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With my expertise, I strive to provide informative and insightful articles that help my readers stay up-to-date on the latest trends and issues in these dynamic fields. In Nigeria, cryptocurrency trading platforms allow you to sell Litecoin and other cryptocurrencies. The ban on crypto-related operations in the country has enabled the successful emergence of several crypto trading platforms to serve the vast population of crypto traders in the country. Litecoin has been one of the most established cryptocurrencies for over a decade. As a result, you can convert Litecoin to Nairaon major crypto exchanges.
Current value of 1 USD in LTC is 0.011 LTC
At the of this writing, 75% of all Litecoins are already mined. Over the last day, Litecoin has had 0% transparent volume and has been trading on 4,159 active markets with its highest volume trading pairs being . Hot wallets are handy if you trade frequently, so you want your crypto handy. But if you want to invest in the long run, a hard wallet might be a better choice.
To determine whether a coin is bearish or bullish, we use technical indicators such as the Relative Strength Index and important simple and exponential moving averages. One of the key differences between Bitcoin and Litecoin is the algorithm the latter uses to secure the its network via proof-of-work consensus. Unlike Bitcoin, which uses SHA-256, Litecoin uses the Scrypt algorithm. While Litecoin shares many similarities with Bitcoin, it is designed to deliver a more efficient means of sending and receiving P2P payments and is accepted by thousands of retailers and merchants globally. Circulating supply shows the number of coins or tokens that have been issued so far.
What is the daily trading volume of Litecoin (LTC)?
At the moment, you are looking at the conversion of 1 USD when 1 USD is valued at 0.011 LTC. Since prices change often, it is recommended you come back to this page again to check the updated conversion value again. It has a fixed max supply, so it is not subject to inflation and debasement like fiat currencies. Litecoin’s most recent big surge at the end of 2020 and into 2021 has been in line with larger crypto market and has gained momentum from Bitcoin’s latest bull run. Litecoin’s first major surge at the end of 2013 came hot on the heels of Bitcoin’s 2013 bull run, which no doubt drove the Litecoin rally. Earlier in the same year, Litecoin creator Charlie Lee was recruited by popular cryptocurrency platform Coinbase.
Bitcoin History Part 8: When 1,500 BTC Cost Less Than $1: How much is one bitcoin worth? In fiat currency terms, that’s a constantly shifting answer, but ever since the beginning, the following has held true: one… #alpinebit #litecoin #blockchain #cryptocurrency #market #ltc pic.twitter.com/pjGG1ydJaJ
— AlpineBit.com (@alpinebit) January 12, 2019
One last thing that can influence the price of Litecoin is its listing onCoinbase. Although often underestimated, this factor is one of the main reasons why Litecoin managed to attract so much interest over time. Coinbase’s Android and iOS apps are among the most popular in the Finance category in both stores, while its website gets 20 – 30 million visits per month.
What is the exchange rate of Litecoin(ltc)?
Litecoin improves the speed of transactions set in the Bitcoin protocol by allowing for faster transaction confirmation times. Although it is based on the same open-source code that powers Bitcoin, it has some adjustments that enable block generation that is four times faster. The speed is reduced to just 2.5 minutes, compared to 10 minutes for Bitcoin transactions. The faster confirmation time means the network has a higher capacity and is capable of handling more significant transaction volume. Aside from that, Litecoin’s network can process 56 transactions per second, which is considerably higher than those of Bitcoin and Ethereum . Cryptocurrencies are digital currencies that do not have a centralized regulating authority.
However, although history has helped form some sort of a pattern and come to such a conclusion, the positive effect of halving schedules isn’t always guaranteed. What all of this comes to show is that predicting the coin’s price is very hard even for seasoned industry professionals. The technological development, the market shifts, the regulation – all these and other factors that are hard to take into account at this point in time further complicate the price prediction process.
Therefore, approximating the above trading price, 1 LTC in the Nigerian naira is about 34,196 NGN. Meanwhile, this does not mean that 1 LTC in other countries will be different, but the parity of every 1 LTC will hinge on the exchange equivalent of each country. If you plan on storing small amounts and prefer having access to your funds on-the-go, so that you can make quick transactions, then mobile wallets are a convenient option.
Debuted in 2011, LTC employs the same proof-of-work protocol as BTC. However, there are several things that make it different from the most popular cryptocurrency. Yet, in addition to Bitcoin, and the second-most popular, Ethereum, there are other tokens you may want to try.
