Litecoin (LTC) Price Analysis : Evaluation of Litecoin’s Predominant Market
Litecoin (LTC) is an open-sourced blockchain technology-based digital currency that is decentralized with the transactions not confined to a single server and is available to everyone. Every information is stored in the ledgers and cannot be deleted or modified. It works under the proof-of-work consensus algorithm. Litecoin mining is the process that involves the use of adding blocks to its blockchain, by which one can obtain litecoins using their computers and secure the network. Litecoin offers a faster, secure method for transactions and the transaction fees are much lesser compared to the other cryptocurrencies.
Litecoin (LTC) is the 4th largest currency in the crypto market, with MCap value trading at $3,628,483,221 with its corresponding 24h volume of $1,857,683,861 on March 20 at 10:29 UTC. This is based on the supply of coins that have been in circulation which amounts to 60,959,836 LTC coins. The Litecoin market has been flourishing and has been on a stable uptrend. The MCap value was as low as USD 1800 million at the beginning of January. The growth percentage has been close to 78% with the current MCap value crossing over 3600 million USD. The lowest so far has been of USD 1,996,274,604 on February 08 at 07:34 UTC. The market has been bright and uphill ever since. The 14-day moving average proves the uptrend in the market. The MCap values rose from USD 3,185,711,061 on March 06 to the current value by 13.90%. This growth is advantageous for the cryptocurrency as it puts the market under bullish pressure.
Stats from Coinmarketcap deduce the pricing movements along with the trading values. The current price of USD is $59.52, and that of BTC is 0.01473447 on March 20 at 10:29 UTC. The market looks good for both the prices as they are also on an uptrend along with the MCap values. The prices have been overlapping each other and have reached their peak price together along with the MCap on March 18 at 07:34 UTC with the values of $62.29 and 0.01537061 respectively which is higher by 4.65% and 4.32% than the current value. The lowest price of USD was on February 08 with a value of $33.07 which is lower than the present-day value by a whopping 79.98%. This peak price brought the cryptocurrency to reach its milestone. The price rallied from $46.29 on March 05 to $57.43 on March 08, with an increasing percentage of 24.07% in 4 days. The variations in the Bitcoin’s price have been similar. The price had been as low as 0.00974063 on February 08, and it bounced to its highest on March 11 with a value of 0.01537061, the massive growth of 57.80%. However, the current value is lesser than its peak price by a negligible value.
The 20-day EMA exhibits an uptrend for the cryptocurrency. The values rose from $2,803,013,908 USD to the current value by 29.45%. The moving averages show that the bulls rule the cryptocurrency and the balance falls in favor of the strong buyers. Hence investors with long term investments would find it suitable to invest in this cryptocurrency. And according to Litecoin price prediction, traders can also earn a profit from their transactions due to the rising market. Investment from traders will increase the value of the cryptocurrency in the future.