LITECOIN (LTC) PRICE
Litecoin (LTC) is currently the sixth largest cryptocurrency in terms of total market capitalization. Its total market cap is around $4.48 billion as Litecoin has had a great 2019 so far.
In fact, Litecoin (LTC) is one of the best performing cryptocurrencies throughout 2019. During this year, its price skyrocketed with more than 140 percent.
The entire cryptocurrency market is currently sitting at a capitalization of a little less than $200 billion. Despite the recovery in 2019, it’s still a long way from its peak back in 2017 when it surged past $800 billion.
LITECOIN PRICE CHART
If you want to invest in cryptocurrencies such as Litecoin (LTC), one of the most important things to do is to be able to properly read its price chart. It would enable you to see and identify existing, previous, or even emerging trends.
There are numerous technical indicators that you’d have to be aware, including support and resistance levels, moving averages, and whatnot. The cryptocurrency market is known to be particularly volatile. While some see this as an advantage and a way to make quick gains, others are, and perhaps rightfully so, intimidated. This is because where there are sudden moves, there’s always a chance for serious losses.
Another thing to consider when looking at Litecoin (LTC) price chart is the news. You will surely see that there is a certain correlation between sharp price movements and important news. Therefore, you’d also have to be following the market and what’s going on it in general in order to trade successfully.
Litecoin is presented as a peer-to-peer cryptocurrency, as well as an open-source software project which was released on GitHub back on October 7th, 2011. Its creator is Charlie Lee, a former Engineering Director at leading US-based cryptocurrency exchange Coinbase and a Google employee.
Its own creator, Charlie Lee, refers to it as the “silver” to bitcoin’s gold. It does share many of the characteristics of Bitcoin, but it’s also quicker when it comes to producing blocks as the network takes about 2.5 minutes for it, unlike Bitcoin’s 10 minutes.
The Litecoin network uses Scrypt in its proof-of-work algorithm, which determines the mining process for new coins. It is supposed to allow for a higher degree of parallel processing. Presently, miners are rewarded with 25 LTC for mining a block. However, similar to Bitcoin’s halving, Litecoin also undergoes events of the kind every four years. The next one is expected to take place in about 103 days and it will slash the reward from 25 to 12.5 LTC.
There will be a total of 84 million LTC ever produced, which is exactly four times more than the total amount of Bitcoin that will ever see the market.
LITECOIN PRICE ANALYSIS
2019 has so far been very good for Litecoin. Against the US Dollar, the cryptocurrency increased by more than 140 percent. Against Bitcoin it’s up by about 62.5 percent.
While the entire market is climbing up, it’s worth noting that the majority of altcoins marked their gains mostly in April, following a 25 percent rally in Bitcoin (BTC) price.
Litecoin, on the other hand, has been increasing in value consistently throughout the entire year. In fact, before the beginning of April, LTC had already managed to almost double its price since the start of 2019.