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BTC and LTC Halving ‘Shock’ May Be Mitigated by Merged Mining: Report

Block reward halving “shock” at Bitcoin and Litecoin could be mitigated by merged mining, according to Binance Research.

The effect of block reward halvings for both Bitcoin (BTC) and Litecoin (BTC) mining could be mitigated by merged mining, according to a report by a research arm of major crypto exchange Binance released on July 12.

Following Charlie Lee’s prediction that some miners may shut down Litecoin mining after the halving, which is expected to take place on Aug. 5, 2019, Binance Research analyzed the potential of so-called merged mining to retain incentives for crypto miners.

Merged mining is a practice of using the work done for one blockchain, or parent blockchain, on other smaller child blockchains by implementing Auxiliary Proof of Work (AuxPoW). To date, there are three major examples of merged mining, including Bitcoin blockchain-parented Namecoin (NMC), Litecoin-merged Dogecoin (DOGE), and Myriadcoin (XMY) which is merged with both LTC and BTC.

In the new report, Binance Research concluded that merged mining could “potentially provide and opportunity” to increase mining rewards in the light of future block reward halving scheduled for both Litecoin and Bitcoin. Alongside, other smaller chains could also potentially move to AuxPoW in order to support a higher level of network security while reducing the need for a separate mining set, the firm added.

At the same time, Binance Research warned about the potential shortcomings of merged mining from both a miner’s and a project team’s perspectives. Miners may not be incentivized to support child blockchains due to a significant level of operations costs as well as a potential decline in the given coin’s market price.

From the perspective of a project team working on a PoW crypto-asset, risks include dependency on the parent blockchain and new potential attack vectors.

In the report, Binance Research also considered Dogecoin, which has been operating for about six years to date, as the most successful example of merged mining. After Dogecoin adopted the merged mining model in August 2014, the coin’s mining hashrate increased by 1,500% while also showing correlation with Litecoin’s hash rate. According to the report, almost 90% of Dogecoin’s total hash rate derives from large Litecoin mining pools as of July 2019.

On July 5, Binance exchange listed Dogecoin on its crypto trading platform. On the same day, the exchange released its “2019 Q2 Crypto-Correlations Review,” stating that Dogecoin has become less correlated with other cryptos in Q2 2019, alongside with Bitcoin. However, the coin has continued to be significantly correlated with Litecoin, mostly due to the shared mining of two coins, the firm wrote.

On July 9, mining difficulty of bitcoin has reached a new all-time high by hitting a 9.06 trillion at an average hash rate of 64.85 quintillions per second (EH/s).

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Charlie Lee: Next Month’s Halving Will Be a ‘Shock’ to Litecoin Mining

Litecoin creator Charlie Lee has predicted that miners may shut up shop after the coin’s forthcoming halving this summer.

Litecoin (LTC) creator Charlie Lee has predicted that miners may shut up shop after the coin’s upcoming halving this summer. 

In an interview with Australian crypto news site Mickey on July 10, Lee reflected on the possible implications for litecoin’s mining ecosystem when the planned halving kicks in and current block rewards on the network are reduced by 50%. “It’s always kind of a shock to the system,” he said, explaining: 

“When the mining rewards get cut in half, some miners will not be profitable and they will shut off their machine. If a big percentage does that, then blocks will slow down for some time. For litecoin it’s three and a half days before the next change, so possibly like seven days of slower blocks, and then after that, the difficulty will readjust and everything will be fine.”

Given that the reduction of mining rewards reduces the cryptocurrency’s supply, anticipation of the halving is generally thought to be accompanied by a corresponding price appreciation — but Lee gave a more nuanced perspective of how supply, demand and market sentiment interrelate:

“In terms of the price, the halvening should be priced in because everyone knows about it since the beginning. But the thing is people kind of expect the price to go up. So a lot of people are buying in because they expect the price to go up and that’s kind of a self-fulfilling prophecy. So, because they’re buying in, the price does actually go up.”

