Litecoin (LTC) is a cryptocurrency designed to be a fast and low-cost method of payment for goods and services. Litecoin (LTC) utilises blockchain technology to allow for secure payments without the need for a third-party intermediary.
Litecoin was developed based on the Bitcoin (BTC) protocol however, Litecoin can process transactions four times faster at a significantly lower cost. Litecoin has a maximum circulating supply of 84 million coins making it easier to mine than Bitcoin.
The candlestick chart above presents Litecoin’s current price in Australian dollars (AUD). This chart can be used to track the price of LTC in real-time and view price movements dated back to the asset’s initial release in 2013. Price charts can be used by traders to view custom timeframes and daily pricing candles.
Understanding a candlestick chart is a crucial skill used by successful traders when performing crypto technical analysis and developing an investment strategy. Candlestick charts track the daily price movements of an asset and are often used to track patterns in the market.
To learn more, check out our guide to reading candlestick charts on Swyftx learn.
The main benefit of Litecoin (LTC) comes from its transaction speed and low cost. Litecoin can process transactions in under a minute with minimal fees, making it a useful alternative to Bitcoin (BTC).
Litecoin is now accepted by more than 2,000 merchants worldwide.
Litecoin price is determined by supply and demand, the same way that the value of traditional assets like fiat currencies (Australian dollar) are valued. When demand for LTC increases, the price increases. The price will fall when there is low demand for the asset.
Litecoin was created by early crypto adopter and Bitcoin miner, Charlie Lee. Lee refers to Litecoin as “a coin the is the silver to Bitcoins gold.”
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