Litecoin (LTC) Analysis | News | Description

Litecoin is a peer-to-peer cryptocurrency and open source software project released under the MIT/X11 license. It is designed to complement Bitcoin by using some of its codebase, while differing in various ways.

Litecoin is a peer-to-peer cryptocurrency that was created in October 2011. The coin has a market cap of $6.3 billion and a price prediction 2025 of $100,000. Read more in detail here: litecoin price prediction 2025.

AltFINS experts perform technical chart analysis of the top 30 cryptocurrencies in addition to automated chart patterns. These are known as Curated Charts, and they assess five key technical analysis principles: Trend, Momentum, Patterns, Volume, Support, and Resistance.

Technical analysis of Litecoin (LTC):

Breaking over $150 to establish a Higher High and confirm a trend reversal was the trade setup. The short-term rising trend has already been reversed. Resistance at $200 and the 200-day moving average are expected. (Provide a price alert)

Short- and medium-term trends are up, whereas long-term trends are down.

The current trend is bullish ( MACD Line is above MACD Signal Line and RSI is above 55).

On Balance Volume (OBV) is flat, suggesting that volume on up days equals volume on down days. As a result, buyer demand and seller supply are in balance.

Support and Resistance: $150 is the closest Support Zone, followed by $125. The Resistance Zones closest to you are $200 and $250.

Here is a live Litecoin (LTC) chart.

More curated charts for the top 30 coins can be seen here.

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More real-time news may be found here.

 

What is Litecoin (LTC) and how does it work?

On the altFINS portal, you may read the entire description as well as the latest news.

Overview

Litecoin is a fork of Bitcoin’s code that has four times quicker block times and a four-fold increase in supply. The initiative sees itself as a silver to Bitcoin’s gold, complementing it. It is often used as a pseduo-testnet for Bitcoin, allowing new protocol modifications to be implemented before they are released on the main Bitcoin network.

History

Litecoin is a clone of Bitcoin’s source code created in October 2011 by Charlie Lee, an ex-Google and Coinbase programmer. It bills itself as “a silver to Bitcoin’s gold.” It is almost similar to Bitcoin in terms of technical specifications, with the exception of block time, supply, hashing method, and initial distribution. Litecoin aims to retain the greatest features of Bitcoin while improving its usability as a means of trade. It has 2.5-minute block periods and an 84-million supply limit. Faster block confirmations, according to Charlie Lee’s initial idea, would improve transaction throughput and decrease the amount of time businesses would need to wait for block confirmations. He also believed that the 84 million maximum supply would keep the currency from becoming too rare and costly.

To enable people to mine Litecoin using commodity technology, it employs Scrypt, a memory-intensive hashing method (although ASICs have been developed for Litecoin mining over the past few years). Finally, Charlie Lee wanted Litecoin to be released in a fair way, understanding the errors of the few altcoins that had previously been launched, opting for a 150 coin (3 block) premine to enable people to join in early. Charlie Lee departed Coinbase in June 2017 to become the director of the Litecoin Foundation, which oversees and funds the project’s development.

Technology

The protocol is a distributed, time-stamped ledger of unspent transaction output (UTXO) transactions kept in a 1MB data block append-only chain. This blockchain is maintained by a network of mining and economic nodes verifying, spreading, and competing to include pending transactions (mempool) in future blocks. Economic nodes (also known as “full nodes”) accept transactions from other network members, verify them against network consensus rules and double-spend vectors, and disseminate them to other full nodes. Valid transactions are transmitted to the network’s mempool, where they await confirmation through inclusion in the next block by mining nodes.

Mining nodes strive to empty the mempool by selecting transactions to include in the next block and competing against each other to produce a hash smaller than the goal value specified by Litecoin’s difficulty adjustment algorithm, typically in a highest-to-lowest fee sequence. It establishes the chain of blocks with the greatest accumulated “work” (a.k.a., energy spent on solved hashes) as the legitimate chain using a Proof-of-Work (PoW) consensus method. Other network peers may validate the chain’s work for a low cost.

Details on the Supply Curve

Litecoin was designed as a Bitcoin clone with four times the supply and four times the block generation speed. To accomplish this, the specifications of Bitcoin were modified, with the consequence that the total supply would never exceed 84 million coins. It produces new blocks every 2.5 minutes on average, paying miners with 12.5 new LTC and the previous block’s entire transaction fees. The size of each block is limited to 1MB, and block rewards are half every 840,000 blocks (approximately 4 years).

The first halvings of Litecoin took place between August 2015 and August 2019. In August 2023, the next halving will take place. Once the 84 million LTC hard limit is reached, block rewards will be replaced completely by transaction fees, changing the protocol’s security paradigm from one based on demand for LTC to one based on demand for block space. The supply dynamics of Litecoin, like bitcoin, are well understood, and the overwhelming majority of all future coins will be produced in the first two decades.

Details on the Consensus

The longest chain with the most collected proof-of-work is the legitimate chain under Litecoin’s Nakamoto Consensus. Because there is always the possibility that a new, longer rival chain with more collected proof-of-work might arise and invalidate the existing chain, consensus in Litecoin and other systems utilizing Nakamoto Consensus is probabilistic. Mining Miners use the Scypt algorithm to solve computational problems in order to create new blocks. Miners compete to produce a hash that is less than the goal value specified by Litecoin’s difficulty adjustment algorithm in this process. The target difficulty level is changed every 2016 blocks, similar to Bitcoin; however, owing to its 2.5 minute block intervals, it changes more rapidly than Bitcoin’s.

Scrypt was initially included in Litecoin for its memory-intensive characteristics, which made it more resistant to ASICs; however, as Scrypt-capable ASICs have been created, its ASIC resistance properties have degraded. Furthermore, since mining has grown more competitive, mining is now done in pools, in which members donate hash power to the pool in exchange for a proportionate percentage of the earnings if the pool discovers a valid blocky.

 

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Litecoin is a cryptocurrency that was created in 2011. The currency has been known for its low transaction fees and fast processing times. Reference: litecoin news 2021.

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