As Mickey notes, litecoin’s last halving — back in August 2015 — saw the coin peaking in early July of that year, going on to lose almost 50% in value by the time of the block rewards reduction — and hitting a 75% in the halving’s aftermath.

To press time, litecoin is reporting an almost 36% gain on its 3-month chart, but remains almost 67% down from its all-time highs in December 2017, according to Coin360 data

LTC 3-month price chart

LTC 3-month price chart. Source: Coin360

Meanwhile, Anthony “Pomp” Pompliano — the co-founder of crypto asset management firm Morgan Creek Digital Assets — has recently predicted that one of the largest drivers of continued price appreciation for top crypto bitcoin (BTC) will be its halving, citing classic supply-demand economics as a major contributing factor to his $100,000 forecast by the end of 2021. 

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Litecoin’s Charlie Lee Agrees to Meet with Warren Buffett, Tron CEO Sun

Litecoin Founder Attending Lunch With Billionaire Buffett & Tron CEO

At last, it seems Tron chief executive Justin Sun has his first confirmed RSVP to the four-million-dollar lunch with Warren Buffett. Announced today via Twitter, Charlie Lee, the founder of Litecoin (LTC) and a former employee of both Google and Coinbase, will be attending the lunch, slated to take place in about two weeks at an undisclosed location in the Bay Area, presumably a nice steakhouse (or a place serving avocado toast) — something to wow the investor dubbed the “Oracle of Omaha”.

In a tweet, Lee, a long-time Bitcoin supporter, explains that he is “excited about this opportunity to meet a legend.” It is believed that Lee mainly lives in California, meaning that he shouldn’t need to travel far to attend the star-studded event. Lee is the first guest that Sun has been able to confirm an RSVP. The Tron founder previously invited Changpeng “CZ” Zhao of Binance, whom he is close friends and business partners with, but Zhao denied due to availability concerns.

This news comes after Sun, the enigmatic mind behind Tron, BitTorrent, and other entrepreneurial ventures, ventured on Twitter that he would try and invite legends in the cryptosphere.

Interestingly, Lee didn’t make it to the lists of guests proposed by industry pundits. As reported by Ethereum World News, Anthony Pompliano, known for his incessant use of “Long Bitcoin, short the bankers”, explained that Andreas Antonopoulos, analyst/economist Murad Mahmudov, the SEC’s Hester Pierce, Fidelity’s Abigail Johnson, former Wall Street banker Caitlin Long, CZ, and Vijay Boyapati would be a “dream team” for the lunch to convince “Buffett of Bitcoin’s future potential.”

Such a team, known for their revolutionary thoughts about BTC and their clout on Wall Street and in other arenas, would likely give Buffett a bit more to think about Bitcoin than “rat poison”.

It isn’t clear who else Sun has invited, but they likely include the founders of other prominent cryptocurrencies and startups in the sphere. Maybe he even tried to shoot an email or encrypted line to Satoshi Nakamoto.

Is Buffett’s Opinion Worth Fighting For?

Should we really try and convince Buffett of Bitcoin’s future, though? As Ethereum World News suggested, in a previous report, it’s actually not too much of a worry that the billionaire investor is skeptical of the crypto asset industry.

Buffett might even be a lost cause. Wences Casares, the chief executive of Xapo that is best known for convincing many execs on Silicon Valley and Wall Street to look into Bitcoin, wrote that he tried to talk to the American investor twice, but failed each time.

We will have to see.

Photo by Sander Dalhuisen on Unsplash

The post Litecoin’s Charlie Lee Agrees to Meet with Warren Buffett, Tron CEO Sun appeared first on Ethereum World News.

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Hope You Bought the Dip: Bitcoin Back Above $8000 — Plus LTC on Fire

Bitcoin Litecoin BTC LTC Price analysis

Smart investors bought the dip for bitcoin, as the price of btc has once again passed above $8000.

