Trading LTC to BTC – Litecoin to Bitcoin
The LTC to BTC is quite an attractive pair for traders as it is composed of highly popular cryptocurrencies and has the potential to offer a higher number of trading signals.
During a day the Litecoin to BTC, or LTC/BTC, might move sideways with major breakdowns and fluctuation of more than three per cent. The range-bound movement throughout the week may be broken with a significant upward price swing and overall, the price has the potential to change by more than 10 per cent during the week. During a 30-day period, the price may potentially fluctuate nearly 15 per cent.
What is Bitcoin?
Since its introduction in 2008, Bitcoin has had a significant impact on the financial markets and trading. Despite the scepticism related to BTC in the early years, it is now one of the most actively traded cryptocurrencies in the world. Bitcoin is a base or quoted currency in tens of currency pairs with a daily trading volume reaching tens of billions of pounds.
Here are some interesting facts about BTC:
- - At the beginning of 2010 Bitcoin price was only $0.003 and with $1 you were able to buy more than 300 Bitcoins. Today $1 can be used to cover only a portion of your trading fees because BTC has appreciated substantially since then.
- - Although the name Satoshi Nakamoto is associated with the invention of Bitcoin, in reality, the creator (or creators) of Bitcoin is unknown.
- - Losing your crypto wallet private key most likely means that you can no longer access your Bitcoins, they are lost forever. So, find a safe way to keep your private key.
- - The Bitcoin supply is limited to 21 million coins.
- - In some stores, you can use Bitcoins to buy food and drinks, video games, flights and even property directly.
- - The real-world transaction in Bitcoin was made in 2010 when Laszlo Hanyecz paid 10,000 BTC for two pizzas which were worth only $30. In today’s market, these Bitcoins would now be worth roughly $622 million.
Which factors affect Bitcoin value?
The supply and demand for Bitcoins have a major influence on its price. The cost for mining Bitcoins also affects the value of BTC, in a way that higher costs would imply that BTC value should increase or mining would be unprofitable. The number and strength of competitive cryptocurrencies and the number of currency exchanges which quote the BTC can positively or negatively impact BTC value. Moreover, different regulations and legal issues can affect the value as it was evident in the past.
What is Litecoin?
Litecoin (abbreviated LTC) was introduced in October 2011. It was created by a computer scientist Charlie Lee, an ex-Google employee. Since then, Litecoin has become one of the most important cryptocurrencies.
From a technical point of view, Litecoin is very similar to Bitcoin as it is based on the Bitcoin protocol but it has a different hashing algorithm. Also, this cryptocurrency was specifically designed to reduce the block confirmation timing and it is approximately four times faster than Bitcoin.
Some Interesting facts about Litecoin:
- - The LTC price has surged thousands of per cent since its introduction. During October 2013 (two years after it was created), Litecoin price was around $2 while it reached a decade high value of around $375 on 19 December 2017.
- - Litecoin supply has been fixed and there will be a maximum of 84 million Litecoins in circulation.
- - Litecoin halving occurs approximately every four years or more precisely, the halving is performed after the completion of 840,000 blocks.
- - If Bitcoin was considered to be gold in the crypto world than Litecoin could be called ‘silver’.
- - Litecoin speed is around 50 transactions per second, while Bitcoin speed is approximately five transactions per second.
- - Litecoin is in the top 10 cryptocurrencies in terms of market capitalisation.
Which factors affect Litecoin value?
Litecoin price may be affected by the same factors as Bitcoin. For instance, changes in the demand for LTC or any updates in the rules and regulations regarding digital assets in everyday transactions will influence the crypto value. Also, the Litecoin value may be under the influence of the following factors:
- - Future developments, upgrades and technological improvements of the Litecoin protocols and other relevant technology behind Litecoin may have a positive effect on its price, as it was the case in the past.
- - Expectations about the next Litecoin halving may also influence the value of this cryptocurrency.
- - Technological advantage over other cryptocurrencies, especially Bitcoin.
- - Number of miners along with the mining costs.
- - Litecoin related sentiment.
- - Speculative trading related to Litecoin.
- - Merchant adoption of payments with Litecoin.
- - Negative news and announcements associated with Litecoin.
- - The movement in Bitcoin price. Past fluctuations show that LTC value follows BTC price movements. However, traders should be careful as there may be exceptions from the tendency.
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