Litecoin – Should You Buy Volatile Litecoin in 2023?

Litecoin (LTC) was the first alternative coin to Bitcoin .

What is Litecoin?

To begin with , though Litecoin is not as famous as Bitcoin, it is one of the oldest cryptos after Bitcoin.

Simply put , it’s still one of the most popular cryptocurrencies . To clarify , Litecoin was created from the Bitcoin Blockchain.

First , the main goal was to enable instant and near-zero-cost transactions between people or institutes . In fact , Litecoin has many similarities to Bitcoin.

For instance, both cryptocurrencies use the PoW (Proof of Work) system for transaction verification on the Blockchain. To explain , compared to Bitcoin, Litecoin is faster as well as lighter.

Why It was created ?

To begin with , Litecoin was originally created to improve several of Bitcoins perceived shortcoming . Owing to , slow transaction processing speeds and mining monopolies.

Simply put , LTC is built to be used in everyday transactions , whereas Bitcoin has evolved into more of a “sorore of value”.

Subsequently , it was created as a fork of Bitcoin in 2011. Specifically, A fork happens whenever a community makes a change to the blockchains protocol.

In layman’s terms , basic set of rules. Simply , Fork creates a second blockchain that shares all of its histories with the original , but is headed off in a new direction.

Uses

First , Litecoin is highly liquid. Simply,it makes a crypto , for easier trade. Namely , ,Litecon holders will find that merchants such as Newegg, Sling TV, and even non profits like the American Red Cross are happy to accept their cryptocurrency.

Specifically , Litecoin was designed to be used for cheaper transactions and to be more efficient for everyday use.

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Litecoin vs Bitcoin

Namely , Bitcoin was being more of a store of value for long-term purposes. Whereas, the coin limit market cap is much higher on bitcoin and the mining process far quicker.

Simply , this means transactions. are faster and cheaper, although generally smaller in size.

LTC

Chiefly, it Is used for payments transactions instead of the bank and other third-party methods.

Mainly , it is designed for cheaper transactions and is highly efficient for daily uses. Secondly, it can also be used to buy things at places where it’s accepted and in fact to transfer funds between accounts.

Simply put , like bitcoin , litecoin is a form of digital money,.

Utilising blockchain technology

Chiefly , Litecoin can be used to transfer funds directly between individuals or businesses . Subsequently , this ensures that a public ledger of all transactions is recorded.

Secondly, it allows for the currency to operate a decentralized payment system free from government control or censorship.

How Does Mining work?

In lay terms , Litecoin uses a similar process compared to the other Blockchain cryptocurrencies when it comes to mining to simplify.

Since , the miner should confirm each block transaction . First , this computationally expensive process requires billions of calculations. Given that , we use the term Proof of Work.

However , after the block is verified, the next block goes into the chain . Simply put , all these Blockchain transactions are anonymous.

Specifically, the miners who have completed the verification process successfully get 12.5 Litecoins . Though apart from this , also the number of awarded Litecoin halved at regular intervals .

How many are there ?

To simplify , Litecoin has a fixed supply. There will only ever be 84 million LTC.

Where can you buy?

Specifically, when it comes to buying crypto, there are a lot of factors that come into play. Especially, location as well as protocol. Simply put , you can buy Litecoin through several crypto exchanges .

How much is 1 LTC To USD?

Approx. 1 TC = $65.75

Litecoin – What factors affect price?

a. Regulation –

Firstly , Cryptocurrencies are currently unregulated by governments as well as central banks. Though there are questions about how this could change in this next few years . Specifically, what impact this could have on value.

b. Supply –

Secondly, there is a finite number of Litecoin available to be mined ( 84 million ) . Whereas , availability can also fluctuate depending on the rate at which the coins enter the market to simplify .

c. Press –

Thirdly , prices of Litecoin can be affected by public perception, security, additionally, longevity as well as the prices of other cryptocurrencies such as bitcoin.

d. Adoption –

Lastly, Litecoin has not currently been adopted by businesses or consumers as a method of payment. But some see potential in blockchain technology . Additionally, they think this could become more widely adopted in the future.