After making a late-May rally that took bitcoin briefly above $9000, the currency experienced a severe correction. The price of btc fell more than $500 in minutes and saw a gradual pullback from the markets over the past week–at one point trading for $7500.

Crypto analytics firm SFOX published a report on June 6 claiming that investor Fear of Missing Out (FOMO) largely drove the price of bitcoin through May. While the firm’s ‘Multi-factor Market Index’ gave btc a ‘mildly bullsih’ outlook last month, the currency was downgraded to ‘uncertain’ following what they determined to be FOMO-driven investment.

Following btc’s meteoric drop from $19700 throughout 2018, investors attempted to pile in at the bottom before the price of bitcoin took off in early April. Bitcoin’s price shot from $4100 to $9000 in two months, largely on the expectation that the price would continue to rise. The end result was a shakey sentiment for crypto, with SFOX uncertain whether the price indicated growing interest for the coin,

While the crypto market as a whole recovered substantially in May 2019, the overall sentiment appears to be at a tipping point: especially in the wake of the explosive late-2017 rally, it’s not clear in times of rapid growth how much of the growth is due to underlying fundamentals and how much is due to “fear of missing out,” or “FOMO.” This may be why the growth we’ve seen lately has been accompanied by renewed volatility and substantial swings in the prices of leading cryptoassets such as BTC.

Despite FOMO drying up for the coin, the price of bitcoin took off another rally, rising above $8000 and giving some indication that a bull trend might be in play. Litecoin also went on a tear, gaining 11 percent in twenty-four hours. The price of ltc rose to $116, outpacing the rest of the market.

Litecoin has been one of the largest gainers of any top crypto in 2019, falling just short of Binance Coin in positing massive gains throughout the year. Part of the price is being driven out of recognition for the currency as a faster and cheaper alternative to bitcoin for transactions. However, litecoin is also about to undergo a halving in its coin rewards, reducing the number of newly minted coins each day and thereby decreasing supply.

Litecoin also received an unexpected boost from US Presidential candidate Andrew Yang. Yang, who has been making round in the cryptocurrency community, published a tweet on June 5 with litecoin founder Charlie Lee, congratulating the latter as a pioneer,

“Congrats @SatoshiLite on being such a pioneer – let’s build the future.”

Crypto, in general, has had a strong first half to 2019 with adoption for digital currencies at an all-time high. Unlike 2018, valuation for the crypto markets is beginning to reflect

The post Hope You Bought the Dip: Bitcoin Back Above $8000 — Plus LTC on Fire appeared first on Ethereum World News.

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LTC Creator Says It’s Silly Not Having LTC Just Because He Doesn’t

Charlie Lee, the creator of Litecoin, shows no regrets for having sold all his LTCs. So he told LauraShin in an interview for the Ep. 116 of her podcast “Unchained”.

Laura Shin Hosts the "Unchained" Podcast, and recently interviewed Litecoin (LTC) Creator
Laura Shin Hosts the “Unchained” Podcast

Charlie Lee has been harshly criticized for selling his tokens in 2017 when LTC was in the midst of a bulllish trend that led it to reach ATHs. This decision led many analysts and enthusiasts to accuse Lee of not trusting his own project.

However, Lee has replied on many occasions that
he did so to free himself from the pressure inherent to market volatility in
order to have more time and willingness to concentrate on the development of
Litecoin at the technological level and as an ecosystem.

The Creator of Litecoin was blunt in his
response. He commented that from his point of view, it is very immature to not
buy or trade LTC under the excuse that he sold his tokens:

If you’re not holding onto Litecoin because I don’t have any, then your reason for holding and using Litecoin is just silly to begin with.

Although this happened two years ago, and Charlie Lee was completely transparent with the community, it seems that the sale of tokens is a burden he will have to deal with throughout his life, as his followers do not seem to forget or accept this fact.

The Creator of Litecoin (LTC) Is Not The Only One Who Sold His Tokens

This phenomenon does not exclusively affect
Charlie Lee, however, the community has been tougher on him than on other known
influencers who have done the same.

