Welcome back to make money online today, we’ll be looking at Litecoin and how it will be bullish later this year and the possibility of it eventually being even better than Bitcoin and Ethereum. Litecoin launched in 2011. It’s an alternative cryptocurrency based on the model of Bitcoin, it was created by an MIT graduate and former Google engineer named Charlie Lee. Lightbown is based on an open-source global payment network that is not controlled by any central authority.
The Bitcoin network went live on October 13th, 2011. It was a source code for two of the Bitcoin core client, differing primarily by having a decreased blood generation time, increased number of maximum coins, different hashing algorithm and a slightly modified user interface. Litecoin is the habitat for the LDC cryptocurrency, which is mainly used to send and receive digital funds making direct transfers fast and possible through the use of cryptography.
Like cotton was developed with the aim to improve on Bitcoin’s shortcomings and has earned industry support along with high trade volume and liquidity over the years as a peer to peer Internet currency, as it’s a fully decentralized, open-source global payment network, just like another cryptocurrency, Bitcoin is a global digital payment method that uses blockchain technology to transfer and trade coins, according to its website.
Aldiss also among the coins with a scientific philosophy and research-driven approach. In practical terms, this means it’s open source. BlockChain undergoes a rigorous peer-review process by scientists, engineers and programmers and academia. The Litecoin Foundation partners with San Diego International Film Festival and some other institutions like travel, a dot com, the Miami Dolphins buy box exchange, token pay.
We bank the UFC block, card load, wallet, Celsius and others. How is Litecoin different from other cryptocurrencies, despite the fact that it’s proven increasingly difficult for digital coins to stand out given the level of crowding in the field, Bitcoin is one non Bitcoin crypto which has managed to stand up to the competition over the past several years. Public interest in cryptocurrency has fluctuated dramatically, while digital currencies do not currently inspire the same fervent enthusiasm that they did in late twenty seventeen.
More recently, investor interest in cryptos has researched. The main focus of this interest has been Bitcoin, which has long been the dominant name in cryptocurrency since the founding of Bitcoin in 2009. However, hundreds of other cryptocurrency have entered the scene in which Bitcoin is also making a greater impact.
The main differences between Bitcoin and Bitcoin concern the total number of coins that each cryptocurrency can produce. This is where Bitcoin distinguishes itself. The Bitcoin network can never exceed twenty-one million coins, whereas Bitcoin can accumulate up to 84 million coins. Also, its transaction speed is faster. These factors are largely psychological boons for the investor and don’t impact the value or usability of the currency.
However, Bitcoin and Bitcoin have a lot in common. At the most basic level, they are both decentralized cryptocurrencies, whereas fiat currencies such as the US dollar or the Japanese yen rely on the backing of central banks for value, circulation, control and legitimacy.
Cryptocurrency is relying only on the cryptographic integrity of the network itself. When it was launched in 2011 by founder Charlie Lee, he announced his debut as the light version of Bitcoin via a posted message on a popular Bitcoin forum from its founding, Litecoin was seen as being creative in reaction to Bitcoin.
Indeed, Bitcoins own developers have long stated that their intention is to create the silver to Bitcoins gold. For this reason, Bitcoin adopts many of the features of Bitcoin that Lee and other developers felt were working well for the earlier cryptocurrency and change some other aspects that the development team felt could be improved.
One important similarity between these two cryptocurrencies is that they’re both proof of work ecosystems, meaning that the underlying process by which both Bitcoin and Lightbown our mind is fundamentally similar, though not exactly the same as we’ll see in the storage transaction. For an investor, many of the basic elements of transacting with Bitcoin and Litecoin are very similar as well.
Both of these cryptocurrencies can be bought via exchange or mind using a mining rig. Both require a digital cold storage wallet in order to be safely stored between transactions. Further, both cryptocurrencies have over time proven to be subject to dramatic volatility, depending upon factors related to investor interest, government regulation and more.
