Argentina had been going through a lot of economic hurdles even before the COVID-19 pandemic. The situation got even worse after imposing the extreme measures taken by the government of the country. Now a recent poll has revealed that Argentinian citizens believe cryptocurrency to be the most effective way of protecting their funds. In the survey, around 70% of the citizens admitted to have invested their funds in at least one digital asset.
Argentinian Citizens Looking for Options Outside Traditional Financial Space
In April 2020, it was recorded that the raw GDP of the country fell by around 26.4% as compared to the GDP during the same time in the previous year. Municipal Bank Foundation has revealed that there has been a reduction in the formal wages for every point that declines in the GDP. It is also revealed that the Argentinian citizens have been looking for options outside the traditional financial system.
73.4% of the citizens of the country who took part in the survey have said that “cryptocurrencies are the most effective way to save and protect their funds.” In this poll, it also came out that Argentinian citizens are also trying to move away from the local currency. The reason behind this is that the local currency of the country has lost 90% of the total value in the past five years.
Good Morning Bitcoinhedge Community A survey of Argentina’s citizens shows that 73% believe cryptocurrency is the most effective saving method in the current economic crisis.
Digital Assets Provide An Economical Shelter Against Depreciation
It is quite indicative from this poll that the Argentinian citizens are moving towards digital assets as around 70% of the people have invested their funds in digital assets. The reason behind this is digital assets provide an economical shelter against the depreciation that has been caused by the local currency. It was also recorded that since April 2020, there has been a significant increase in the amount of volume that is traded per week. In the last week only, Bitcoin worth $89 million were traded across the country.
TL;DR Breakdown LTC retests the $300 support overnight. Lower local low set at $320. Next support at $280. Today’s Litecoin price prediction is bearish as the market rejected further upside around $320 earlier today and currently moves lower to attempt to break below the $300 once again. The overall market trades in the red today. […]
Today’s Litecoin price prediction is bearish as the market rejected further upside around $320 earlier today and currently moves lower to attempt to break below the $300 once again.
The overall market trades in the red today. Bitcoin has lost more than 2 percent and trades around $48.900. Meanwhile, Ethereum is among the worst performers with a loss of more than 5 percent. Alternatively, Stellar (XLM) is among the best performers, with a gain of 5 percent over the last 24 hours.
LTC/USD opened at $300.11 today after a bearish close yesterday that resulted in another retest of the $300 mark. Over the past hours, LTC/USD rejected further upside, indicating that we should see another push lower over the next 24 hours.
Litecoin price movement in the last 24 hours
The LTC/USD price moved in a range of $297.59 – $323.76$, indicating a moderate amount of volatility. 24 hour trading volume has dropped by 7.15 percent and totals $5.2 billion. The total market cap stands at $20.6 billion, ranking the cryptocurrency in 12th place overall.
LTC/USD 4-hour chart – LTC prepares to break below the $300 support again
On the 4-hour chart, we can see moving lower over the past hours as bears attempt to finally break below the $300 mark.
Overall, Litecoin price action momentum continues to be bearish as the market retraces after setting a new all-time high at $413 on the 10th of May. Previously, we saw Litecoin rally around 80 percent from the $220 major support area, indicating we could see a similar upswing over the following weeks.
First, Litecoin has to finish retracing from the current high. Support around the $300 mark was reached on Thursday. From there, Litecoin retested the $335 resistance and reversed to the $300 overnight.
Over the past hours, LTC/USD moved higher and established another lower high around the $320 mark. Therefore, we expect Litecoin to attempt to push below this support over the next 24 hours. Once the $300 support breaks, the next support is located around the $280 mark.
Since the $280 level previously acted as a very strong support, we should see the market price reverse back to the upside next week. From there, LTC/USD should move higher and try to establish another several-week upswing and set further all-time highs.
Litecoin Price Prediction: Conclusion
Litecoin price prediction is bearish as the market continues setting lower highs over the past few days. LTC/USD currently attempts to move lower once again to break the $300 support. Therefore, we expect further downside over the next 24 hours, with the next support target at the $280 mark.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
The year has been a good one so far for altcoins. There’s no denying Bitcoin’s pedigree and influence on the market as it is still the biggest cryptocurrency by far in the crypto space. Having said that, there are a lot of altcoins or relatively smaller and cheaper cryptocurrencies which have attracted investors and newbies looking to diversify their crypto portfolios. As crypto adoption continues to grow so has the interest in it which has been evident in the last few months. Institutional interest is at an all-time high as many traditional companies, firms and institutions are boarding the cryptocurrency bandwagon.
There are a lot of altcoins putting up impressive numbers guaranteed to give back good yields and this article sheds light on four of them.
