Lets talk about Litecoin and how Bitcoin Drags it along behind
Litecoin is probably the Bitcoin of scrypt coins. It is so popular with miners and investors alike. The question people ask me is "How do i know if i should invest into it". You guys know i only follow a few currencies and LTC is one of them. This currency is probably the most predicable of all of the currencies. Below im going to provide 2 charts the top one is LTC and the bottom one is BTC.
If you look closely and follow the trend you will see that Litecoins price is directly affected by Bitcoins price. The charts look very similar don't they? Thats because Litecoin will move in any direction Bitcoin moves in. How does this benefit investors? If your invested into Bitcoin and the price goes up, you may want to throw a few bucks into LTC because they will soon follow suit. When the price goes down its safe to say the price of LTC will also fall. This is not a guaranteed situation every time but for the last few weeks this has been the case.
Just like with any investment their will always be a chance of loss. The risk is always high even if you know what your doing. Please when reading my topics just make sure you use me as a guideline and not as a guaranteed money maker. I wish you all happy trading!
As always thank you for reading please don't forget to follow me and like the topic.