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Litecoin (LTC) is Down 50% in 2 Months

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Litecoin

Litecoin

Litecoin (LTC) has been in the news over the past few weeks ever since it had announced the highly polarizing halving event. Miners used to get 25 LTC for each completed block, but from now on they will be rewarded with 12.5 LTC for the same job. It was a controversial move, and experts had either panned the move or stated that it will have a positive effect on the price of Litecoin.

Key Analysis

The price of the coin remained unaffected after the halving event, but the price action remained tepid. However, a recent dusting attack on as many as 300,000 addresses led to a large decline in price and sent the token on another downward spiral.

In a nutshell, there is not a lot of optimism around Litecoin at this point in time, and the reasons are quite clear. However, there are certain Litecoin analysts who believe that the token is nearing a point, or ‘bedrock support,’ from which it could break the downward price trend and move upwards. Since the halving event took place, the price of Litecoin has plunged by as much as 25%, and it is not surprising that there is widespread pessimism in the community. Moreover, the founder of the coin has promised another halving a few years down the line.

>> Bakkt Set for September Launch: Here’s What You Need to Know

However, it is important to note that Litecoin went ahead with this event even when the entire cryptocurrency market has been under a bit of pressure, and the prices of many tokens have faltered. The crypto analyst named Loma, who primarily expresses his views on Twitter, stated that since it is nearing bedrock supports, it is the “maximum point of opportunity” for investors who want to get in now. In other words, the price of the token could be surging in a few days, if the analyst’s prediction is to be believed.

What do you think?

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Litecoin (LTC) is the Top Altcoin Performer in 2019

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Litecoin

Litecoin

Cryptocurrencies have bounced back after imploding in early 2019. While all the major digital currencies have bottomed out from one-year lows, Litecoin (LTC) has emerged as a top performer as it continues to elicit strong interest.

Cryptocurrency Renascence

A 360% plus rally from one-year lows underscores the love that Litecoin continues to receive in the market. Elsewhere on the market, Bitcoin (BTC), the largest cryptocurrency, has rallied by 135%, while Ethereum (ETH), the second biggest crypto, is up by close to 100%. With a market cap of more than $8 billion, Litecoin is currently ranked as the fourth largest digital asset.

Wider acceptance, especially from institutional investors as well as mainstream institutions, continues to strengthen investor sentiments about cryptocurrencies. The cryptocurrency renascence is likely to continue as more products designed to give investors broader exposure to digital assets hit the market.

E-trade Financial Corp is in the process of creating a platform for trading cryptocurrencies. AT&T Inc has made it possible for people to pay their bills using digital tokens.  Facebook is also believed to be in the process of launching its own digital token.

While Litecoin transactions are down by nearly 80% from their peak in early 2018, they have once again started edging higher in line with the spike in price. However, high levels of volatility in transaction fees continue to derail the use of LTC in transactions.

>> Bitcoin (BTC) Moves Up Again, Hits New High Above $9,300

LTC Halving

Litecoin’s strong performance is likely to continue ahead of the much-awaited halving process. The halving process will result in the number of coins miners are awarded being reduced by half. Once the halving process is complete, miners will receive 12.5 LTC for every block created, down from 25.

By cutting the number of coins that miners get per block, Litecoin hopes to reduce supply into the market, something that should continue to prop the crypto price. Halving is not anything new and, in fact, happens every four years.

The last time Litecoin halved its reward price, the underlying price rallied 60% in three months. Litecoin is not the only cryptocurrency that has turned to halving to prop its price. Flagship cryptocurrency Bitcoin is poised to undergo a similar process in May of next year.

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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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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) and Bitcoin Cash (BCH) Tumble on Massive Crypto Sell-Off

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Litecoin

Litecoin

As the broader crypto markets are witnessing a big correction, two popular cryptocurrencies Litecoin (LTC) and Bitcoin Cash (BCH) are among the top losers.

Litecoin Cracks

This has been an excellent year for Bitcoin and cryptocurrencies by and large, due to the incredible bull run that has been seen this year so far. Due to the surge in the price of Bitcoin over the past months, altcoins have also gained considerably, but one of the altcoins that has not had a great time as of late is Litecoin. However, that could change next month, if the co-founder of the cryptocurrency is to be believed.

At this point of time, the token is down by as much as 15%; however, a tweak that is going to take place on the blockchain is expected to send the prices soaring in August.

Litecoin has tumbled 30% from its 52-week high of $145 in late June.

According to most reports, which were then confirmed by the co-founder of Litecoin, Charlie Lee, the blockchain is now looking for a definitive way to change how the entire process is going to work from now on. Currently, once a block is successfully mined, 25 Litecoin tokens are produced. A lot of computing power and equipment goes into doing this. At the end of the day, the cost of electricity and maintaining the computing power is considerable, which is why the step taken by the company might not be popular with miners but could be a huge hit with investors.

