Trading LTC to BYN
LTC to BYN includes Litecoin, a popular cryptocurrency and Belarusian ruble (BYN) which is the national currency of Belarus. It has a good level of volatility coming from both sides – the fluctuations on the crypto market and changes in the economy of Belarus.
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 the 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 (£1.6) while it reached a decade high value of around $375 (£294) 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 5 transactions per second.
- Litecoin is in the top 10 cryptocurrencies in terms of market capitalization.
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.
What is the Belarusian Ruble (BYN)?
Belarusian ruble (BYN) is the national currency of Belarus. It was introduced for the first time in 1992 after the dissolution of the Soviet Union. The central bank of Belarus has reduced the exchange rate of BYN on a couple of occasions since it was first launched. In addition, the central bank of Belarus performed redenomination of the BYN in 2016 when the previous banknotes in circulation were substituted with a new series of banknotes at a predetermined rate.
Which factors affect BYN value?
Some of the crucial industries in the Belarusian economy are agriculture, manufacturing of motorcycles, textiles, refrigerators, transport and logistics, cars, chemical and petrochemical, etc. Negative economic conditions in its main export and import partners, especially Russia, might cause changes in the value of BYN. Adverse changes in oil prices will also hurt the Belarusian ruble. BYN is tightly related to other foreign currencies and consequently, swift changes in the value of them can negatively affect BYN.
When trading LTC to BYN you should monitor the changes in the Belarusian economy and possible changes in monetary indicators. Pay attention to the supply and demand for BYN to identify potential signals and define your position with Litecion to Belarusian Ruble pair.
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