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Litecoin’s Stellar Rise: A Comprehensive Review

January 6th marked a remarkable day for the digital currency Litecoin (LTC), which experienced an impressive surge of over 11%. The upsurge resulted in Litecoin surpassing Stellar Lumens (XLM) to secure the sixth position in the global cryptocurrency market cap ranking.

As per the figures released by CryptoCompare, Litecoin was trading at $39.73 with a market cap of $2.38 billion, while Stellar Lumens was valued at 0.1208 with a market cap of $2.31 billion.

Litecoin on Snow

The last 30 days have presented a favorable phase for Litecoin, also dubbed “digital silver” (with Bitcoin as “digital gold”). The cryptocurrency saw a remarkable 62% increase in its value from $24.50 on December 7, 2018, to $39.73 on January 6, 2019.

Decoding Litecoin’s Success

Several factors contributed to the positive sentiment towards Litecoin. A few key reasons include:

  1. Expansion of Lightning Network: The network recently surpassed 100 active nodes for the first time, indicating a growing acceptance and usage.
  2. Enhancements by Creator Charlie Lee: In a recent interview, Lee mentioned his plan to introduce support for Confidential Transactions to improve Litecoin’s privacy and fungibility. Additionally, Lee aims to provide support for Schnorr signatures to enhance scalability.
  3. Development of Atomic Swaps via Lightning Network: As mentioned in a Litecoin Foundation blog post, the development of Atomic Swaps through the Lightning Network will increase Litecoin’s utility. The addition of Litecoin support to Rootstock’s roadmap also promises ethereum-like smart-contract capabilities.
  4. Global Awareness Campaigns by Litecoin Foundation: The foundation’s willingness to spend money on global awareness campaigns also played a pivotal role in Litecoin’s rise. A perfect example is the foundation’s sponsorship of a UFC title fight.

Excited to announce that the Litecoin logo will be on the canvas as the Official Cryptocurrency Partner of @UFC 232 on 12/29 in Inglewood CA! Read more: https://t.co/y4yvPWb6rj pic.twitter.com/ddML54j5GH

— Charlie Lee [LTC⚡] (@SatoshiLite) December 26, 2018

Featured Image Credit:Photo by “Marco Verch” via Flickr.com; licensed under “CC BY 2.0”

Litecoin vs. Stellar: A Comparative Review

When comparing Litecoin (LTC) and Stellar (XLM), several key factors come into play. User ratings, price changes, supply volume, hash rate, transaction speed, and block reward are a few of the crucial parameters to consider.

At the time of writing, Litecoin’s price was $64.28 with a 24h volume of 6,454,908.657. It had witnessed a price change of 1.74% in the last 24 hours. The max and total supply of Litecoin was capped at 84,000,000.0 with a circulating supply of 73,694,046.73347. The hash rate of Litecoin stood at 165730 with a block reward of 13.5.

On the other hand, Stellar’s price was 0.1122 with a 24h volume of 4,637,611.72426. It had experienced a price change of 0.36% in the past 24 hours. The max and total supply of Stellar was a whopping 50,000,000,000.0 with a circulating supply of 50,001,787,182.467. Stellar’s transaction speed was at 2000 with no block reward.

Both cryptocurrencies enjoy a user rating of 5.0, based on multiple user reviews.

Basic Rules for Cryptocurrency Trading

If you’re planning to invest in cryptocurrencies like Litecoin or Stellar, it’s essential to keep in mind a few basic rules:

Emotion Management: It’s crucial to keep your emotions in check while trading. Avoid chasing prices and remember that every token has its time to rise.

Avoiding Hype: Be critical of everything you hear and read in the cryptocurrency market. Transparency is often scarce, and it’s important to analyze the motives behind every piece of news.

Resisting False News: Don’t base your decisions solely on news. Do your research and study the topic yourself.

Investment Diversification and Risk Management: Diversification is a key investment strategy. Your portfolio should be a mix of low risk, high market capitalization tokens (40%), average risk, average market capitalization tokens (30%), and high-risk, low market capitalization tokens (30%).

Avoid Storing Tokens on Exchanges: It’s safer not to store your tokens on exchanges. Consider them as yours only when they are in your wallet.

In conclusion, both Litecoin and Stellar have their pros and cons. It’s up to individual investors to decide which coin is a better buy and a more viable long-term investment.

Read more:
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Alexa Medliscott

Alexa is the Financial Editor at InvestorDaily.org and brings a wealth of experience, having written for various industries over the past 12 years. Her investment platform reviews, news, blogs and guides are meticulously researched, fact checked, and updated on a regular basis. Follow Alexa on LinkedIn.

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