Trading LTC to USD – Litecoin to Dollar
The Litecoin to USD, or Litecoin to Dollar, pair is popular among traders because it consists of a strong crypto and one of the strongest fiat currencies.
During the trading day, the LTC to USD price may constantly fluctuate but merely by a few per cent. However, through the week, the Litecoin to USD value may move around five per cent. On a monthly level, traders can expect a change in the LTC/USD price of up to 10 per cent with common price retracements and bounces.
What is Litecoin?
Litecoin (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 the Litecoin value?
The 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 USD?
USD is the official currency of the United States of America which has the strongest economy in the world. The US dollar also represents the unofficial global currency and it is among the most desired reserve currencies. Thanks to its characteristics, the USD is the most popular and actively traded currency enjoying a high level of trading volume and volatility.
Which factors affect the US dollar value?
With its characteristics and widespread usage, the US dollar value is driven by numerous factors. For instance, changes in inflation rate and interest rate in the domestic economy will definitely affect the USD exchange rate. The supply and demand for USD and USD-related transactions, US export and import levels and the sentiment of foreign investors might also cause fluctuations in the USD value.
Every trader who plans to open trades with the LTC/USD or any other currency pair related to the USD must definitely bookmark the Economic Calendar. It publishes in a pre-defined schedule the most important economic data and reports that affect the US dollar.
Also, the political situation in the United States, as well as the political relationship of the US with other countries, can dramatically impact the value of the US dollar.
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