Professional American football team the Miami Dolphins have announced a partnership with Litecoin, making it the team’s “official cryptocurrency” and potentially exposing millions of people to cryptocurrencies.
According to the press release, the Miami Dolphins and Litecoin have also partnered with Aliant Payments, a crypto merchant service and payments processing firm, enabling cryptocurrency payments for the team’s upcoming raffle.
Crypto users will be able to use Litecoin and Bitcoin to buy raffle tickets, which can be done online or through in-stadium kiosks at Hard Rock Stadium, with half of the proceeds going to the team’s foundation and related charitable causes.
Litecoin’s Charlie Lee commented on the announcement, saying:
“We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins. This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real-world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.”
The deal will also see Litecoin appear in Dolphins in-game branding as well as a host of other advertisement opportunities.
Litecoin Prices Fell Last Month As Profit Taking Drove Losses
Litecoin prices fluctuated in September, falling sharply after enjoying some modest gains earlier in … [+] the month. (Photo by Chesnot/Getty Images)
Litecoin prices declined in September, enjoying notable gains earlier in the month and then falling sharply as traders sold off the altcoin (cryptocurrency other than bitcoin).
The digital currency, which is very similar to its digital sibling bitcoin, climbed to nearly $80 on September 18, up more than 22% since the start of the month, before falling roughly 35% from that point to $51.84 on September 26, CoinMarketCap data shows.
The cryptocurrency, which has frequently been called the silver to bitcoin’s gold, then recovered, bring September’s monthly loss to 12.4%, additional CoinMarketCap figures reveal.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
The digital asset suffered some declines last month, after rallying more than 500% between December 2018 and June 2019.
Litecoin prices rose ahead of the halving in August, during which the rate of new supply of the digital currency was reduced by 50%.
Following this event, the cryptocurrency failed to rally in price, which may have helped precipitate notable losses in the subsequent weeks.
“After a meteoric rise in value this year, Litcoin has been consolidating in recent months due to profit-taking and the generally poor performance of crypto assets since July,” said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital.
In addition, the digital currency markets suffered a “huge sell off” toward the end of September, which “caused a lot of people to dump a lot of tokens at that exact time,” said Tim Enneking, managing director of Digital Capital Management.
Litecoin was “crushed” in this sell-off, which “affected every major token in the space,” he stated.
The sentiment surrounding litecoin fluctuated significantly during the month, according to data provided by cryptocurrency analytics platform TheTIE.io.
“Litecoin daily sentiment had been extremely positive, peaking on September 10th and remaining positive throughout Litecoin’s recent run-up,” said Joshua Frank, cofounder of TheTIE.io.
“Sentiment began to drop negative on the 22nd of September coinciding with the start of massive downwards price movement. Since the 25th sentiment has seen a slight rebound.”
This chart helps illustrate these changes:
“We have also seen tweet volumes on Litecoin drop to the lowest levels that we had ever recorded at the end of September,” stated Frank.
“Overall tweet volumes are down over 86% from their peak in January 2018,” he noted.
“This does not paint a rosy outlook for the coin as it signifies that retail interest in the asset is declining significantly.”
The chart below helps depict this activity:
However, Frank added that many major digital currencies are suffering similar problems, noting that for the most part, their long-term sentiment has been declining since August.
“Among the largest cryptocurrencies by market cap, sentiment on Bitcoin and EOS remain the highest,” he noted.
“Litecoin long-term sentiment has seen by far the biggest drop off,” Frank emphasized.
The chart below helps show these developments:
Many have voiced their doubts about litecoin development in recent months.
“People are definitely concerned about the development,” said Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet.
“[Litecoin] doesn’t have the luster of an Ethereum which continues to update and improve at a much faster pace, and with the introduction of DeFi it is a lock-in at number two. Their development is the biggest question mark surrounding Litecoin.”
Evan Kuo, CEO and cofounder of digital currency firm Ampleforth, also weighed in.
“The project is perceived as abandoned,” he stated.
However, Kuo emphasized that for litecoin, a “purely monetary instrument,” “only a small amount of maintenance is required.”
Even so, that ongoing work is “still necessary,” he noted.
“By comparison if aspirational platforms like Ethereum had ghost-town like repos that would be more concerning,” stressed Kuo.
People ‘Losing Interest’ In Litecoin
“Litecoin is essentially a lighter version of Bitcoin, with lower transaction fees and faster confirmation times,” noted DiPasquale.
“Over the years, Litecoin’s utility was due to Bitcoin’s shortcomings, and naturally, as Bitcoin improves, Litecoin becomes less relevant,” he asserted.
