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Litecoin is one of the most popular cryptocurrencies used by day traders, as there is plenty of trade volume and price swings to profit from. This page will examine all elements of day trading Litecoin, including its history, current price predictions, important news, charts, mining, and wallets.
The straightforward definition is that Litecoin LTC is a digital currency that allows instant, low-cost payments to anybody in the world. The global payment network does not rely on any central authorities, such as a bank. Instead, complex maths creates a secure network that ensures rapid transaction times and impressive storage efficiency.
Its value has been tied to the increasing popularity that blockchain technology has enjoyed in recent years. It has also secured significant industry support while enjoying substantial trade volume and liquidity. Litecoin day trading through exchanges is accepted as normal today.
However, it was only released via an open-source client on GitHub on October 7th, The founder was a former Google employee by the name of Charlie Lee. His network went live on October 13th and was a hard fork of the Bitcoin More client. At that time it offered a reduced block generation time of 2.
It is perhaps unsurprising to see the staggering price history of this cryptocurrency when you consider its numerous benefits, including:. Unfortunately, however, the outlook for this cryptocurrency has been hindered by several factors, including:. Head over to forums and blogs and you quickly realise not everyone is interested in day trading Litecoin. Some are concerned with setting up a GPU mining rig instead.
Essentially, each time a transaction is made, it is grouped with other transactions that have been submitted within one of the recently submitted cryptographically-protected blocks. This process passes data within a block of algorithm until their collective power finds a solution.
It is at this point that the transactions within that block are stamped as verified. Mining hardware and software offers another significant benefit. Each time a block is solved, a certain number of coins is distributed among those who helped solve the problem. Naturally, those in the mining pool that contributed the most will get the majority share.
Of course, you can encounter mining difficulty. For example, the algorithm used is known as Scrypt, which is extremely memory-intensive.
As a result, you need to ensure you have the right hardware to meet the specifications for producing Litecoin. In addition, it is worth bearing in mind the cost of electricity. GPU miners, for example, require a tremendous amount of electricity to power their rigs. Due to increasing popularity, you can now find information on mining calculators and apps from a range of online resources. A quick internet search will also bring up a list of cloud mining explorers. Before you can start conducting price analysis and decide whether to buy or sell, you will need to find a place where you can store your Litecoins.
Unsurprisingly, since its introduction to Coinbase, Litecoin has seen a substantial rise in value. However, you can also buy Litecoins from other exchanges, including:.
Once you have purchased your Litecoins, you will also need to store them somewhere, such as a hardware wallet. These straightforward physical devices come in several forms. However, the USB stick style is preferred by many. Yet even these wallets come with risks. There is the danger that the provider has logged all the private keys and could raid wallets at a later date.
Alternatively, lapses in security could open you up to the risk of having your cryptocurrency coins hacked. One useful tip for remaining secure is to avoid using a pre-owned wallet altogether. A desktop wallet is a type of hot wallet. You can download and install one on a single computer, which is then only accessible from that device.
Arguably it is more secure than an online wallet. However, they can prove inconvenient because you can only access your capital if you are on that specific device. One of the top choices for desktop wallets is now Exodus.
They support multiple cryptocurrencies, including Litecoin. Mobile wallets are another type of hot wallets where you can store your cryptocurrency while you make your forecasts and speculation. You simply need to download an app to your phone and then you can access your crypto capital with ease.
Mobile wallets can be a good choice for those who like to trade while on the move. The final option for storing your Litecoin is a paper wallet. This is an offline cold storage technique for storing your cryptocurrency.
You print your public and private keys onto paper which you then store in a safe place. The keys are stored in QR codes, which you can scan for future transactions.
For those concerned with security and control, a paper wallet is a sensible choice. Your information is away from the reach of hackers and you have total control over that paper. Below you will find a number of useful tips you can use to help you assert a competitive edge when trading Litecoin.
Historical prices can show you why Litecoin may have started falling in the past, so you can better predict when they will again in the future. Cryptocurrencies often spike during periods of consolidation where, Litecoin, for example, will trade within a relatively tight price range. With this type of environment, Litecoin will normally have attractive follow through after a range is broken. So, to get the best entries, try to align patterns on your daily candlestick charts with your intraday time frame.
Once you have confirmed a breakout on the daily, you must find a safe entry in a shorter time frame. You can enter safely if you have a pattern to back up your position. So you may want to wait for a pullback after that first push. This may give you a better risk-reward ratio, as well as lower prices.
You will often find it is easier play the pullback following a big move, rather than attempting to anticipate a breakout. Cryptocurrencies, including Litecoin, do not usually head straight up without first taking a break. You need to ensure you have an effective exit plan once you have identified a good entry. Try to base your exits around daily and intraday resistance levels. An exit strategy where you sell your whole position when your target is hit could be worth considering.
Alternatively, you might want to scale out in sections into the spikes, while retaining a quarter of your stocks for the larger move. Scaling out can be great for beginners, in particular, as it prevents emotions persuading you to hold onto a position too long. There are a whole host of resources available to aspiring Litecoin day traders. Informative websites can help you get to grips with blockchain technology.
Most brokers also provide a range of research materials, as well as displaying prices live and Litecoin to dollar USD exchange rates. In addition, check the latest news for expected prices for today and longer-term expectations. Websites such as Yahoo Finance often provide market updates and local analysis too.
Training videos, webinars, tutorials and books are also easily accessible and can help with your Litecoin trading development. You can also see our strategies page for guidance on how to capitalise on market opportunities. Litecoin appeals for a number of reasons, including speed, volume and market capitalisation. However, volatility and news announcements can send the price of these coins plummeting and could lead to a crash. Therefore, caution must be taken when day trading with Litecoin or any other cryptocurrency.
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