LTC is known as the simple version of Bitcoin. The currency was based on cryptography and was founded in 2011 by Charlie Lee. Like other cryptocurrencies, Litecoin coin operates as a payment system similar to FinTech companies such as PayPal. LTC also allows users to trade currencies or pay with them.
The former Google engineer created Litecoin coin under the MIT/X11 license and designed its coins based on the original bitcoin and named it Altcoin (Altcoin means bitcoin replacement). Since the Litecoin coin was launched in 2011, it has reached $ 360.93 in December 2017. Compared to last year, from $ 4.40, Litecoin coin grew by 8200%. Because of its similarity to the original bitcoin, it is commonly referred to as silver and bitcoin as gold.
Litecoin coin, like Bitcoin, started at around 1 cent. The Litecoin Coinbase price had a very good growth until 2014, but after that, it experienced a significant price decrease and went up and down in the price range of 1 to 4 dollars for about three years. 2017 was the time of the Litecoin Coinbase price explosion. While Bitcoin grew by about 1,700 percent in 2017, Litecoin coin rose 7,000 percent to its all-time high of $ 320.
After this tremendous growth, Litecoin cost Coinbase gradually fell to the bottom, and now, the Litecoin cost Coinbase is about $ 220. Like Bitcoin, the acceptance and use of Litecoin coin are directly related to its price increase. In 2017, increasing public awareness in the field of cryptocurrencies and the expansion of blockchain-based currencies led to a sharp rise in prices of all currencies at the top of the table. Many companies, including some gambling sites, accepted Litecoin coin as a payment method, which did not go unnoticed.
Invest in Litecoin
Most investors buy Litecoin coin with Bitcoin in US dollars. Due to the variety of exchanges in trading and trading capacities, make sure that the exchange you choose for Litecoin coin transactions supports US dollars or bitcoins which that be resulting for good invest in Litecoin coin.
In general, it is better to use larger exchanges such as Binance (for BTC or LTC trading) or Coinbase, because Coinbase allows you to use credit or credit cards in US dollars. Litecoin coin was on the rise until 2016 when it was priced at around $ 330. But that value soon faded. Litecoin coin got into the worst bear markets with a low Litecoin coin price GBP around $ 3. Yet since then, Litecoin coin value has been steadily increasing, and thus a solid reason for Invest in Litecoin coin.
Some approximations are very promising for the future while others are not so promising. The epidemic disease has also affected traditional and digital markets, causing unpredictable fluctuations. But it does not end there. Market prices are set when demand is met. Demand is the most important factor in determining the Litecoin coin price GBP. The supply of this coin, unlike others, is quite constant. Therefore, supply for executive policies in determining the Litecoin coin value cannot be changed, and this determination of the value of Litecoin Coindesk depends only on demand.
In fact, by changing the volume of demand, the Litecoin coin stock changes accordingly. When the demand volume increases, the value of Litecoin coin increases, and when the volume decreases, Litecoin coin stock will face a decrease. Demand is one of the most important variables in determining the overall value of digital markets, but other factors also affect the value of this market by affecting demand.
Factors affecting the price of Litecoin
Performance of rival coins
An important factor in determining the Litecoin coin market up and Litecoin coin cap, is the number, quality, and price of competitors in the market. Some cryptocurrencies strongly affect the Litecoin coin market up, Litecoin coin cap and LTC market demand. One of the most important is bitcoin. Bitcoin is a name that comes to mind when you first hear about the cryptocurrency market. It is the dominant cryptocurrency of the cryptocurrency market and plays a vital role in determining the value of others. Litecoin coin and Bitcoin have a correlation of 0.83 with each other, so their value strongly influences the other, and this one of the reasons to invest in Litecoin Coindesk.
Increase alignment Altcoins
Charlie Lee built Litecoin with the prospect of turning it into an exchange. Likewise, traders use Litecoin coin as a currency of exchange in public transactions. Traders have named this cryptocurrency because of the high level of operation of the paid cryptocurrency. Ease, speed, and economy of transactions have made it a popular choice among traders. Not only are transaction costs low but they are gradually declining in 2019. The more traders accept it as a cryptocurrency, the more value it will have.
Good invest in Litecoin does not generally belong to timid people. Risk-taking and return on capital fluctuations generally apply to cryptocurrencies. Litecoin coin, in particular, has had many ups and downs compared to the top 10 list of currencies. The net worth of traders’ capital, current income, and expectations of the future are factors that determine their risk appetite, and this a solid reason for invest in Litecoin.
Unprecedented problems with COVID-19
Many of us have learned how to live with the epidemic and the challenges it brings, and those who have not yet learned it will soon. However, we are human beings and adaptation is one of the main characteristics of this creature.
Investing in the world of cryptocurrency is a risky system with very high rewards and an unstable market. Now, this instability is exacerbated by the disease and you have fluctuations that are completely off the chart. There are no measures to predict or fluctuate in the market and this is a novel event.
Global markets are in recession and capitalists are confused. The last few months have seen strange markets of bear and cow fighting. With this level of uncertainty, investors have the right to stick to safe havens instead of risky choices.