Recently, David Schwartz, Ripple CTO, received harsh criticism after selling large amounts of XRP. One user commented that this was a clear bearish flag, pointing out it was suspicious that Schwartz was selling XRP at such a low price.

However, unlike what happened to Lee, with
Schwartz much of the XRP Army came in his defense, going so far as to attack
the twitter user who shared this information.

Unlike Lee, Schwartz explained to the community that his motives were oriented towards a “de-risking strategy”, pointing out that having almost all his patrimony invested exclusively in XRP was dangerous for his future and that of his family and that there is no trader who recommends following this practice no matter how bullish a certain good is at the moment.

Lee spoke about other things, however one of
the most curious moments was when he explained that crypto currencies could not
be compared with traditional financial services because they have very
different characteristics:

Litecoin is both a store of value and a payment method. So you can’t compare that to Visa, which is not a store of value. Plus, you can’t compare cryptocurrency marektcaps with businesses.

The post LTC Creator Says It’s Silly Not Having LTC Just Because He Doesn’t appeared first on Ethereum World News.

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Daily Altcoin Review: ETH/USD, LTC/USD Ranging, Fundamentals Supportive

Latest Ethereum News

In a milestone case— Copytrack Pte Ltd v Wall–noted by the University of Oxford Faculty of Law and published by the Business Law Blog, it is likely that relevant laws shall apply regarding claims of lost or stolen cryptocurrencies. The ruling made against the defendant, Brian Wall, mandates that the plaintiff and coin issuer Singapore’s based Copytrack Pte, shall trace and recover coins from “whatsoever hands the coins might be held at”.

Read: Ethereum (ETH) Futures Rumors Mount, As CBOE’s Bitcoin Foray Turns One

The defendant mistakenly received 580 ETHs from Copytrack instead of 580 PTY tokens after participating in an ICOs.

This is an important ruling that could help protect businesses or individuals who wire funds to the wrong addresses going on to demonstrate how blockchain technology is not only governed by codes and smart contracts but by applicable rules set by a given jurisdiction.

At the moment specialist companies are developing. However, in the future, it will become easy for the rightful owners to track and recover funds once they appear on supporting wallets.

ETH/USD Price Analysis

With a market cap of $9.25 billion, ETH is the third most valuable coin in the space. But it could reclaim its spot if prices surge above $100 and later $160. From candlestick arrangement, prospects of ETH/USD expanding above $100 is a tall order and largely depends on the resuscitation of BTC prices.

As it is, ETH is in range mode oscillating within a $17 range with limits at $100 and $83—Dec 7 lows. As mentioned in previous analysis, bears are in control but for trend shift and invalidation of the bear breakout pattern than saw ETH sink below $100 on Dec 6, then buyers must gain momentum and rally above $100.

This shall jolt buyers into action buying on dips with stops at $90 and first targets at $130 and later $160—the main resistance previous support line.

Our ETH/USD Trade plan is as follows:

Buy: $100

Stop: $90

Targets: $130, $160

 

Latest Litecoin News

In an audio interview with Helio Executive John O’Shea, the lending firm said it will issue loans backed with cryptocurrencies including Litecoin (LTC), XRP, BTC and ETH shortly after receiving a credit license from the regulator.

Also Read: 7 Major Exchanges Join Forces to Enhance the Crypto Ecosystem in South Korea

Meanwhile, HTC’s Exodus 1 was featured at the Slush Conference in Helsinki, Finland. The blockchain tailored smart phone which will ship pre-loaded with the Brave Browser will retail for 19.74 LTCs and the company has Litecoin’s founder as its consultant.

LTC/USD Price Analysis

LTC/USD Price Analysis

On a weekly basis, LTC/USD is down 18 percent but quite stable in lower time frames. Despite hints of higher highs and absorption of sell pressure without price swings, bears are technically in charge and could get worse if prices sink below our minor support at $20 or Dec 7 lows.