From now on, the number of Litecoin tokens that will be produced per block will be cut down by 50%, meaning that each mined block will produce 12.5 Litecoin tokens instead. The ensuing scarcity is then going to increase the price of each token from next month. Lee said that it is going to be a problem for miners, and it will take some time before they adjust to the new reality. That being said, many experts believe that this particular tweak has already been priced into the current level of Litecoin.

>> Bitcoin (BTC) Finds the Hurdle Again, Plunges 12% Quickly

Bitcoin Cash Falls 14%

Bitcoin Cash (BCH) is another notable loser in the crypto space and lost as much as 14% to $347, with a session low of $318. It is important to note that BCH has unperformed Bitcoin in the past one month.

Bitcoin Cash has tumbled over 30% from its recent high of $505. Moreover, BCH is down 85% from its all-time high.

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Litecoin Halving | What You Should Know Before the Big Event

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Litecoin

Litecoin

Litecoin has grown impressively over the past couple of years and despite the slump in the crypto markets last year, it has managed to hold onto its position among the top five cryptocurrencies.

Key Analysis

However, the cryptocurrency is now entering one of the most critical periods in its history due to the halving that is going to take place in its blockchain next week. This is a measure to possibly ensure that Litecoin remains scarce, but at the same time, it is also important to point out that it hits the pockets of miners directly.

The halving is actually the halving of rewards for miners, who will receive half of what they used to upon completing mining one block. It remains to be seen how the market reacts once the whole thing is done and dusted.

The Litecoin halving is going to go into effect from August 5 and from then on, miners will get 12.5 LTC per completed block as opposed to the 25 LTC that they have been getting for all these years. Now, it goes without saying that such a measure is not a good thing for the actual miners, but when it comes to the ultimate price of Litecoin, it could actually do wonders.

>> Bitcoin Falls 30% from Highs: Analysts are Still Bullish

The halving needs to be looked into as a move that is akin to central banks raising interest rates and thereby making borrowing more expensive. Once the Litecoin halving does take place, then it is a safe assumption that the supply of Litecoin will go down and hence, crypto traders might pile on to the token before the actual event takes place.

It goes without saying that there is a distinct possibility of prices going higher once the halving takes place. That being said, if the actual miners continue to mine at the same rate as they were before, despite the lower rewards, then there is going to be no effect on the price of LTC at all.

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Litecoin (LTC) Progress is Solid

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Litecoin

Litecoin

The month of August was a hugely vital one for Litecoin as the cryptocurrency finally had its much anticipated and highly controversial halving event. By way of that move, the reward for Litecoin miners for each completed block has been reduced from 25 LTC to 12.5 LTC, and that had set off fears that a dramatic crash in the price would occur. Nothing of the sort happened, and in fact, the price of Litecoin rose after the halving as many experts had predicted.

Key Details

That being said, it did not, however, lead to the sort of price action that many had expected and predicted. In light of the latest concerns, the founder of Litecoin, Charlie Lee, took to the social networking platform Twitter in order to clear the air somewhat.

Lee stated that there is a lot of FUD (fear, uncertainty, and doubt) that is being created by outside forces with regards to Litecoin and hence, investors should not believe that there is anything wrong with the token. He then wrote about the difference with Bitcoin with regards to code releases and also stated that it is a completely false claim in certain quarters that any kind of development has stopped taking place on the Litecoin blockchain.

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However, it needs to be kept in mind that there is a lot of confusion among Litecoin investors at this point in time and it could be a ripe situation in which many might consider cashing out their investments. Moreover, despite there being no price crash due to the halving, it also did not lead to any great momentum, and currently, Litecoin is a long way off from its highs of $144. It is currently trading at $88 per token, and hence, it could well move to a selling trigger for plenty of investors. The next few weeks could prove to be critical for Litecoin and also its investors.

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Litecoin Continues Its Robust Performance, Hits New 52-Week High

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Litecoin

Litecoin

In the last five months, Litecoin (LTC) has performed exceptionally in the cryptocurrency market and has grown 3.5 times. On Monday, Litecoin’s price grew to its highest level in the last 12 months, rising to $128.07. The last time the price of the coin came close to that was last year on May 23 when it traded at $126.

LTC Performing Well Despite Market Fluctuations

Currently, Litecoin is defying odds and continues to perform well despite the current market fluctuations. There has been mass adoption of Litecoin that is driven by the growing usage of Litecoin Onchain that may further drive the value of LTC. The growing trend of Litecoin is a result of a combination of partnership and the growing popularity of the coin’s platform.