Uniswap (UNI)
Uniswap is one of the dApps based on the Ethereum blockchain. The project allows users to trade Ethereum tokens through liquidity pools. The DeFi coin boasts of being the first decentralized exchange with the option of a margin and leverage trading.
The UNI coin has two main services, thus delivering and utilizing liquidity. Although it is new in the crypto space as it was released into the market last year, its performance has made it one of the leading DeFi coins on the market.
Uniswap v3 was released days ago, an upgrade of its protocol and aims to provide better oracles, new fee tiers as well as give users more control over the liquidity they provide. Many analysts believe the coin is expected to blow and with its price at $36, it would be a steal compared to others.
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Cardano (ADA)
Cardano has been one of the popular coins on the crypto market for some while. Its network has a smaller footprint which makes it flexible, more adaptable, and secure. Transactions are faster as it requires less energy, and have interoperability and scalability among its pros.
Cardano’s recent update has equipped it with the ability to build smart contracts which have attracted a lot of dApp developers, a sector that is blowing up this year. The coin is 4th on the crypto ladder with a trading price of $2.32 which has seen a 27.35% rise within the last seven days.
Solana (Sol)
Another coin that is making a name for itself in the fast-growing DeFi ecosystem is Solana.
Launched in March 2020, the digital project has enjoyed a steady rise, making its way up the crypto ladder with impressive runs. Sol is currently at 16 on the crypto ladder with an impressive market valuation of $14 billion.
Its Proof-of-History algorithm has the highest speeds of a transaction and offers relatively cheaper transaction fees as compared to other coins such as Ethereum. The digital asset currently trades above $50.
Dogecoin (DOGE)
DOGE has defied many odds to become one of the fastest-growing digital coins on the crypto market presently. Created as a meme coin back in 2013, it has seen a major resurgence taking its price from $0.0076 to an all-time high of $0.7 in less than 21 days led by Elon Musk’s never-ending endorsements.
Dogecoin has seen a surge of over 8000% so far this year and remains one of the cheapest coins to buy. It is currently trading at $0.5, and despite the many controversies surrounding DOGE, it does have what it takes to yield massive progress if adopted by Tesla for payments.
You cannot talk about cryptocurrency history without mentioning Litecoin; it is one of the first altcoins after Bitcoin was created. It was released in October 2011 by Charlie Lee, who developed it as an open-source software project. He announced Litecoin as the ‘lite version of Bitcoin through a message he shared on the famous bitcoin […]
You cannot talk about cryptocurrency history without mentioning Litecoin; it is one of the first altcoins after Bitcoin was created. It was released in October 2011 by Charlie Lee, who developed it as an open-source software project. He announced Litecoin as the ‘lite version of Bitcoin through a message he shared on the famous bitcoin forum. Over the years, Litecoin now sits on the top as one of the world’s top digital currencies; it boasts a market capitalization of almost $3 billion and is expected to increase.
Since Litecoin’s creation, it was considered a reaction to Bitcoin, with its developers stating that their initial purpose is to create Litecoin as the “Silver” counterpart to Bitcoin “gold. Since Litecoin was a spinoff of Bitcoin, they share so many features. These include Bitcoin mining features. The only difference in the mining process is that while Bitcoin uses SHA-256, Litecoin uses a process called Scrypt mining.
Scrypt mining requires higher computing power, making it a lot more challenging to mine. This guide contains information on how to mine Litecoin.
What is Litecoin
Litecoin is a cryptocurrency that functions just like Bitcoin. It has some features which make it look very similar to Bitcoin. Transacting with Litecoin is far easier and faster. While Litecoin mining is a little more complicated than Bitcoin mining, they are both cloud mining and function similarly. They both use similar mining software, so a Litecoin miner will not find it difficult to use Bitcoin mining software and vise versa.
From a general perspective, Bitcoin and Litecoin can be considered decentralized cryptocurrencies which makes them different from how fiats like the U.S dollar are operated and governed.
Why should you care about Litecoin?
Litecoin is profitable; mining Litecoin has proven to be a profitable venture, especially if you go about it the right way, using mining hardware like the asic miner and the correct mining software. Cryptocurrency mining as a whole has made different miners rich the same way it has made them go broke. However, it all comes down to your ability to take risks.
What is mining?
Mining is how a miner uses both mining software and mining hardware to mine cryptocurrency either as a solo miner or through a mining pool. There are different Bitcoin mining software available for miners to chose from. This software makes cryptocurrency mining possible.