From simple candlestick arrangement, we shall recommend patience until after there are convincing breaks above the $5 range marked by Dec 8 highs at $25 and floors at $20. Before then, sellers have a real chance of driving prices lower in a trend continuation move that could see LTC print $2 by end year.

Of course, that is undesirable but the only time buyers would be in control is when there are solid moves above $25. That could thrust prices towards $40 and later $50 re-invigorating the market in the process.

This is our LTC/USD Trade Plan assuming bulls take charge:

Buy: $25

Stop: $20

Targets: $40, $50

All Charts Courtesy of Trading View

This is not Investment Advice. Do you Own Research.

The post Daily Altcoin Review: ETH/USD, LTC/USD Ranging, Fundamentals Supportive appeared first on Ethereum World News.

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Litecoin (LTC) Finally Nears $70 Amid Multiple Positive Developments

LTC Nears $70 For The First Time In Weeks 

For the first time in weeks, Litecoin (LTC), one of the foremost altcoins in the cryptosphere, has made a move for the $70 price level, which it hasn’t breached in nearly a month. At the time of writing, LTC sits at $67.65 and is up a solid 3.3% in the past 24 hours. Although this move may seem negligible in the eyes of many cryptocurrency traders, LTC and Stellar Lumens (XLM) have both taken a leading position in today’s mixed market, with Bitcoin up 1.3% and Ethereum down 1.25%.

Many analysts expect for $70, which has proven itself as a line of psychological and technical resistance, to be LTC’s next roadblock to leap over in the coming days.

Chart Courtesy of TradingView

Although it is unlikely that there was an explicit catalyst for this move, many believe that a series of positive developments (which are as follows) have pushed the price of this asset higher.

The Upcoming Litecoin Summit 

As revealed by Charlie Lee, the founder of Litecoin and a well-known cryptocurrency personality, in an interview with CNBC, the San Francisco Litecoin Summit is just weeks away. When asked about what he wants for attendees to take away from the conference, Lee stated:

“I’d like to see more [talk around] Lightning Network and sidechains, ways of helping Bitcoin and Litecoin to scale. I think with the price depressed, it’s actually a good time for people to… get stuff done. That’s what I’ve seen in the past few bear markets actually.”

Many hope that the development of these technologies will bolster the long-term performance of the price of both BTC and LTC, as the two assets are complementary to each other. Responding to Lee’s statement, CNBC Fast Money panelist Brian Kelly noted that this conference has a possibility to also be a short-term catalyst for the price of LTC.

While the market didn’t surge during (or after) Consensus 2018, unarguably crypto’s biggest get-together, some optimists hope that the upcoming Litecoin-centric summit could spark the crypto market’s next bull run.

Abra Introduces Fiat-To-Crypto Support For Bitcoin, Litecoin & More

Although this news could be seen as a positive signal for the entirety of the crypto market, Abra, a popular mobile-focused alternative to Coinbase, has just announced that residents of the SEPA (Single Euro Payments Area) can directly deposit fiat into the app, which should make buying the 25 cryptos listed a breeze.

In a Twitter announcement, the California-based startup wrote:

“Excited to announce that Abra is starting the launch of in-app European bank purchases of Bitcoin and 25+ cryptocurrencies for consumers across 28 countries.”

Hopefully, this new feature will help to drive the adoption of cryptocurrencies in general, as an easy-to-use, accesible, and efficient method of buying crypto assets, like Abra, is needed in a time where this nascent industry is widely misunderstood.

Casa Begins Work On LTC Support For Q4 2018 Release

Litecoin’s founder, who has been outspoken about his affection towards both the Bitcoin and Litecoin projects in the past, recently asked Casa, a popular Bitcoin-focused infrastructure firm, if its products would natively support Litecoin in the future.

Responding to Lee’s tweet, the startup has just revealed that it is, in fact, working on Litecoin support for its publicly-available Lightning Network Node. The firm intends to release Litecoin support during early Q4 of this year, which will evidently help to drive the growth and development of the long-awaited Lightning Network and atomic swaps.

