Helpful Tips on Trading BTC and LTC with Profit

  • 8 months   ago

Bitcoin, called crypto gold, and Litecoin, known as crypto silver, are two leading cryptocurrencies in the market. Although Bitcoin emerged first, Litecoin quickly caught up with it in terms of widespread popularity. The two currencies have major differences that separate them as investment assets, yet they are quite similar.

In this guide, we'll go over some helpful tips you should consider to make either BTC or LTC trading more profitable!

Strategy for Profitable BTC Trading

Tip 1. Be Familiar with the BTC Market

Tip 2. Pick the Perfect Trading Method

Trading LTC for Profit

Tip 1. Stay Updated on Litecoin Prices

Tip 2. Select the Perfect Trading Strategy

Last thoughts

Strategy for Profitable BTC Trading

First, we have Bitcoin (BTC), the top cryptocurrency in the world based on market cap, which paved the way for other altcoins. These tips will come in handy when trading BTC.

Tip 1. Be Familiar with the BTC Market

Making a profit with BTC involves knowing when to invest or pull out your funds. Therefore you should be up to date with what affects the Bitcoin value:

Supply of Bitcoin. Bitcoin has a limited supply, which means that the demand will increase in the coming years as supply decreases. Consequently, this will increase the price.

Important Happenings and Integration. Often, certain announcements affect the entire Bitcoin industry and its price. Bitcoin’s value increases when it is featured on major banking and payment systems, such as PayPal.

Unfavorable Press. Controversial or negative news about the value, longevity, or security of Bitcoin will cause the price to drop.

Tip 2. Pick the Best Trading Method

While choosing your trading method or a strategy, it's important to note that most altcoins follow the BTC price movement. Bitcoin is more stable than many other altcoins, so it's suitable for both a long-term strategy and a short-term one.

Trading LTC for Profit

Next is Litecoin, one of the leading digital currencies and very popular among traders looking for Bitcoin alternatives.

Tip 1. Stay Updated on Litecoin Prices

LTC is different from BTC as it offers more supply, as well as a lower price.

Short-term investment and stability. Litecoin is fairly predictable and relatively stable in the short term. Also, the price is lower and more affordable for traders.

Litecoin medium-term investment. Crypto investors go for Litecoin trading nowadays and don’t hold the currency because of the bearish market. 

Long-term investment: Those that decided to invest in Litecoin in 2017 by holding it were left with almost nothing when the value dropped by 90%.

Tip 2. Select the Perfect Trading Strategy

When it comes to its trading strategy, Litecoin fits better with a hold/sell short-term or medium-term strategy than a long-term one, as explained in the first tip. Litecoin has a massive long-term predicted growth and is expected to reach a peak price of $10,000 per token in 2025.

 

Last Thoughts

BTC and LTC are ideal as investments or trading assets, depending on your needs. Whether you invest in them separately or trade them together, you will gain profit only if you are familiar with the market and price movement, and you use the right trading strategy.

If you want to trade these two currencies together, find out about the LTC to BTC exchange rate.

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