Trading LTC to RUB
Litecoin to RUB pair includes a popular crypto and the national currency of the Russian Federation. The daily price movement of Litecoin to Russian Ruble may be range-bound with occasional breaks and the potential to fluctuate by more than 10 per cent during the day. The LTC to RUB movement throughout a 30-day period may display a combination of range-bound and trendy movements with multiple price changes which create rewarding trading opportunities.
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 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 Ruble (RUB)?
The Russian Ruble (Rouble) or RUB is the national currency of the Russian Federation. It is perhaps one of the oldest currencies in circulation in Europe as it originates from the 13 century and has an 800 years long history. The currency experienced at least four redenominations in the last 100 years.
Which factors affect RUB’s value?
The value of the currency and consequently, the LTC to RUB rate may be under the influence of numerous domestic and international factors. An economic slowdown, hindered balance of payments, capital outflow and insufficient level of foreign investments harm the RUB value. Also, if you want to trade the pair, monitor the changes in oil prices because an increasing oil price may strengthen the RUB and vice versa.
Aside from economics, watch for the political situation and the relationship of Russia with other countries. For example, the introduction of sanctions against the Russian Federation had a negative effect on the RUB in the past.
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