Title Image Courtesy of MaxPixel
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Bitcoin Loses $7K Footing Amid Market-Wide Price Correction

Thursday, August 30: following the week’s brief uptick, crypto markets are today seeing widespread corrections, with the top ten coins by market cap losing between 1.5 and 5 percent on the day. All but 13 minor alts among the top 100 ranked cryptos are in the red, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,942 at press time, down1.52 percent on the day, according to Cointelegraph’s Bitcoin price index.

Having broken through the much-fêted $7,000 threshold earlier this week, the top coin has seen a slump set in as of yesterday, August 29.

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

On the week, Bitcoin remains up a solid 6 percent, while monthly losses are around 15 percent.

Ethereum (ETH) is trading around $284 at press time, over 3 percent on the day and virtually reversing the gains claimed over the past couple of days. The altcoin is now back within the trading range it held between August 20 and August 27. While Ethereum’s weekly gains remain less than 1 percent, monthly losses are pushing 39 percent.

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Among the top ten coins, Stellar (XLM) is down 2.86 percent at $0.22, Ripple (XRP) has lost 2.96 percent to trade around $0.33, and Bitcoin Cash (BCH) is down 3.17 percent at $538.77. Litecoin (LTC) has fared just fractionally better, down 2.41 percent to trade around $60.50.

Having seen growth of over 12 percent yesterday, EOS (EOS) is today down 3 percent and is trading at $6.05 at press time.

IOTA (IOTA) has taken a hit. Following a week of exceptionally bullish growth in response to news of a partnership with Japanese ICT conglomerate Fujitsu on a new proof-of-concept (PoC) for audit trails, IOTA has lost 4.68 percent on the day and is trading around $0.71.

IOTA’s 7-day price chart. Source: CoinMarketCap

IOTA’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $225 billion at press time, down $8 billion from yesterday, and over $12 billion from a weekly peak at $233.2 billion.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

While the market falters, regulators globally this week have indicated efforts to bring greater transparency — and potentially with it, more stringent oversight — to the cryptocurrency sector.

Economic and financial affairs ministers from the European Union’s 28 member states will reportedly hold an informal meeting in early September on the challenges posed by digital assets and the possibility of tightening regulations, according to a new Bloomberg report. Polish legislators have also this week introduced a long-awaited new bill to clarify the country’s current crypto taxation policy.

Keeping in mind Charlie Lee’s recent comments that bear markets offer an opportunity for the community to focus on reaching adoption, Yahoo Finance has this week integrated trading with Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC), news that was hailed by Morgan Creek Digital’s Anthony Pompliano as a bullish sign the crypto “virus is spreading.”

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Bitcoin Continues to Hover Near $7K, Wider Crypto Market Sees Some Mild Corrections

Wednesday, August 29: crypto markets are largely holding fort after yesterday’s strong upswing, as Bitcoin (BTC) continues to trade near the $7,000 price point and many of the top ten cryptocurrencies see negligible price change on the day.

While a number of crypto assets in the top 100 are seeing mild corrections, these are scattered and are not for now correlated as part of a market-wide downtrend, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,036 at press time, down just half a percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin yesterday broke through the $7,000 threshold for the first time since August 8, and is trading around $300 higher than just a couple of days ago, August 27. Today’s further consolidation caps a strong upward trend on Bitcoin’s weekly chart.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

On the week, Bitcoin is now up a solid 5.7 percent, while its monthly gains are still down around 14 percent.

Ethereum (ETH) is trading around $296 at press time, up 1.8 percent on the day and coming tantalizingly close to reclaiming the $300 price point – which it last held August 20. Yesterday, August 28, the altcoin saw the first major upswing in price performance after a faltering week range bound between $270-280. Ethereum is now up a bullish 9 percent on the week; on the month, losses have closed down slightly to a still weighty 36.6 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Most of the top ten cryptocurrencies are seeing negligible price changes between 0.5 and 1 percent on the day, largely holding yesterday’s gains.