“Add to this the fact that development has been slow and mining reward has been halved this year – people are losing interest in LTC,” claimed DiPasquale.
Litecoin has suffered some perceived setbacks lately, but it is still one of the top digital currencies by market value, repeatedly ranking in the top 10 on CoinMarketCap.
“Litecoin has certainly done better than most cryptocurrencies and is still in the elite class,” said Garcon.
The altcoin, one of the original forks of bitcoin, has been in existence since 2011, giving it greater tenure than the majority of digital currencies.
“Ultimately, Litecoin’s future will depend on how fast the Litecoin Foundation manages to forge new, game-changing partnerships alongside showing development progress for MimbleWimble and Confidential Transactions,” said DiPasquale.
Further, the altcoin will need to differentiate itself, he stated.
“Litecoin needs to be able to stand on its own and distinguish itself from Bitcoin in order to survive in the long run.”
Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS.
Litecoin (LTC/USD) forecast and analysis on October 18, 2019
Cryptocurrency Litecoin (LTC/USD) is trading at 52.37. Cryptocurrency quotes are trading below the moving average with a period of 55. This indicates the presence of a bearish trend on Litecoin. At the moment, cryptocurrency quotes are moving near the lower border of the Bollinger Bands indicator stripes.
Litecoin (LTC/USD) forecast and analysis on October 18, 2019
As part of the Litecoin exchange rate forecast, a test of the level of 55.00 is expected. Where should we expect an attempt to continue the fall of LTC/USD and the further development of the downward trend. The purpose of this movement is the area near the level of 47.50. The conservative sales area for Litecoin is located near the upper border of the Bollinger Bands indicator strip at 58.60.
Cancellation of the option to continue the decline in the rate of Litecoin will be a breakdown of the upper border of the Bollinger Bands indicator stripes. As well as the moving average with a period of 55 and the closing of quotations of the pair above the area of 61.50. This will indicate a change in the current trend in favor of the bullish for LTC/USD. In case of breakdown of the lower border of the Bollinger Bands indicator bands, we should expect an acceleration in the fall of cryptocurrency.
Litecoin (LTC/USD) forecast and analysis on October 18, 2019 implies a test level of 55.00. Further, it is expected to continue falling to the area below the level of 47.50. The conservative area for selling Litecoin is located area of 58.60. Canceling the option of falling cryptocurrency will be a breakdown of the level of 61.50. In this case, we can expect continuation growth.
Litecoin LTC price recovers to $54; drop to $36 in sight
Litecoin LTC price has now recovered to the fifty-four dollars ($54) mark after falling down to the fifty-one ($51.4) dollars mark. This month, Litecoin (LTC) has failed to soar up above the sixty dollars ($60) mark. The LTC price chart is back to observing a downward momentum towards the fifty dollars ($50) mark. If the coin drops below the fifty dollars ($50) price mark, the LTC/USD trading pair will have a bearish market trend, with a possible loss of up to twenty percent (20%) of the coin’s value.
LTC has mostly been immobile with respect to its opening price for the month. Litecoin LTC price analysis: What to expect? According to the short-term frame Litecoin LTC price chart, the pattern projects a decline of ten dollars ($10) in the coin’s value, taking it back to the forty dollar price mark ($40).
The daily time frame projects a price drop with thirty-six dollars ($36) as the target, that is if the bulls can not push the price away from the fifty dollars ($50) mark. The trading pair has started to break out from the lower Bollinger Bands in the above frames, while the weekly time frame depicts the next band’s support region coming in at the thirty-five dollar ($35) mark. A short-term view of LTC’s charts depicts a neutral result of forty-six percent (46%), while a long-term view shows bearish results of twenty-six percent (26%).
Litecoin LTC price chart by Trading View Litecoin LTC price: Up and Down, trends If the bulls push the price over the sixty-dollar ($60) mark, short-term selling pressure will be relieved. The LTC/USD trading pair will have restricted resistance until it reaches the sixty-six dollar ($66) mark.
The fifty (50) day moving average of the trading pair is placed at over sixty-three dollars ($63.50), and the two-hundred (200) day moving average is shown at the eighty-seven dollars ($87) mark.
Litecoin LTC price chart by Trading View The short-term time Litcoin LTC price frame depicts a bearish short-term trend as the coin’s price is below the sixty-dollars ($60) mark.
This frame has shown an upcoming support at the forty dollars ($40) price mark. The daily time frame has shown that the trading price has a possible bearish target level of thirty-six dollars ($36). Litecoin may drop up to twenty-percent (20%) of its value if the fifty dollars ($50) price mark is breached. Analysis of the time frames has shown levels of thirty-five dollars ($35) to thirty-six dollars ($36) as the expected bearish targets.