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LTC/USD returns above $71.00 after a short-lived dip below $70.0

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LTC/USD returns above $71.00 after a short-lived dip below $70.0

  • LTC/USD needs to recover above $72.00 to get back on the recovery track.
  • The strong short-term support is created on approach to $70.50.

Litecoin is range-bound with a bearish bias on Wednesday. The fifth-largest digital asset with the current market value of $4.5 has stayed unchanged both in recent 24 hours and since the beginning of the day. At the time of writing, LTC/USD is changing hands at $71.11, off the intraday low registered at $69.97.

Litecoin’s technical picture

The initial support awaits LTC at $70.40. It is created by the middle line of 1-hour Bollinger Band and closely followed by psychological barrier $70.00. A sustainable move below this handle will increase the downside pressure towards the strong support area of $68.50 created by a  confluence of SMA100 (Simple Moving Average) one-hour and the lower line of one-hour Bollinger Band. The next support awaits at 68.00 (SMA50 four-hour)

On the upside, we will need to see a recovery above $72.00 to get Litecoin back on the recovery track. However, this area is strengthened by the upper line of four-hour Bollinger Band and followed by Tuesday’s high of $73.23 with SMA100 four-hour located on approach. Even stronger resistance is seen on approach to $73.00 (the upper line of four-hour Bollinger Band) and $73.80 (SMA200 four-hour).

LTC/USD, four-hour chart

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New Privacy Features Expected On Litecoin (LTC)

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  • Litecoin is making updates to its privacy and has successfully raised a quarter of the money needed to fund the development.
  • More users have been pushing for more privacy features on cryptocurrencies to protect transaction information, as governments seek to collect and retain more data on daily monetary transactions.

In January 2019, Litecoin founder Charlie Lee had started talking about plans to update the privacy of Litecoin and introduce confidential transactions. Finally, in August 2019, he roped in David Burkett, a Grin developer, to join the project. David Burkett published two proposals for Litecoin improvements, which are the results of working with Charlie Lee and a Bitcoin researcher, Andrew Yang, to design a Mimblewimble block to enable Litecoin confidential transactions. One proposal describes adding extension blocks to improve the functionality of Litecoin without changing its consensus rules, while the other proposal details the implementation of MimbleWimble to improve the privacy of transactions..

Four months later in December, the Litecoin Foundation started raising funds of $72,000 to hire David Burkett on the project for a year

to create privacy solutions for Litecoin with the Mimblewimble protocol. Charlie Lee had said he would match all donations for the project on a 1:1 basis. The Litecoin Foundation got the ball rolling by donating $5,450 in Litecoin and Bitcoin.

As of January, about $9,500 in Litecoin and $100 in Bitcoin has been raised. Charlie Lee has continued to call for donations to raise the remaining three-quarters of the funds needed for the project. As such the remaining amount to be raised is only $36,000, and Charlie Lee would be covering the rest.

Yet some people don’t think that this contribution is sufficient. There have been views raised by the community that Charlie Lee should pay for the entire project since he earned a large amount of profits selling his Litecoin when Litecoin soared to its highest value ever in December 2017.

Some other users also speculate that Litecoin is dying, which is why Charlie Lee has to raise funds from the community for the privacy project. He has reportedly stated on Twitter that it has been difficult to find the quality people needed to work on Litecoin development.

If the project continues to raise funds at the rate it has done so far, the project is expected to be completely funded in 3 months. In January 2020, David Burkett plans to focus on the details of Litecoin’s headers and kernels, crafting the plan for building the update and moving database implementations to libmw-core. Improvements to Litecoin look to be moving along after stagnating throughout 2019.

Litecoin has struggled to improve adoption but with more privacy on Litecoin, usage and purchase may pick up. Dusting attacks were made on Litecoin wallets in August 2019, and owners could have been identified through analysis of the wallet activity and addresses. At the same time, there have been more legislation cracking down on private coins and delistings have taken place due to the privacy features of some cryptocurrencies.  

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Litecoin price analysis: LTC/USD bulls desperate to push the price above $60.00

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  • The Litecoin network processed a solid number of transactions worth $100 billion in 2019.
  • LTC/USD needs to break above the psychological barrier of $60.00 to proceed with the recovery.

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday.

The coin has been range-bound with bullish bias since it hit $55.34 on January 19.  Litecoin’s price movements are affected mostly by speculative sentiments and technical factors. 

Litecoin network has seen sustained usage in 2019 

In 2019, Litetcoin network processed transactions worth over $100 billion, which is a solid figure but still less than the number registered in 2018. For the sake of comparison, the Bitcoin network transacted $2.5 trillion, while Visa processed transactions to the tune of $11 trillion in 2018. 