EOS (EOS) meanwhile stands out from the crowd, seeing growth over the past 24 hours of over 12 percent. The other exception to the group is IOTA (MIOTA), up almost 8 percent on the day and capping two days of astonishing growth to trade around $0.75 at press time.

IOTA’s 7-day price chart

IOTA’s 7-day price chart. Source: CoinMarketCap

IOTA’s growth has soared since August 27’s announcement that Japanese ICT conglomerate Fujitsu is launching an IOTA-based proof-of-concept (PoC) for audit trail processes in the manufacturing industry.

Among the top twenty coins on CoinMarketCap, corrections have hit several assets that saw a particularly sharp uptick yesterday. NEO, which yesterday shot up almost 16 percent, is now down about 3 percent to trade at $20.17. TRON (TRX), which also saw over 14 percent growth yesterday, today is down 4 percent to trade at $0.025 to press time.

Having outstripped all of the top 100 ranked cryptos yesterday to post gains as high as 27 percent, DASH, ranked 13th, has today however grown by a further 2 percent to trade around $190.

Dash’s 7-day price chart

Dash’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is at around $229.2 billion at press time, losing around $4 billion from yesterday’s peak at $233.2 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

While market performance today may not have quite lived up to yesterday’s flush of green, Litecoin (LTC) creator Charlie Lee this week dismissed short-term price fluctuations as the upshot of “speculation,” stressing that long-term valuation is a truer measure of crypto’s success. He also suggested that bear markets are in fact a good moment for developers and the crypto community to buckle down to focus on technological development and “get stuff done.”

Meanwhile, a new study by U.S. crypto exchange Coinbase has revealed that 42 percent of the world’s top 50 universities have at least one class on cryptocurrencies or blockchain – with the U.S. emerging as a global leader in terms of crypto-education’s popularity.

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Litecoin’s Charlie Lee: Crypto Bear Markets Are a ‘Good Time to Get Stuff Done’

Litecoin (LTC) creator Charlie Lee has dismissed short-term price trends as the upshot of “speculation,” stressing that long-term valuation is a truer measure of crypto’s success, in a CNBC interview August 27.

When asked to what extent price is a meaningful metric for a given cryptocurrency, and whether or not it reflects the current state of its network, adoption, or viability, Lee responded that:

“In the long-term, [price] tells us the success of cryptocurrencies, but short-term it doesn’t really tell us much. For example this year, there’s been so much adoption in Bitcoin and Litecoin, but their price has dropped 60-70 percent. It’s because it’s so volatile, it’s all about speculation these days, but in the future the price will reflect the success of the currencies.”

Lee noted that it was “hard to predict” when 2018’s bear market would turn, saying that having been in the space for seven years, he has seen positive momentum at times return within half a year – at others, only within three or four years.

He emphasized, however, that bear markets are in fact a good moment for developers and the crypto community to buckle down and focus on technological development, reaching adoption, and tackling challenges such as scalability:

“I’d like to see more [talk around] Lightning Network and sidechains, ways of helping Bitcoin and Litecoin to scale. I think with the price depressed, it’s actually a good time for people to […] get stuff done. That’s what I’ve seen in the past few bear markets actually.”

Lee also responded to CNBC reporter Melissa Lee’s question about his own decision to sell off his Litecoin holdings, explaining that he chose to do so due to “conflict of interest,” and that, accordingly, he wouldn’t be buying the altcoin back – not soon, perhaps not ever.

In an interview with Cointelegraph this February, Lee had further characterized the move to sell as his “first step” away from the project, a stance he later reaffirmed as necessary in order to ensure that Litecoin would become a fully decentralized cryptocurrency, true to the spirit of Bitcoin’s anonymous character with its notoriously absent creator, Satoshi Nakamoto.

As of press time, Bitcoin (BTC) is trading at $7,045, down just a quarter of a percent on the day, with Litecoin (LTC) trading at $63, up a solid 3.1 percent over the same time frame.