To clarify , Litecoin is one of just four cryptocurrencies that users can buy and sell on the payment platform Venmo . Additionally , along with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Advantage

In lay terms , without any additional tech layers added on top of the Litecoin blockchain , it’s a faster cryptocurrency to transact than Bitcoin , and also it does so more cheaply truly.

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Should you Invest in Litecoin?

To begin with , Litecoin remains one of the most traded cryptocurrencies . In lay terms , does it make for a sound crypto investment ?

Truly , Litecoin might be a fit for seasonal crypto investor’s portfolio who appreciate its stalying value as well as flexibility. Especially for those who want a combination of store-of-value asset with the side benefit of convenient transactions.

Simply put , Litecoin could be a decent place to place small stake to get used to the “ins and outs” of crypto trading for the newer crypto investor .

Whereas , there are other blockchain competitors that people can choose from,however , Litecoin still remains a relevant choice.

Conclusion

Chiefly , Litecoin (LTC) is arising among the most favored digital forms of money for use in web based shopping . Specifically, as computerized resources get settled in the online business space to put it simply.

Meanwhile , new exploration by crypto installment processor CoinGate distributed on Walk 1 shows that in 2022 , Litecoin was the 4th most used digital currency as an installment choice for web based shopping simply put.

Litecoin compared to other Coins

Especially, enrolling 88,295 LTC – involved orders or 9.5% of all out digital money installments dealt with through CoinGate .

Simply , LTC positions behind the Bitcoin (BTC) . Chiefly , which stays the most noteworthy resource for internet shopping . Which is additionally , traded by USDT and Ethereum (ETH) .

Finally , Litecoin maintains it’s lead over Ethereum as Bitcoin hits 1.1 billion total addresses. Specifically, in terms of addresses , Litecoin has outperfomed Ethereum since May 2021 to simply put.

Latest Updates on Litecoin

Mainly , Litecoin transactions on the World’s largest Cryptocurrency Payment Processor BitPay have grown. Chiefly, making $LTC by far one of the most consistently transacted crypto this month .

Litecoin – Opportunity for Short Sellers

Chiefly , Litecoin’s fall beneath $90 could embolden the bears. Secondly, the market structure on 4-hour as well as the daily timeframes favored the sellers.

Mainly, Litecoin fell beneath a range it traded within since early February. Additionally , it shifted the bias strongly in favour of the bears.

Further , the strong drop highlighted immense selling pressure a few days ago . Additionally, the volume also was enormous.

Lastly , this happened at the same time when Bitcoin fell from $23.5k on 3rd March. While BTC had some bullish hope , Litecoin showed thatb further losses can be expected.

Eventually, the drop highlighted two things. Mainly, one was that the bias was strongly in favourH4 close below the bullish order block.

Secondly, another thing was that a large imbalance might fill fully , but a 50% fill was a possibility.

Further, if this scenario played out for LTC , it would see the coin rise to the $92.8 resistance level before facing a rejection.

Additionally, the RSI has been below neutral 50 since 2 nd March , to indicate a bearish trend in progress.

Meanwhile, the OBV was at a support level from February and indicated selling pressure was dominant in March.

To simply put, buyers must exercise caution until a break above $95 .

Further, short sellers can attempt to enter the market upon a retest of the $89-$90 lower highs at $91.9 , and take-profit at the $85 support.

Truly , this indicated that short sellers were likely to enter the market . Further , it outlined a strong bearish sentiment behind Litecoin .

However, to explain , Additionally, the findings from the futures market suggested a sharp move downward could occur in the coming days.

FAQs

Mainly , the price of 1 Litecoin currently costs $65.75 approx. (at the time of writing)

Specifically , a high market cap implies that the asset is highly valued by the market.

Mainly , assets that have a similar market cap to Litecoin include Dai, Wrapped TRON, as well as , Polkadot and many others.

Specifically, the median time that customers hold Litecoin before selling it or sending it to another account or address is 101 days.

Simply , due to its Privacy features which were upgraded on 2oth May 2022 . Secondly , on May 20 , Litecoin developers activated a privacy -preserving protocol on the coin, which is chiefly called as Mimble Wimble Extension Blocks (MWEB)

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