According to recent price action, LTC is surging to a higher value, and currently, it is up by over 30% since June 4 when it traded at $97. Over the same period, the world’s leading cryptocurrency by market share, Bitcoin, has only gained 7%.

The outperformance of the coin is likely a result of the mining reward halving that is expected in the next two months on August 8. The mining reward on the Litecoin blockchain is expected to be halved to 12.5 coins per block from 25 coins.

>> Microsoft Adds Blockchain Tools to Power Platform

Litecoin to Replicate 2015 Performance?

In the last three months before the previous reward halving that happened back on August 25, 2015, the cryptocurrency rallied by over 500%. The price increased from $1.50 in May to a high of $7.00 by July 2015 before finally dropping back to $3.00 after halving. Based on the previous trend, the cryptocurrency will continue gaining in the next four weeks before experiencing a stint of profit taking prior to the August 6 event.

In the last five days, the value of LTC has shown tremendous growth after the coin leaped from $98.86 to around $121.12, and currently, Litecoin is trading at $116.57. The coin is expected to exhibit the bullish trend in the coming months and could reach $150 by the end of the year.

What do you think?

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Litecoin (LTC) Outperforms Bitcoin Ahead of Blockchain Halving

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Litecoin

Litecoin

Litecoin (LTC) continues to outperform other cryptocurrencies ahead of the much-awaited halving of its blockchain. Over the last seven days, the altcoin has averaged 5% in returns compared to just 1% for Bitcoin (BTC). Other cryptocurrencies continue to post mixed fortunes after a meteoric rise in the first half of the year.

LTC Halving

The renewed interest stems from a growing interest in the mining halving process scheduled for August 6. With the halving, miners will end up getting just half of the coins they get now, with each new block mined. The halving process seeks to reduce the amount of LTC coins in circulation.

The fact that miners will end up getting 12.5 coins from 25 coins with each successful mine should lead to less circulation. Considering the forces of supply and demand, this explains why the coin is flying high ahead of the much-awaited event.

Crypto analysts expect Litecoin to continue surging ahead of the big event given the strength of the upward momentum. The crypto is already up by more than 300% from this year’s lows. The analysts have also warned of a potential sharp pullback given that the event appears to be already priced in.

>> TRON (TRX): Is it the Right Time to Buy Ahead of Key Catalysts?

Cryptos Growing Adoption

The resurgence in the crypto sector could as well be attributed to their increased usage, as well as an influx of institutional investment activity in the sector. Technology companies are increasingly finding ways to incorporate cryptos in their day-to-day operations, which has helped to add a layer of credibility after years of concerns.

Increased usage is one of the reasons the likes of Litecoin and Bitcoin are likely to continue rising. Store owners are increasingly adding support for cryptocurrencies as a means of completing transactions. LTC cryptocurrency holders can now use the coin in more than 39,000 places.

Some of the notable stores that accept Litecoin payments include Nordstrom and Barnes & Noble. Flexa Network is the latest network to add support for LTC payments in addition to supporting Bitcoin, Ethereum (ETH), and Bitcoin Cash (BCH).

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Litecoin (LTC) Slumps Over 60% from This Year’s High

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Litecoin

Litecoin

The rally in the cryptocurrency space over the course of the first six months of the year was nothing short of staggering and although Litecoin did not gain as much as many thought it would, it did not drop alarmingly either. That being said, LTC has dropped in value dramatically from its highs this year.

Why the Sudden Fall?

Things have become particularly chaotic over the past few days as LTC kept dropping in price at almost all exchanges worldwide. However, the most important thing to point out in this regard is that there is no clear explanation yet about the sudden nosedive.

The scale of the drop has been quite significant, and hence, it is no wonder that investors in LTC are also not quite sure about the immediate future of the altcoin. The token has peaked this year at $146.43, but since then, it has suffered a massive drop and only last month it had been trading at only $57. That reflects a drop of as much as 61%, and there is still no indication whether the selloff in Litecoin is going to end any time soon.

>> Ethereum (ETH) Drops 2% in Broader Crypto Market Sell-Off

Over the past few days, the price has recovered somewhat, and it has remained largely range-bound. However, the bounce-back of sorts is not significant in any way, considering the fact that it has been trading between $70 and $80 for much of the past two weeks.

While no clear explanation has yet been put forward, analysts have professed their own ideas with regards to the drop. One of the most popular theories is that many of the investors have decided to book their profits in LTC and decided to cash out. The sudden departure of so many investors has resulted in the sharp decrease in price in such a short span of time. However, it remains to be seen how Litecoin behaves over the course of the next few days.

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