Lets talk about Litecoin and how Bitcoin Drags it along behind

CryptoGuru Level X³

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November 10, 2016, 9:04 am

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Lets talk about Litecoin and how Bitcoin Drags it along behind

Litecoin is probably the Bitcoin of scrypt coins. It is so popular with miners and investors alike. The question people ask me is "How do i know if i should invest into it". You guys know i only follow a few currencies and LTC is one of them. This currency is probably the most predicable of all of the currencies. Below im going to provide 2 charts the top one is LTC and the bottom one is BTC.










If you look closely and follow the trend you will see that Litecoins price is directly affected by Bitcoins price. The charts look very similar don't they? Thats because Litecoin will move in any direction Bitcoin moves in. How does this benefit investors? If your invested into Bitcoin and the price goes up, you may want to throw a few bucks into LTC because they will soon follow suit. When the price goes down its safe to say the price of LTC will also fall. This is not a guaranteed situation every time but for the last few weeks this has been the case.

Just like with any investment their will always be a chance of loss. The risk is always high even if you know what your doing. Please when reading my topics just make sure you use me as a guideline and not as a guaranteed money maker. I wish you all happy trading!


As always thank you for reading please don't forget to follow me and like the topic.

https://listingdock.com/user/jkeyz2

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Lynne

Thanks Jkeyz2 that is a very interesting trend to take note of. Until you educated me right now I was not aware of LTC - it seems there are loads of different cryptocurrencies available now.

I have checked eToro for Ethereum previously and now for LiteCoin too but it appears that only Bitcoin is currerntly available for trading on their website. I wonder if they will add some more in the future?

If cryptocurrency is going to be as huge as you predict then I am sure more will be added soon right?

0 8 years ago

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CryptoGuru

Some exchange sites only support Bitcoin. They feel that it is the most stable and they it has the most chance at longevity in the market place. In order to be a successful trader you really have to be a multitasker and be able to manage more than one trading site. Litecoin is the Bitcoin of Scrypt currency its truly one of the more popular ones. If you find an exchange that supports alt currencies you will find that LTC will be one of the ones they support every time. Will e-Toro add them in the near future? I have to say i would think so for sure! The more currencies you have being traded on your site the more fees you can collect.

0 8 years ago

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Corzhens

It looks like the pseudo currency is having a merry mix up with the new crypto currencies. I had chance upon one forum with crypto currency as the niche and I was quite surprised that there are more than 10 crypto currencies to choose from. Maybe not all are having a good time with the valuation but one thing is sure that crypto currency is beginning to flex its muscles in the internet.

0 6 years ago

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