoin that Buy stocks ZIOP does it better, faster, or more cheaply. This may very well change as the market grows and adapts, and Litecoin appears to have carved out a niche for itself as a recognizable and widely used medium of exchange for alternative coins.