There are also some technical differences between both currencies. Litecoin, for example, uses a PoW mechanism based on a Scrypt GAL hashing function, unlike Bitcoin, which uses the SHA-256 algorithm. Aside from that, the mining difficulty for Litecoin changes every 3.5 days . Litecoin is also considered a pioneer in the industry as it was the first one among the top 5 cryptocurrencies to adopt SegWit . It was also the first to execute а Lightning Network transaction .
Will Litecoin become big?
Having analyzed Litecoin prices, cryptocurrency experts expect that the LTC rate might reach a maximum of $134.16 in August 2023. It might, however, drop to $113.24. For August 2023, the forecasted average of Litecoin is nearly $118.09.
The greater efficiency of Litecoin is important because the amount of energy required to mine Bitcoin only continues to rise, and more efficient alternatives could be very important for the environment. A full list of the businesses accepting Litecoin as a payment can be foundhere. You can also check Cryptwerk’s platform to find a detailedlist of all the places where you can spend your LTC.
Before the transaction is finalized, though, it should be verified as legitimate by the network . Although this doesn’t happen instantaneously, it is way quicker than Bitcoin transactions. LTC is the native cryptocurrency of Litecoin, an open-source blockchain project whose code is copied from Bitcoin’s. Touted as the “silver to bitcoin’s gold,” Litecoin was developed to have much faster transaction speeds than Bitcoin, as well as to be more scalable. Another significant milestone in the history of Litecoin is its inclusion by payments leader PayPal as a supported currency within their digital wallet for US customers.
There have been some interesting moments in Litecoin’s long price history, and if you want to understand more about its movements, you’re in the right place. We’ve compiled everything you need to know about the past price action of Litecoin – and the various factors that influence it. Litecoin’s third mining reward halving due in eight months, will cut LTC’s pace of supply expansion by 50%. LTC price history includes peaks intersected by long periods of sideways activity. In December 2017 and April/May 2021, Litecoin’s price broke above $250 and reached a peak of about $410 on both occasions before it fell sharply. This trend is determined by the technical indicators on our Litecoin price prediction page.
- However, Prestmit is one of the best over-the-counter platforms in Nigeria where you can sell your LTC due to its reliability and fast transaction rate.
- Halving events, intended to keep inflation under control, usually trigger bull runs.
- The Litecoin blockchain is the largest global scrypt based network, operating with 100% uptime since 2011 securing and transacting billions of dollars of value.
- The Litecoin Network has been among the oldest cryptocurrencies, functioning alongside Bitcoin and Ethereum.
- The Litecoin network officially went live on October 13, 2011, as a fork of the Bitcoin Core client.
Earn up to $1,000 when you fund a new account, and earn up to $100 in Bitcoinwith your first qualifying crypto trade . The LTC to USD price chart indicates the historical change of LTC in USD over the past 30 days. Please also note that data relating to the above-mentioned cryptocurrency presented here are based on third party sources. They are presented to you on an “as is” basis and for informational purposes only, without representation or warranty of any kind.
- Links provided to third-party sites are also not under Binance’s control.
- We can classify wallets as custodial and non-custodial, software and hardware.
- Please also note that data relating to the above-mentioned cryptocurrency presented here are based on third party sources.
- This is often referred to as “profit-taking”, and we’ve seen it in other cryptocurrencies as well, notablyBitcoin.
- It was also the first to execute а Lightning Network transaction .
Last but not least, it is how much is 1 litecoin worth keeping an eye on social media activity and project-related news. After the chat was leaked, Lee had to come out with aseries of tweetsto explain the situation and handle the storm. However, many investors had already changed their perspective of Litecoin and had left the project. This has resulted in a notable price drop, that turned out too hard to recover from.
Litecoin is currently ranked 13th biggest cryptocurrency among thousands of crypto assets in the market. The Litecoin’s mining process is based on the Proof-of-Work consensus mechanism, similarly to Bitcoin. Let’s start with the hashing algorithm each cryptocurrency uses to solve a block. The mining logic is based on the idea of increasing the difficulty over time – the more transactions are processed, the more difficult it gets. This progressive process continuously increases the demand for electricity needed to mine a new block. To ensure the efficiency of the Bitcoin mining process, one should invest in an expensive ASIC machine (Application-Specific Integrated Circuit).