Trading LTC to EUR – Litecoin to Euro
The Litecoin to EUR pair includes LTC, one of the most popular cryptocurrencies, considered to be Bitcoin’s younger brother, and EUR the second most-traded fiat currency. The level of trading volume related to each currency in the LTC to EUR pair means that there is an adequate level of demand.
Еhroughout the day, the LTC/EUR value may experience a price swing of around five per cent. The weekly price movement of Litecoin to Euro may move by more than 15 per cent.
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), the 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.
- - 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.
What is the Euro?
Officially introduced in 1999 (in 2002 it was introduced in its physical form) the Euro or EUR is the official currency of 19 countries which are part of the European Monetary Union (EMU) and the European Union (EU). The group of countries which use the EUR as their official currency is also known as the Eurozone. There are also countries which are not part of the EU or EMU but, for one reason or another, use the EUR as their official currency (Monaco, Montenegro, San Marino, etc). The EUR is one of the most popular currencies in the world and the second most-traded currency after the US dollar.
Which factors affect the Euro value?
As an official currency of the EMU countries, any adverse or positive changes in the EU economy or the economies of individual countries can result in changes in the EUR exchange rate. Employment rates and job creation can also affect the EUR. Moreover, traders should closely track the monetary policy, which is managed by the European Central Bank (ECB) and watch the economic news release calendar.
Fluctuations in EUR value are also under the influence of the national debt of individual countries as well as their budget deficit. Also, political events and international agreements may drive the value of EUR.
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