Litecoin, On The Move And Heading Lower

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

Litecoin Heading for $300?

Litecoin was heading for $300 a coin on Saturday after weeks of declines. The coin was trading at $283 at the time of writing.

The digital currency fell below $300 after its founder Charlie Lee, a former director at cryptocurrency exchange Coinbase, said he would sell all of his holdings to avoid conflicts of interest.

Lee said in a Reddit post:

“Litecoin has been very good for me financially, so I am well off enough that I no longer need to tie my financial success to Litecoin’s success,”

It fell from around $320 on December 20 to $210 just two days later as rumors mounted around Lee’s intentions in selling off his coins. It should be noted that he donated several million dollars to the Litecoin Foundation.

Most of you may not know. Charlie actually donated millions of dollars to the Litecoin development recently.

— Xinxi Wang [Not giving away any crypto] (@TheRealXinxi) December 30, 2020

Some cryptocurrency watchers said the move indicated that Lee had lost faith in the digital currency, while others said he was swapping his litecoin for positions into other digital currencies.

Saturday’s gains represent one of its biggest rallies since Lee said he would sell his holdings.

It also follows another surprising announcement by Lee. He took to Twitter on December 30 to say he would “need to step away” from litecoin for it to thrive.

“Seeing how people lost trust because I sold makes me more convinced that it was the right move. Litecoin was too centralized and dependent on me. Eventually, for Litecoin to succeed, I need to step away.”

He said he would wait until it returns to all-time highs before stepping aside. Litecoin peaked above $380 a day before Lee said he would sell his holdings. Lee created the digital currency in 2020.

To those that claim that I sold at the ATH, I actually did not. I sold on 3 separate times: 12/8 @

$350. The average price that I got was $205.

It’s nobody’s business at what price I sold my LTC at, but I got tired of all the “sold at ATH” hate.

Litecoin and bitcoin, given the similarities between their technological underpinnings, are often called the silver and gold of the cryptocurrency world.

Please click “I am not a robot” to continue

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.

If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

Litecoin (LTC)

price-chart#updateChart” data-action-type=”chart-mode” data-action-detail=”line-with-circle” data-target=”price-chart.chartModeButton”>

price-chart#updateChart” data-action-type=”chart-mode” data-action-detail=”candlestick” data-target=”price-chart.chartModeButton”>

We’re indexing our data. Come back later!

Litecoin Price $40.34
Market Cap $2,598,987,246
Market Cap Dominance 1.37%
Trading Volume $2,653,071,051
Volume / Market Cap 1.0208
24h Low / 24h High $39.64 / $40.90
7d Low / 7d High $37.35 / $40.41
Market Cap Rank #7
All-Time High $360.66 -88.9%
Dec 18, 2020 (over 2 years)
All-Time Low $1.15 3396.8%
Jan 14, 2020 (about 5 years)
Litecoin/Bitcoin Ratio 1 BTC = 166.63 LTC

40.31 USDT

# Exchange Pair Price Spread +2% Depth -2% Depth 24h Volume Volume % Last Traded Trust Score
* eToro Sponsored
* Bithumb Global Sponsored
1 0.15% $423,224 $378,453 397242.642 LTC 0.60% Recently
2 40.27 USDT 0.47% $5,832 $1,580,615 4679.608 LTC 0.01% Recently
3 40.35 USD 0.12% $498,390 $479,287 116209.493 LTC 0.18% Recently
4 40.432 USD 0.25% $669,443 $584,941 17464.857 LTC 0.03% Recently
5 40.39 USD 0.17% $466,365 $432,777 708.261 LTC 0.00% Recently
Genesis Date October 08, 2020 (over 8 years)
Hashing Algorithm Scrypt
Hashrate N/A
Block Time 2.5 minutes

What is Litecoin?

Litecoin (LTC) is a cryptocurrency that is largely similar to Bitcoin. Fundamentally, Litecoin is also a decentralized cryptocurrency which utilizes similar protocols as Bitcoin except for a few parameter tweaks. Much like Bitcoin, Litecoin also relies on proof-of-work for consensus and operates on a permissionless peer-to-peer network where users are able to transfer funds to one another without the need to rely on any central authority.

Who created Litecoin?

Charlie Lee during an interview with Coin Congress. Source: everipedia.org

Litecoin was created by Charlie Lee in October 2020 as a spinoff of Bitcoin, and is considered as one of the early alternative cryptocurrencies (altcoins). Litecoin aims to be the “Silver to Bitcoin’s Gold” by taking on the best innovations of Bitcoin with a more lightweight approach to achieving Bitcoin’s noble goals.

The first block of the Litecoin network, or the Genesis Block, was mined on the 7th of October 2020.

What is Litecoins’ value?

