Litecoin is one of those cryptocurrencies that were created by design almost identical to Bitcoin. However there are significant differences. Litecoin aims at Bitcoins weakest point and that is speed of transaction which can take a lot of time with bitcoin and can be done very fast using Litecoin. This property alone makes it very popular. For years Litecoin has been one of cryptocurrencies with biggest market caps. In December 2017 Litecoin market cap was more than $20 billion dollars. Huge popularity of Litecoin made it obvious to 24Option that they need to offer Litecoin options. Continue reading about 24Option Litecoin trading and find out more about the coin and how trading options works.
24Option Litecoin Trading – Litecoin Properties That Make It Better Then Bitcoin
Most important one is the speed of transaction. While Bitcoin speed of transaction can be very slow, sometimes even up to one hour if the mempool is full. Litecoin on the other hand offers lightning speed transactions that are promised to be done in 1 second.
Litecoin was first released on October 7, 2011 by Charlie Lee. The Litecoin network went live on October 13 that same year. Litecoin has decreased block generation time – 2,5 minutes, while Bitcoin has 10 minutes. This enables Litecoin to process transactions faster than Bitcoin network. Litecoin has increased maximum number of coins, different hashing algorithm and modified GUI.
Currently Litecoin is being traded at price of $234,34, with market cap close to $13 billion. In the picture below you can see price movement and market cap variations of Litecoin in past 30 day period. As you can see Litecoin is quite volatile asset much like all other alt coins. Litecoins volatility is what makes it great for trading options.
Source: Coinmarketcap.com – Price and market cap of Litecoin in past 30 days
24Option Litecoin Trading – Why Trade Options Rather Than Invest In Litecoin Itself?
There are 3 main reasons:
- Investing in any cryptocurrency is not for faint hearted. Sometimes it will take months before your assets price moves significantly above the USD price you paid for it. With options you can make money on every trade that can be completed within minutes.
- Cryptocurrency market is volatile, just check the Litecoin graph above. If you had bought Litecoin in December by 12th January you would have lost a lot of value. When trading options you can make money even if the price goes down. You can hedge your positions to minimize potential losses. You can read great article about that here.
- If you already hold position in Litecoin. Options are great toll for hedging positions traders are holding in various assets. If you are holding Litecoin you are betting its price will go up. To be sure you will not lose your money all you need to do is to buy option that says price will go down. If you hedge properly whatever happens on the market you make money.
24Option Litecoin Trading – Conclusion
If you already hold position in Litecoin or you just happen to have a lot of knowledge about that cryptocurrency you can turn that knowledge into profit by trading options much faster than trading Litecoin itself. You need a broker for trading options. You can open trading account at broker 24Option which is well-known and trusted options trading broker. Just click on the button below the text to open your free trading account. If you are looking for more information about 24Option feel free to read our full 24Option review.