  • The Litecoin network processed a solid number of transactions worth $100 billion in 2019.
  • LTC/USD needs to break above the psychological barrier of $60.00 to proceed with the recovery.

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95, mostly

unchanged both on a day-to-day basis and since the beginning of Wednesday.

The coin has been range-bound with bullish bias since it hit $55.34 on January 19.  Litecoin’s price movements are affected mostly by speculative sentiments and technical factors. 

Litecoin network has seen sustained usage in 2019 

In 2019, Litetcoin network processed transactions worth over $100 billion, which is a solid figure but still less than the number registered in 2018. For the sake of comparison, the Bitcoin network transacted $2.5 trillion, while Visa processed transactions to the tune of $11 trillion in 2018. 

  • The Litecoin network processed a solid number of transactions worth $100 billion in 2019.
  • LTC/USD needs to break above the psychological barrier of $60.00 to proceed with the recovery.

Litecoin, the 7th largest digital coin with the current market value of $3.6 billion, hit the intraday high at $59.14 and retreated below $58.00 by the time of writing, LTC/USD is changing hands at $57.95, mostly unchanged both on a day-to-day basis and since the beginning of Wednesday.

The coin has been range-bound with bullish bias since it hit $55.34 on January 19.  Litecoin’s price movements are affected mostly by speculative sentiments and technical factors. 

Litecoin network has seen sustained usage in 2019 

In 2019, Litetcoin network processed transactions worth over $100 billion, which is a solid figure but still less than the number registered in 2018. For the sake of comparison, the Bitcoin network transacted $2.5 trillion, while Visa processed transactions to the tune of $11 trillion in 2018

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LITECOIN NETWORK VOLUME BROKE $100 BILLION IN 2019

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The Rundown

  • The use of Litecoin lower in 2019 than the year before
  • Volumes are nowhere near traditional payment processors

Despite the collapse of crypto markets in 2019, the Litecoin network still saw massive usage which brought its yearly trading volume to over $100 billion.

THE USE OF LITECOIN LOWER IN 2019 THAN THE YEAR BEFORE

According to recent data provided by Bitinfocharts, last year saw as much as $100 billion in transactions on the Litecoin network. The amount is still lower from the yearly volume of 2018, although this is mostly due to the bull market that was still raging in January 2018.

Before the bear market kicked in and the prices started to drop, each day brought over $5 billion in transactions. On the other hand, in the first half of 2019, daily transactions — on average — saw only $200m -$300m.

Even so, 2019 was a pretty eventful year for Litecoin. The project saw its second halving last year, which further increased its network’s speculative activity. Ignoring this data due to it not being in accordance with the market conditions at the time, makes the roughly equivalent value transfer between the two previous years.

It also draws a further conclusion that the level of interest among non-speculative participants of the network has grown at its base. In fact, the base appears to be quite strongly formed around $100 million in transactions per day, on average. Meanwhile, the number of transactions themselves sits at around 21,000 per day, on average.10 BTC & 20,000 Free Spins for every player in mBitcasino’s Winter Cryptoland Adventure!

This would mean that each transaction, once again – on average, has comfortable support at

around $5,000. However, the situation is somewhat different when median transaction values are included, mostly due to a handful of extremely large-value transactions, which push the median higher up and closer to $50 per transaction.

That would indicate that the majority of the value that is sent via the network comes from a small number of individuals with an extremely high net worth or funds.

VOLUMES ARE NOWHERE NEAR TRADITIONAL PAYMENT PROCESSORS

$100 billion is an extremely massive number, in comparison. But even this amount is rather tiny when compared to what traditional payment networks tend to make on an annual basis. Visa, for example, reported that it transacted over $11 trillion in 2018 alone. This is nearly 4 times more than what Bitcoin managed to send in 2019.

Litecoin transactions cannot even compare with these kinds of numbers, even at its best. Of course, this also doesn’t mean that they should be compared, since LTC is, after all, a cryptocurrency. Cryptos are still considered young, they are not regulated, and they use equally as young and unregulated underlying technology.

They also lack in terms of adoption, as well as user-friendliness. Visa, on the other hand, is a service for fiat currencies that had decades to spread around the world. Fiat currencies are also fully regulated and even traditional. Another reason why the comparison between them is flawed is the fact that it doesn’t take the total value sent in USD into account, but only a certain area of the much larger market.

But, even so, there is clearly still a lot of room left for crypto markets to grow and improve, and it might take years before they become a serious competition and a real threat to the likes of Visa, and other traditional payment processors.

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