Litecoin (LTC) is a decentralized cryptocurrency, a project of Bitcoin intended by its designers to be more feasibly mined using consumer-grade hardware. Litecoin is a peer to peer cryptocurrency and has an open source code that enables instant non-zero cost payments to anyone and everywhere. Unlike Bitcoin, the Litecoin blockchain is able to process a greater number of transactions. Litecoin uses the memory intensive Scrypt proof of work mining algorithm. Litecoin features faster transaction confirmation times and improved storage efficiency than the leading math-based currency. With substantial industry support, trade volume and liquidity, Litecoin is a proven medium of commerce complementary to Bitcoin.
- The outstanding price (USD) trend is strongly bullish and has reached overbought territory.
- Analysts say that LTC may easily touch $3500 mark sooner or later.
- Global supermarkets have started accepting LTC that indicates an increase in demand.
Litecoin is one amongst the top 5 cryptocurrencies, ranked on the 4th position. It is doing exceptionally well with a market cap of 4,994,315,005 USD and a price (USD) 81.65 on 3rd April at 8:15 UST time. The BTC price is 0.01626543. The 24h volume is 5,341,836,643 USD with a circulating supply of 61,172,586 LTC.
Analysis and Data Interpretation:
Considering the chart above from Coinmarketcap, it is seen that the year started with a price (USD) 30.35. Later, Litecoin had a very volatile market condition wherein it was stable first and then eruptive. Since last one month, the price (USD) was stable and had a resistance level of $61.29 from March 18. There has been an increasing trend in the price (USD) if compared with yesterday’s price (USD) market. Comparing today’s price (USD) with the then ongoing resistance level, it is 33.21% higher that is making a bullish place in the market.
Litecoin is enjoying a strong start of the bullish market for a medium span of time. Since it is being accepted at various supermarkets and shopping centers the value is likely to reach $250 real soon according to the demand. Thus, it can be a staggering investment today.