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March 2010

Ethereum Soars Over 125% Since March

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Ethereum

Ethereum

Almost all markets across the world have been in turmoil owing to the economic uncertainties brought about by the coronavirus pandemic, and in that regard, the crypto market has been no different. However, one of the major cryptocurrencies to have made a remarkable recovery since hitting its lowest levels in March is Ethereum (ETH), and it is important to take a closer look at it. In this regard, it should be noted that ETH is the second-biggest cryptocurrency in the world, and its recovery might have an impact on the wider crypto market.

Major Triggers

The recovery has been quite remarkable, and it is only natural that investors are taking note of Ethereum since it rose 125% from its lowest levels. In a new development, it has now emerged that Grayscale Investments has acquired as much as half of all the ETH tokens that had been mined this year.

The actions of Grayscale could well be one of the major reasons behind the rally enjoyed by the cryptocurrency this year. According to a post that was published on Reddit, Grayscale now owns 1.1% of all the ETH tokens that are currently in circulation.

It is a significant development for ETH and marks the entry of an entity that looks after the interests of institutional investors. Grayscale is currently focused on a total of 10 cryptocurrency-related investment products and primarily caters to the interests of institutional investors.

>> ETH is in Focus Ahead of Ethereum 2.0: What to Expect?

At this point, Grayscale has investments worth $2.7 billion in its books, and out of that, the Ethereum Trust consists of investments to the tune of $234.7 million. It needs to be kept in mind that over the years, it has been said that the flow of institutional money is going to be the main trigger behind the growth of the crypto market, and it seems like perhaps this is finally happening. It remains to be seen how this latest development affects the attitudes of other investors with regards to Ethereum.

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How Will the Crypto Markets Perform in Coming Years?

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crypto markets

crypto markets

The crypto markets roared back to life at the beginning of 2019 after having a poor year previously, but many concerns remain despite the impressive show in the first half of the year so far. In an interview, the Managing Director of the advisory firm PFYN Advisory, Patrick Franz, spoke broadly about the range of changes that could eventually propel the crypto space even further in the years to come.

PFYN wishes to eventually harness a crypto markets ecosystem in which traders from all over the world can buy and sell cryptocurrencies around the clock without any worry in the world. Franz said that some of the biggest complaints he has heard about from clients related to delay in execution, difficulty in trading in the US Dollar in most exchanges, and the delay in settlements. That can lead to a lot of heartburn and loss of money for any trader.

Traders and Investors in the Crypto Markets

When asked about the best way in which space could become friendlier for traders and investors, Franz stated that meaningful regulations are the only way forward. He said that for an ecosystem to flourish, the investors need to have a degree of protection, and that can only come from regulation. He went on to state that although many crypto exchanges do claim to be regulated, an investor needs to look at the regulations pertaining to the entity that ultimately owns an exchange.

>> Ripple (XRP) Gains After Bank of America Includes Ripple Ledger

Lastly, he stated that another challenge for crypto markets at this point in time is the fact that the market is currently far too fragmented and prices vary considerably from one exchange to the other. In such a situation, it is difficult to envisage institutional investors getting into the space in a big way. However, Franz did go on to add that PFYN is working on ways to address these problems and has spoken to banks in Europe and Oceania regions with regards to the possibility of instant settlements.

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Litecoin (LTC) Corrects 35% From 52-Week High, What’s Next?

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Litecoin

Litecoin

2019 has been an excellent year for cryptocurrencies, with most tokens having gained considerably from their lows of 2018. However, the month of July has not been kind at all as statements from key figures like the United States President and the head of the Federal Reserve have wrecked the market over the past seven days. In that regard, Litecoin (LTC) has not been able to escape the carnage either and has lost some of its value during this period. That being said, there is, at last, some good news for Litecoin amidst all the doom and gloom of an uncertain crypto market.

Litecoin on Binance Singapore

In a new development, it has been announced that Binance Singapore has added Litecoin, and while the announcement has not made a huge impact on the price yet, it is a big development. The Litecoin token had been worth $140 at one point, but currently, it is trading at only $94. However, this listing gives the token access to a much larger and wealthier base of customers.

Singapore is currently at the 36th position globally in terms of Gross Domestic Product and remains one of the world’s most foremost financial hubs. It goes without saying that the token’s listing on Binance Singapore will eventually have a significant impact on it.

>> Bitcoin (BTC) Slumps 27% This Month: Here are Two Key Reasons

LTC definitely has significant potential, and currently, it is the fourth biggest cryptocurrency in the world in terms of market cap. Hence, this particular listing has the potential of opening up the token to considerable investment from the South East Asian market. More importantly, users in Singapore will be able to buy Litecoin using the Singapore Dollar, and at this point in time, that is the only pair that has been made available. It goes without saying that more pairs will probably be introduced as the interest in Litecoin rises in the region.

Litecoin has corrected over 35% over the past month amid broader sell-off in the cryptocurrency markets. However, despite the recent correction, LTC is one of the top performers and has gained 330% from its 52-week low $22.50.

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Litecoin (LTC) Eyes Fresh Gains Above $100

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Litecoin

Litecoin

Litecoin (LTC) is leading a recovery even as the broader cryptocurrency sector turned bearish in recent trading sessions. A spike past the $100 mark has come on huge trading volume, affirming renewed trader interest in the coin.

Litecoin Fresh Gains

Bulls have regained control, in recent trading sessions, after bears threatened to push the altcoin below the $70 mark. A spike past the $100 mark also comes 17 days away from the much-awaited halving event.

The halving is poised to result in a reduction in the amount of LTC that miners get rewarded, on the addition of a new block. The halving should result in the reduction of LTC coins in supply, something poised to strengthen the price even further given the forces of supply and demand.

The confirmation that the Litecoin Foundation has struck a strategic partnership with the Miami Dolphins is another catalyst fuelling the LTC bullish run. Under the terms of the agreement, the football club is to receive payments pegged on LTC for the 50/50 raffle. The partnership should result in increased LTC usage, a key to enhancing mainstream adoption of the coin.

Litecoin is likely to continue powering high as it is currently trading above the 50-Day Simple Moving Average and the $89 support level. The formation of an ascending trend line also looks set to continue supporting price rebounds above the $100–102 psychological mark. A breach of the $90 support level could trigger a pullback to the $76–78 support area.

>> Ethereum (ETH) Surges As 20,000 ETH Order Triggers Buying Spree

Emerging Tailwinds

Litecoin’s surge also comes amidst heightened pressure across the market. Regulatory pressures are slowly creeping up. The US government insists that cryptocurrencies pose a significant danger to national security, a sentiment that has gone on to rattle traders.

Sentiments by US Treasury Secretary Steven Mnuchin and President Donald Trump that cryptocurrencies are a tool for criminals also appear to have spooked traders. France has also piled pressure on the burgeoning sector by insisting that they cannot accept Facebook’s Libra without strict rules.

In contrast, former presidential candidate Ron Paulis is in support of the least amount of regulation on cryptocurrencies.

At the time of writing, Litecoin is trading at $98, up by 4%. LTC has recovered almost 25% from Wednesday’s low of $77.

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