The price of litecoin (LTC) was quoted in three digits across cryptocurrency exchanges earlier today.
The fifth largest cryptocurrency by market capitalization jumped to $107.71 at 02:00 UTC, the highest level since June 12, 2018, according to CoinDesk’s Litecoin Price Index.
The bullish move has stalled in the last few hours, though, with the price currently trading around $94, representing a 1 percent gain on a 24-hour basis.
Litecoin isn’t the only crypto rallying today, either. Other prominent cryptocurrencies like ethereum’s ether, XRP, EOS and Binance coin are also flashing green. Notably, ether (ETH) jumped to $272 earlier today, the highest level since Sept. 5 and is currently the best performing top 10 cryptocurrency of the last 24 hours, according to CoinMarketCap.
The alternative crypto assets have found love in the last 48 hours as bitcoin’s bullish momentum is showing signs of weakness. The leading cryptocurrency by market value printed a fresh 10-month high of $8,360 in Asian trading hours today, only to quickly fall back below $8,000, as per CoinDesk’s Bitcoin Price Index.
With bitcoin struggling to maintain gains above $8,000, investors may continue to pour money into altcoins. Litecoin, in particular, could shine bright over the next few weeks, as the mining reward halvingis now less than 90 days away.
On Aug. 6, the reward for mining coins on litecoin’s blockchain will drop from current 25 LTC to 12.5 LTC. The process, aimed at curbing inflation, is repeated every four years and markets tend to price in the supply-altering event well in advance, according to historical data.
LTC/USD and LTC/BTC daily charts
LTC/USD (above left) jumped above $100 earlier today, as expected, having witnessed a falling wedge last month and an inverse head-and-shoulders breakout on May 14.
The bullish price action is accompanied again by an overbought reading an (above-70 reading) on the relative strength index (RSI).
However, with reward halving due in less than three months, pullbacks, if any, will likely end up fueling stronger price rallies toward $155, which is the 38.2 percent Fibonacci retracement of the sell-off from December 2017 highs to December 2018 lows.
The bullish view would be invalidated if LTC violates the current higher lows, higher highs pattern on the RSI with a move below 68.83. That could happen if bitcoin falls sharply toward $5,000.
Even then, LTC may outperform BTC, courtesy of the reward halving boost, leading to a big rise in LTC/BTC, which is currently trapped in a falling channel (above right).
Disclosure: The authors hold no cryptocurrency assets at the time of writing.
LTC Founder Charlie Lee Discloses Investment in BTC Development Firm Casa
On Aug. 16, Litecoin (LTC) founder Charlie Lee disclosed in a tweet that he is “an investor in Casa,” a Bitcoin (BTC) personal key security firm. He also noted that he has high hopes for the company:
“I have the same feeling about Casa today as I had about Coinbase when I joined in 2013 as the 3rd hire. Casa is making Bitcoin easy to use and that is extremely important for this space. Looking forward to great things!”
A notable hire
The tweet was posted in response to Casa announcing the hire of a former engineer and product developer at Microsoft and software firm Tableau, as well as a Seattle Bitcoin Meetup organizer Brian Lockhart. The tweet states:
“We are thrilled that we were finally able to convince him to come out of retirement and play in the big leagues at Casa.”
According to Crunchbase, Casa received $2.1 million in funding so far during its seed round in March 2018.
As Cointelegraph reported in June, Casa Node, one of the industry’s popular pre-synced node products, relied on an inbuilt Raspberry Pi, though earlier iteration of the model caused frustration for some users due to its reported slowness.
In July, Facebook reportedly hired Standard Chartered Bank’s head of public affairs Ed Bowles for its cryptocurrency project.
Litecoin’s Charlie Lee says signing a message with genesis key is the only way to authenticate Nakamoto’s true identity
Over the years, Bitcoin has grabbed the attention of crypto Twitter repeatedly, with BTC always being a trending topic, yet the identity of its founder is surrounded by a cloud of mystery.
Recently, crypto community’s attention was caught by yet another person claiming to be the “real Satoshi Nakamoto”. The news went viral on Twitter after the self-proclaimed individual claimed to hold 980,000 BTC. Since the inception of the king coin, many individuals have made attempts of claiming to be the real Satoshi Nakomoto. At this stage, Satoshi Nakamoto Renaissance Holdings, a blockchain company, stated that the “real” Satoshi would finally break his silence after a decade of anonymity.
As this is NOT the first time someone has come forward and claimed to be Satoshi Nakamoto, many wondered how such “claims” can be proved/disproved.
Litecoin’s Charlie Lee, shared his opinion over Twitter,
“Satoshi Nakamoto brought to the world an open-source, decentralized, trust-less, censorship-resistant currency based on math and cryptography. If Satoshi wanted to reveal himself, he would sign a message with the genesis key. Anything short of that is most likely fraudulent.”
Many enthusiasts backed Charlie Lee’s comment that signing a message with the private key to the genesis block is the sole method of authenticating Nakamoto’s true identity.
Litecoin Founder Charlie Lee Invests in Startup Casa to Make Bitcoin ‘Easy to Use’
Litecoin founder Charlie Lee has revealed on Twitter that he is a supporter and investor in cryptocurrency custody startup Casa.
Charlie Lee is a fan of cryptocurrency custody startup Casa. The founder of Litecoin congratulated Casa on Twitter for hiring a new product lead, after which Lee revealed that he has invested in the startup.
Casa, the cryptocurrency custody startup that aims to maximize safety and security for its crypto users, are supported by Litecoin founder Charlie Lee.
Today, Charlie Lee tweeted about the startup, congratulating the company for hiring a product lead. Furthermore, Lee shared his confidence in the startup. The Litecoin founder compares Casa with the times when he joined Coinbase back in 2013.
The cryptocurrency startup has raised over $3.5 million over the past year. The goal of Casa is to offer a “key manager app in every pocket and a node in every home.”. The Keymaster mobile app is available for iOS and Android.
Last year the company released its first premium product dubbed “Keymaster,” a multi-signature service for bitcoin investors. Soon after, Casa announced its plug-and-play Bitcoin Lightning node, the “Casa Node,” to much fanfare, selling out its initial batch in two hours. Casa has shipped over a thousand Casa Nodes since it was released.