Before a miner can successfully mine, he also needs some specific mining hardware; for Litecoin, he needs at least a CPU or a GPU device. The device you choose will go a long way to determine how easy the cryptocurrency mining process would be. For LTC mining to be successful, you need a Litecoin mining rig (Bitcoin mining software and Bitcoin mining hardware) and a litecoin wallet.
Best Litecoin mining software
After getting the proper Litecoin mining hardware, the next step is to get mining software (this could either mean a CPUminer, GPU miner, or a mining app). Your mining software will also determine if you are doing solo mining or as part of a mining pool. Determining a mining device is easy, but getting the best cryptocurrency mining software is complex as many other factors contribute.
What is the best Litecoin miner?
There are numerous software available if you want to mine Litecoin. Some have different unique features like inbuilt wallets that serve as alternatives to the Bitcoin wallet. Here are some examples of mining softwares:
Easy Miner
Easy miner is a free cryptocurrency software miner. Although it was initially designed to mine Bitcoin, it can also be used for Litecoin mining. It is open-source, which means you can customize the software to suit your mining needs. Easy miner has an inbuilt wallet and a moneymaker mode, allowing the mining of Litecoin on its stratum pool. EasyMiner is also available for Android users making it one of the most widely used cryptocurrency mining software among Litecoin miners.
MultiMiner
This is regarded as one of the best cryptocurrency mining software out there. Although not as popular as the others on the list, it supports many devices, including Windows, Mac, and Linux. The best part is that it has automatic detection of network features. It also allows you to control and monitors a second MultiMiner mining rig simultaneously. It may not be as efficient as the others. However, it has some unique features that you will find interesting.
CGMiner Litecoin
CGMiner Litecoin is not new; it has been around for a while. Over this period, it has provided different unique features and a large user base. It supports almost all Operating systems making it easy to adopt. It is also open-sourced, allowing users to customize it to suit their mining needs. Other features that it comes with include: complete monitoring, fan speed controls, and remote interface capabilities.
Awesome Miner
Awesome miner is a great choice, especially if you are trying to mine on multiple mining rigs simultaneously as it supports FGPA, ASIC. His software also supports 25 mining engines, including XMRig, SRBMiner, BFGMiner, and SGMiner. However, it is not free; you will have to pay a fee of $4 monthly and $36 annually. The fee is worth the price because it comes with several other features like the status and temperature of all ASIC and FPGA miners and an inbuilt Litecoin mining calculator.
GUIMiner Scrypt
GUIMiner Scrypt is also a good mining software, but in reality, it is a GUIMiner fork. What makes it a better version is its user-friendly features. It was initially forked to allow new users. However, it was designed just for windows devices with a graphics processing unit (GPU) and computer processing unit (CPU). It allows Scrypt mining that makes Litecoin more seamless.
Litecoin mining pool
Mining cryptocurrency as part of a pool is better because it makes mining operation easier and improves your hash rate. This, in turn, means a better block reward. Litecoin cloud mining has a more complex mining program because of its use of the scrypt algorithm, making the pool mining option a better choice.
Litecoin has various Litecoin mining pools for miners to chose from. These pools have their pros and cons. Here are five pools I feel you should put into consideration when looking for a pool to join.
Litecoinpool
Multipool
Prohashing
viaBTC
NiceHash
Litecoin mining software FAQs
Is Litecoin mining still profitable?
Many people now doubt the profitability of mining cryptocurrencies primarily because of the competition involved. Today miners now compete with bigger mining establishments, making it impossible for solo miners to profit. However, as a Litecoin miner, you can consistently profit if you go about it the right way.
Litecoin mining is a task that you have to be prepared for; you need to be fully committed to it and tackle its risk. With this, you will be able to profit despite the considerable cost.
How long does it take to mine 1 Litecoin?
The time it would take to mine a Litecoin cannot be explicitly stated since it is primarily influenced by mining speed and the complexity of the computers you are using, the amount of time you spend mining, and the current difficulty factor. If you are mining with a computer CPU, you are bound to spend a long time mining a single LTC.
GPU mining is just a little better than CPU mining, no thanks to the competition on the ground. However, with the high-end ASIC mining, it won’t take you up to an hour to kine your first LTC. It is also way better if you are mining as part of a mining pool.
Final thoughts
Profiting from Litecoin is influenced by different factors. This means it is uncertain whether or not you are going to profit. However, it is still worth your time and resources full time. The best way to profit from Litecoin is to invest full-time in mining rigs and other equipment. If you decide to mine solo with just a CPU, you will still profit but not as much.
Crypto mining involves risk-taking. However, you cannot escape taking a risk if you want to make a profit. A Bitcoin miner who is mining Bitcoin takes a similar risk with an estate manager.
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