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Information about Litecoin (LTC)
Litecoin (LTC) is an open source software project developed on top of the Bitcoin (BTC) protocol. Launched in 2011, LTC is one of the first alternative cryptocurrencies (altcoins) to emerge. With its peer-to-peer nature, Litecoin allows users to conduct near-instantaneous transactions with extremely low transaction fees. The Litecoin network is decentralised and relies on open source code that is not controlled by any management entity or central authority. Although it uses the proof-of-work (PoW) consensus mechanism like Bitcoin, Litecoin uses the Scrypt algorithm instead of Bitcoin's SHA-256.
Litecoin was created by Charles Lee, a computer scientist and former Google engineer. He is also the executive director of the LiteCoin Foundation. Litecoin was launched on 7 October 2011 with the aim of providing a fast, secure and low-cost payment method that leverages the unique properties of blockchain technology.
Litecoin Halving is an event similar to Bitcoin Halving that takes place every 4 years on the Litecoin blockchain. This event halves the reward for miners, thereby controlling inflation rates and limiting the supply of LTC. The most recent Litecoin Halving took place on 2 August 2023 and reduced the block reward from 12.5 LTC to 6.25 LTC.
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VanEck is set to launch the NODE ETF on May 14, which will invest in crypto-related companies, aiming to hold 30 to 60 stocks in the digital asset sector.
VanEck’s established Bitcoin ETF, HODL, has $1.2 billion in assets. This growth illustrates the rising interest in ETFs that track Bitcoin among retail and institutional investors.
With NODE, investors can gain exposure to the digital economy linked to Bitcoin, Solana, XRP, and Litecoin without directly purchasing these cryptocurrencies.
Nvidia’s challenges from new US regulations resulted in a 5.5 billion USD charge, dropping its stock value significantly. With Bitcoin surpassing 85,000 USD, many investors are now shifting from US tech stocks to cryptocurrencies, promoting gains in the proof-of-work sector.
As expectations for increased local production of mining equipment in the US rise, investor sentiment toward proof-of-work assets has improved. The PoW sector now has a valuation exceeding 1.7 trillion USD, reflecting resilience against global trade tensions.
Litecoin is currently trading around 78 USD after reaching a high of 84 USD. The formation of higher lows since early April suggests a potentially bullish market.
Key resistance zones exist between 82 USD and 84 USD. Successfully breaking these levels, especially with strong trading volume, could signal significant upward momentum.
Historically, the second half of April tends to be positive for cryptocurrencies. A move towards 100 USD indicates a potential increase of about 26%, highly contingent upon overall market activity.
The Assembly Bill A7788 introduced by Assemblyman Clyde Vanel proposes allowing New York state agencies to accept cryptocurrencies for payments, including taxes and fines. This legislation could mark a significant step in the integration of digital assets into public financial activities.
This proposal follows a series of recent cryptocurrency-related laws in New York, reflecting an increasing focus on the digital asset landscape. The bill also includes a provision for a service fee for cryptocurrency transactions, potentially influencing how state agencies manage such payments.
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