Price Analysis

Litecoin (LTC) Price Analysis : Review on Litecoin’s proliferating market

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Litecoin is an open-sourced blockchain-based digital currency. It is completely decentralized, and the transactions are not confined to a single server and are available to everyone. Every information is stored in the ledgers and cannot be deleted or modified. Litecoin is a dubbed silver cryptocurrency compared to its equivalent Bitcoin Gold. It works under the proof-of-work consensus algorithm, and Litecoin mining is the process by which one can obtain litecoins using their computers and secure the network. This mining involves the use of adding blocks to its blockchain. Other than mining, Litecoin can be bought in exchange for Fiat currencies. Litecoin offers a faster, secure method for transactions and the transaction fees are much lesser compared to the other cryptocurrencies. LTC denotes Litecoin.

Litecoin coin charts

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Based on the reports from CoinMarketCap, Litecoin (LTC) is the 4th largest cryptocurrency after Bitcoin, Ethereum and XRP, with its market cap value as $3,438,903,626 USD on March 08, 2019, at 08:44 USD which is relatively higher by 71.45 percentage from the value of $2,005,793,205 USD on  February 08 at 03:34 UTC. The market value started at USD 1800 million and had been range-bound to USD 2000 million until February 08, with its lowest on January 14 of $1,818,208,652. The overall market bounced up and has been on an uptrend with inconsequential lows. The market value reached it’s highest recently on March 07 with its MCap value – USD 3,516,864,737. However, the current value shows a minor setback of 2.22 percent drop since then. The 20-day Exponential Moving Average also shows that the market is an uptrend, with its values rising from USD 2,649,344,374 on February 16 to the current value by a noticeable 29.80%. This significant growth pushes the digital currency into bullish pressure.

CoinMarketCap has also been observing the prices of USD and BTC along with the MCap values. The present prices of USD and BTC on March 08, 2019, at 08:44 USD are $56.58 and 0.01445048 respectively, and the corresponding 24h Volume is USD 2,356,112,797. Stats show that the MCap/USD pair has taken the lead, followed by BTC. The price of BTC started as low as 0.00812020 at the beginning of January 2019 and has bounced up by 77.96% to reach the present-day value. Both the pricing and the MCap values have been on a similar wave, with the same level of ups and downs. The market reached its pinnacle on March 07 at 22:34 UTC with its MCap value as high as USD 3,516,864,737, the prices of USD and BTC were $57.87 and 0.01474150, and the 24h volume was $2,265,292,067. The numbers have been on a stable uptrend with a significant increase in values, and the overall market is booming. The cryptocurrency reached its milestone with the price of USD shooting from USD 33.24 on February 08 to USD 46.79 on February 10, a whopping 40.76% growth within 02 days.

The 14-day Moving Average of this digital currency also exhibits an uptrend with Mcap value increasing from $3,002,650,322 on February 22 to the current value by 14.53%. With both the percentages of the moving averages rising and the bullish market, traders can invest in this cryptocurrency to keep the market uptrend and be the receiver of good profits in the future. Since, the market balance rests in favor of strong buy, a long term investment by the investors on LTC would be returning higher benefits for a long time in the future.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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