While it’s possible that Bitcoin is still in a corrective phase, another upward move is expected that could take Bitcoin towards two hundred and twenty-five dollars. Mining Litecoin, first things first. If you’re only interested in owning Litecoin, you should probably buy it from an exchange such as Coinbase.
If, on the other hand, you want to try your hand in mining Bitcoin because you think you have the time and resources necessary to make a profit because you want to help keep the light going, networked, decentralized or out of a sense of curiosity.
The nitty-gritty of Bitcoin mining depends so much on your hardware, software, operating system and pool mining is competitive. The first miner to generate a hash that is smaller than a target set by the network finds the new block receives the block reward currently twenty-five Bitcoin and any transaction fees present in the block.
Since there’s no way to know what Norns will generate a below target hash miners results are subject to two factors luck, which is outside of their control and computing power, which can be bought or stolen to maximize their computing power.
Miners have developed specialized gear to plough through hash functions as fast as possible. They’ve assembled enormous collections of these machines, pulled the resources and concentrated in places where electricity is cheap so as to maximize profits.
These trends have led to the increasing centralization and professionalization of mining. Long term Lightbourne levels Litecoin has been decreasing since January 10th after reaching a high of one hundred and eighty-five dollars and eighty-three cents, the high coincided with the point five five retracement level measuring from an all-time high of three hundred and seventy dollars, validating the area resistance.
However, after the drop, Litecoin has held on above the June twenty nineteen high of one hundred forty-six dollars and created a very long, lower week in the process. This is a sharp sign of buying pressure. A weekly close above this level would likely confirm a continued bullish trend.
Technical indicators in the weekly timeframe are bullish. If LTC manages to break out, the next resistance area would be found at two hundred twenty-five dollars. The point sixty-five retracement level. An increase above this level could take LTC towards its all-time high.
Like coin’s a greater number of maximum coins might offer a psychological advantage over Bitcoin due to its smaller price. As of yet, for a single unit, short term chart shows that Bitcoin is currently making an attempt to move above the point sixteen five retracement level of hundred and fifty-eight dollars.
The level also previously acted as support. So reclaiming it is crucial if one wants to continue moving higher despite the fact that indicators are bullish, we cannot consider the short term trend bullish unless Bitcoin manages to close above this level. This chart shows Litecoin fully completing the massive ascending wedge formation on the right of the schedule.
It reached the downside targets and already managed to bounce within these zones, possibly indicating a stabilization. Now, besides these major events, I discovered meaningful signs within the structure necessary to elevate. Therefore, we’re looking at all the important levels and likely outcomes ahead.
When looking at the chart, we can watch their how Litecoin solidly held this major ascending trend line in black and bounce. They’re moving on to test the remaining resistance line marked in red. We’re like one first pulled back to the downside and moved into the ascending trend line to bounce again within.
This is a really strong support Licorne has built here. And when it manages to hold the support, this can be the indication for higher levels of resistance to be tested in the upcoming time.
Therefore, we can expect to test the ascending trend line anew. And when this trend line then holds again, Lt Col moves on to the higher resistance’s and possibly mark above them as it’s shown in the chart. Taking all these factors into consideration, it’s of high importance that Litecoin really holds the ascending trend line and bounces there to stabilize above sustainability.
Otherwise, if this does not happen and Litecoin increases with bearish pressure to move below the trend line, this will continue up with the bearish pressure ahead within the bearish continuation zone marked in the chart.
For now, it’s necessary to keep patient and wait for the proper validations before moving into the final direction. It will be an interesting development to see play out. Twenty, twenty-one promises a great one for Litecoin in theory, and we think it would be nice when it surges upward drastically and it aims to touch a greater bank once again.
Major developmental projects are expected to aid their cause. Also, as mass adoption takes effect, more global users will push institutional money into the Light Quinn project, which may have a great influence on price moving forward. This video and formatted like a..
Read More: Transparency, Trust, and Value fromVeChain