LITECOIN TECHNICAL ANALYSIS (LTC US DOLLAR)
Technical overview
Big picture
Themes affecting Cryptocurrencies
Latest Litecoin Analysis
Editors' picks
Democrats win House and Senate in US midterms: Why isn’t all bad news for crypto
The biggest story this week was Tuesday’s US midterm elections, which saw Democrats win control of both the House and the Senate in a clear blue wave. This political shift in the US has triggered sharp price swings across the cryptocurrency market.
Ripple nears oversold territory as traders eye buying opportunities
Ripple remains structurally capped near $1.20 after selling pressure wiped out the early-week rise to $1.34, driven by the US midterm elections. Market participants exhibited regulatory concerns ahead of the Democrats taking control of Congress in January, with many repositioning and adjusting their portfolios.
Bitcoin Weekly Forecast: Bears tighten grip as BTC eyes fifth weekly loss
Bitcoin is down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. A sharp sell-off in US technology stocks reversed Bitcoin’s post-election rally on Thursday, triggering a wave of liquidations across the market and intensifying bearish pressure.
Post-US midterm elections market sell-off weighs on PI
Pi Network (PI) continues to attract sellers, as the post-US midterm results triggered a sell-off in the US tech stock market and also wiped out over $1 billion from the crypto market.
Bitcoin: Bears tighten grip as BTC eyes fifth weekly loss
Bitcoin (BTC) remains under pressure, down over 3% this week, trading near $75,500 on Friday and heading for its fifth straight weekly loss. Persistent outflows from US-listed BTC spot Exchange Traded Funds (ETFs), a sharp sell-off in US technology stocks, and rising market liquidations are weighing on sentiment and limiting Crypto King’s recovery attempts.
BTC
ETH
XRP
Characteristics of Litecoin
Litecoin is an open-source cryptocurrency created on October 7, 2011. It emerged as an alternative to Bitcoin, improving some of its basic characteristics:
- First, it has a greater speed in the verification and processing of its blocks, which are carried out in 2.5 minutes while the time required by the Bitcoin is 10 minutes.
- Second, the Bitcoin will reach its total volume in 2140, when it will have a total of 21 million units. The Litecoin will have a maximum of 84 million units.
- Third, the Litecoin has a function that simplifies and reduces the energy necessary to perform the mining of the cryptocurrency called Scrypt proof of work.
Among the main similarities between Litecoin and Bitcoin::
- Both are based on the blockchain
- It allows a mining process
- The division of the main unit of both Litecoin and Bitcoin is 8 decimals.
- The difficulty of mining Bitcoin and Litecoin increases every 2016 blocks.
- Both use the Proof of Work (PoW) algorithm
What is the Difference Between Litecoin and Bitcoin?
In addition to the aforementioned differences between Litecoin and Bitcoin, it is vital to note that mining differs between both cryptocurrencies. The central change lies within the algorithms. Litecoin uses crypt while Bitcoin’s algorithm is based on SHA-256. The S-crypt algorithm makes extracting Litecoin far faster in generating a block: a mere 2.5 minutes against 10 minutes for Bitcoin.
The rapid mining clip results in enhanced security: being four times faster makes Litecoin more secure. Likewise, mining Litecoin entails an additional benefit. As Litecoin miners are grouped in mining pools, the compensation for the effort is attributed to all participants and there is a diminished probability of mining efforts resulting in no compensation. This feature has attracted miners to LTC, which has the second-highest mining volume behind Bitcoin.
How to buy Litecoin, Bitcoin, Ethereum and Ripple
Trading cryptocurrencies does not have to be a tiresome and obscure process once you know what to do and what to expect. Below is a quick round up of key takeaways. How to buy and trade cryptocurrency in four easy steps:
- Step one. Choose your coin. If you are new to cryptocurrencies, start with Bitcoin, Ethereum, Litecoin or other large and established currencies. They are more liquid and less volatile.
- Step two. Create your wallet. The easiest way to do this is to register with an online service. Don't forget, that wallets are currency specific. It means that they can send and receive only compatible coins and tokens. If you prefer pure trading and not owning cryptos, you can skip this step.
- Step three. Buy some crypto coins with P2P trading platforms or visit cryptocurrency exchange that supports buying crypto for fiat money. You will need to provide details to register with the exchanges. Some of them will have you link your bank account or credit card to pay for your Bitcoins. If you prefer only trading and not owning cryptos, you can skip this stage.
- Step four. Open an account with a cryptocurrency trading exchange with good liquidity and a full range of tradable cryptocurrency pairs or with a forex broker. Some exchanges and brokers will ask you to verify your identity and enable two-step authentication for better protection. Step five. Develop a solid trading strategy and exercise strict self-discipline to avoid hasty trading decisions. Educate yourself on trading fundamentals and trading psychology issues - they all apply to cryptocurrency markets.