What is Litecoin?

Litecoin is a cryptocurrency based on Bitcoin. Just like Bitcoin, it is a decentralised form of payment, as it doesn’t have any kind of central authority for supervision. Litecoin is an open-source internet currency that allows peer-to-peer payment systems. Litecoin was developed to hold a higher volume of transactions than Bitcoin. 
When it comes to Litecoin, there are more blocks generated, and it also supports more transactions without the need for modifying versions of the software. This gives the option of faster transaction confirmations.

Litecoin History

Litecoin was developed by Charlie Lee, who was a graduate from MIT and was working as a Google engineer when he took an interest in Bitcoin in 2011. The engineer's curiosity piqued interest in Bitcoin, which led to playing around with its codebase and creating a fork of it. 
The maximum number of Litecoins is fixed. The fixed number of Litecoins circulated around the world comes to 84 million. It is estimated that every 2.5 minutes, a Litecoin block is generated. Only after careful verification by the miner, or with the help of mining software, does the next Litecoin enter the blockchain.

The price history and performance of Litecoin through the years have been commendable. Litecoin was easily listed on the exchanges and initially reached a price of 30 cents. From 2011 to 2013, the price rose from a few cents to three euros.

At the start of November 2013, Litecoin showcased an invasive spike in prices, reaching a level of up to 50 euros. But certain unprecedented events caused the price to collapse to as low as 1 euro in 2015, and the following two years, the price of Litecoin could only go up to 3 euros.

But in late March 2017, the Litecoin surged up again, and the second climb prompted it to reach 50 euros, and then in September 2017, it reached 80 euros. It hit an all time high, skyrocketed to 500% in two months, and reached around 371 euros.

There have been swings in the prices, and constant ups and downs have been part of the Litecoin buildup. Since summer 2020, a bullish trend has arisen and passed 200 euros in April 2021.

How do I trade Litecoin?

Here are the steps you need to take to trade in Litecoin:

• The first step is to open a trading account with Seven Capital as a trading account is a necessary step to trade in securities. Seven Capital will get you the assistance of professionals who can help you decide on the different aspects of investing in cryptocurrency trading.
• Once the trading account is opened, the next step is to decide on a trading plan. Keeping in mind some factor like:
  
  1. Define trading goals, split it up into short and long-term goals.
  2. Decide what other markets you want to look in other than Litecoin.
  3. Decide on the risk-reward ratio which means you need to learn the kind of risk you are getting in.
  
  Start a trade journal, which can help you understand what’s working for you.
   
• Even with the help of professionals from Seven Capital, it will be ideal to start your own research and understand the market on your own terms. This understanding will help you have quality discussions with the professionals and thus help you get the potential returns and profits.

Finally, you are ready to open your position with CFD trading in the Litecoin market