LITECOIN TECHNICAL ANALYSIS (LTC US DOLLAR)
Technical overview
Big picture
Themes affecting Cryptocurrencies
Latest Litecoin Analysis
Editors' picks
XRP steadies above $1.90 support as fund inflows and retail demand rise
Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.
Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch
Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.
Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows
Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.
Bitcoin nears $90,000 as recovery hopes clash with institutional outflows
Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.
Orange Juice Newsletter – Smart insights by real people. Every day.
A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.
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.