Litecoin (LTC) is one of the top-10 cryptocurrencies, and is traded in over 300+ exchanges integrated with CoinGecko. The most common trading pairs are against Bitcoin (LTC/BTC) and Tether (LTC/USDT).

Much like Bitcoin, Litecoin also does not have a set exchange rate in the beginning, so its price is fully determined by the markets’ perceived value by supply & demand.

It is also worth noting that the block rewards of Litecoin follow the same halving schedule as Bitcoin, going from 50 LTC to 25 LTC, to 12.5 LTC and so on every 4 years. The next Litecoin halving is expected to happen sometime in 2023, where the block reward decreases from 12.5 LTC to 6.25 LTC per block.

How is Litecoin different from Bitcoin?

While Litecoin was created by cloning Bitcoin’s codebase, there are several key differences:

Block time. The Litecoin Network targets a block time of 2.5 minutes, while the Bitcoin network targets a block time of 10 minutes. This means that transactions can confirm faster compared to Bitcoin, and the network has a higher throughput.

Maximum supply. The Litecoin protocol states that there can be a maximum of 84 million Litecoin, while Bitcoin has a maximum supply of 21 million Bitcoin.

Proof-of-Work Algorithm. Litecoin uses a different proof-of-work algorithm called Scrypt, while Bitcoin uses the SHA-256 algorithm. Scrypt is a memory-hard algorithm which was initially created to be ASIC-resistant.

Address. Litecoin addresses start with either “L” for legacy, non-Segwit addresses or “M” for Segwit-enabled addresses. Bitcoin addresses start with either “1”, “3” or “bc1”.

Litecoin Development

Since its inception, Litecoin has closely followed Bitcoin closely. Litecoin’s core protocol updates are mostly based on Bitcoin’s core protocol updates.

At the height of the scaling debate in 2020, Litecoin was the first among the top 5 proof-of-work cryptocurrencies to adopt Segwit in May 2020, with Bitcoin following a few months later in August 2020.

In 2020, Litecoin creator Charlie Lee announced that Litecoin will be planning for private transactions using the Mimblewimble protocol (popularized by Grin and Beam). Development is currently underway and it was announced that testnet is expected to be available some time in September 2020.

How can I mine Litecoin?

Litecoin uses the Scrypt algorithm, a memory-hard algorithm that was initially designed to be resistant to Application Specific Integrated Circuit miners (ASICs). However in 2020 the Litecoin network eventually became dominated by ASICs as manufacturers began making Scrypt ASICs that overpowered CPU and GPU miners.

Mining Litecoin currently requires ASICs from manufacturers such as Innosilicon. Profitability from mining can be estimated using sites such as WhatToMine or ASICMinerValue. Do not forget factors such as Litecoin’s price, miner efficiency, electrical prices and more!

How do I keep my Litecoin safe?

Much like owning Bitcoin – if you lose the private keys to the wallets holding your Litecoin, it is lost permanently and it is unlikely that you will be able to retrieve them. As a decentralized, permissionless cryptocurrency, it is unlikely that you will be able to retrieve your Litecoin if you ever send it to an unintended address so do take note of that as well.

With that in mind, it is important to mitigate the risk of losing private keys or having your coins sent over to unintended recipients. Both can happen in the case of a computer compromised by malware or spywares, so it is important that you have sufficient measures to guard against that, such as using anti-virus softwares and practicing safe browsing habits (don’t click on suspicious links!).

Another additional measure that can help safeguard your cryptocurrencies is also to make use of hardware wallets such as Trezor and Ledger. These devices essentially isolate your private keys (a.k.a your Litecoin balance) onto an external device so that hackers do not have access to it without passphrases that only you as a user have.

It is important to note that properly securing cryptocurrencies is very much like being your own bank, and quite literally – if you lose access to your private keys without a backup, there is most likely no way to recover your funds. Make sure to always have backup copy (or copies) in secure & secret locations.

Are there any Litecoin Derivatives?

Yes, there are – the crypto derivatives market is heating up with many cryptocurrencies joining the scene. Litecoin is no exception and you can choose to trade Perpetual Swaps or Futures across many derivative exchanges such as BitMEX, Binance Futures, FTX and many more. Check out the full list of derivative products or derivative exchanges!

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Best Options Broker 2020!
    Great Choice For Beginners!
    Free Trading Education!
    Free Demo Account 1000$!
    Get Your Sign-Up Bonus Now!

  • BINOMO
    BINOMO

    Only For Experienced Traders!

Like this post? Please share to your friends:
Binary Options Trading Library
Leave a Reply

;-) :| :x :twisted: :smile: :shock: :sad: :roll: :razz: :oops: :o :mrgreen: :lol: :idea: :grin: :evil: :cry: :cool: :arrow: :???: :?: :!: