The cryptocurrency market, at the moment, is in the middle of a rollercoaster ride, causing prices to fluctuate significantly after a bullish hike lifted the industry’s value and the collective market cap.
The market change further resulted in other factors of the market shifting for the better, with mining difficulty being one key example. Recent analyses had shown that there were more miners mining Litecoin [LTC] at the moment than when the cryptocurrency peaked during the end of 2017. The reason why an increase in difficulty is good for the fifth largest cryptocurrency is that it implies an increase in Litecoin’s network security.
LTC’s mining reward was at 12,991,940 and the number only seemed to be growing, with a 1.85 percent 24-hour hike, at press time. Litecoin’s mining profitability was at $3.9377 USD per day for 1 GHash/s, a rate consistent with the growing difficulty.
The Charlie Lee-founded cryptocurrency had a good market run during May, but June saw some hiccups in the LTC price ecosystem. The cryptocurrency’s price took a hit on the 24-hour spectrum after its value fell by 9.6 percent to trade at $103.89, at press time. The total market cap for the cryptocurrency was holding at $6.3 billion, with a 24-hour market volume of $4.03 billion.
Litecoin was also in the news recently after Kraken announced support for all bech32 formats for LTC withdrawals. The cryptocurrency exchange tweeted,“Kraken Litecoin (LTC) withdrawals now support all address formats – Bech32 (native SegWit starting with “ltc1”), M (P2SH starting with “M”), and L (non-P2SH starting with “L”). Existing addresses aren’t affected, only new addresses will need to use the new formats.”
Litecoin technical analysis: LTC/USD critical bearish flag breach
- Litecoin price is trading in the red in the session by some 4.15%.
- LTC/USD bears are breaking out to the downside from a bearish flag structure.
- Given the above-detailed breach, the psychological $50 mark is likely in the sights of the bears.
LTC/USD daily chart
The current daily candlestick is being driven by the bears, smashing out from a bearish flag pattern.
LTC/USD 60-minute chart
The bears are testing a critical near-term ascending trend line of support, subject to a potential breakout south.
Spot rate: 54.55
Relative change: -4.15%
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Tone Vays Calls Litecoin[LTC] A Scam; Litecoin Creator Defends it With a Coke-Pepsi Analogy
Leading derivatives trader and crypto analyst Tone Vays, in a recent tweet, alleged that cryptocurrency Litecoin[LTC] is a scam. He took a sarcastic dig at Litecoin supporters and posted a screenshot dated back to 2013, explaining why Litecoin is a scam.
Litecoin Brings “Nothing New to The Table”
Tone Vays’ posted explanation brings bad light to Litecoin, mentioning that Litecoin, unlike Bitcoin, doesn’t bring anything new to the table. The post mentions that Bitcoin is a technological innovation, whereas other altcoins like Litecoin are mere clones that retain the “pump and dump nature” of Bitcoin.
Furthermore, the post talks about the change in Litecoin mining protocol- a shift from SHA256d to scrypt. The latter is far more prone to attacks than the former and performs poorly on the consumer hardware. Secondly, the faster target block time was considered an issue as faster blocks bloat the blockchain more.
Charlie Lee Responds Using Coke-Pepsi Analogy
Interestingly, Charlie Lee, founder of the Litecoin Foundation responded and said that all such assumptions are based on the fact that Litecoin is not a viable currency. Furthermore, transactions worth $500B have been carried out on the platform in the past 8 years. He then went on to give an interesting analogy – if someone drank Pepsi and thought that Coke was inferior to Pepsi it didn’t make Pepsi a scam. His implication was that even if people thought that Bitcoin was superior to Litecoin, Litecoin is not a scam. Advertisement
Tracking the Twitter
This comment led to a tweetstorm and garnered interesting responses from crypto twitter. A twitter user with handle “Jack of Hearts” said that comparing the transaction volume didn’t make any sense. However, he was convinced of the Coke- Pepsi analogy.
Another user with twitter handle “BrainDeadXrpFan” said that he thought Vays was a scam. He further alleged that the latter mislead people into “not” buying anything while his own motive is to multiply his investments.
Twitter user Tanzeem said that Vays is a scammer as he charges 0.3BTC/ hour and still expects Bitcoin to go under $3000.
Talks about Litecoin just banking on Bitcoin’s market shares also surfaced. To which Lee replied that Litecoin helped Bitcoin immensely whereas Pepsi in no manner helps coke.
Another crypto user alleged that Lee sold his project for fiat thus defeating the very purpose of Bitcoin. Lee in a sarcastic tweet then answered that it was his money and the decisions regarding it are solely his.
Litecoin Price Takes a Moderate Plunge; Deals at $55
- Litecoin price embarks a bearish trend.
- This moderate fall is likely to be lifted soon.
Litecoin (LTC) is dealing with the bear attack and the current scenario of the market is giving mixed indications. The movement in the coin isn’t voluptuous and looks like the day would go in a similar way and the coin is slowly slipping towards the immediate support level.
Litecoin Price Analysis:
Litecoin started trading around $65 when the immediate price escalated to $71 by 9.60%. The price kept moving up and further jumped from $63.9 to $73.3 by 14.71%. The upsurge kept intact and took the price from $67 to $80 by 19.64%. However, unable to hold the price took a tremendous fall and touched $50 by 37.23%. The coin closed the month of September at $57.5 with a loss of 11.05%.
The ongoing month started with a moderate movement and there were a few slight upward movements. The price touched $58 from $53 by 10.23% and later, it jumped from $57 to $60 by 5.35%. The current trading price of Litecoin is $55.6.
Litecoin has spent two marvelous quarters in the ongoing year while the previous quarter brought a heavy fall in the price. We have stepped in the last quarter, and in the first fifteen days, we can observe an upward movement. The currency is most likely to bring an upsurge in the forth upcoming days.
|Resistance Level||Price||Support Level||Price|
In the above-mentioned chart, the price seems to be moving towards the immediate support level. The intraday traders might be closing the day with a marginal loss. However, the future of the coin is anticipated to be great and the traders are recommended for long-term investment to earn a colossal profit.