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Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times

Cryptocurrency, Litecoin (LTC), Tether (USDT)–As the crypto markets fall into another price rout to kick off the final month of the year, with the price of Bitcoin dropping below $3800, controversial stablecoin USDT has managed to flip Litecoin to become the seventh largest cryptocurrency by market capitalization.

Litecoin, the invention of industry mainstay Charlie Lee and often described as the silver to Bitcoin’s gold, has been in near continuous price fall since reaching an all time high of $350 in December 2017. While the coin has tracked value of Bitcoin closely over the year, moving in a similar direction as the number one currency by market capitalization, it was a series of related events that set off the precipitous price fall last December which led to the 91 percent drop in value.

The rise of Bitcoin Cash including the Coinbase listing fiasco led to a fast erosion of BTC pricing, as investors became unsure of which coin would reign supreme following the bull run. This had subsequent effects on LTC pricing, which, as previously mentioned, has typically moved in price alongside Bitcoin. In addition, founder Charlie Lee, who had established himself as an integral and beloved leader for the currency and community of LTC, announced he had sold his entire holding of the coin and would gradually be making efforts to distance himself from the project in an effort to promote decentralization. Charlie also made a series of Twitter posts cautioning investors to not get too greedy in the bull run, and to expect a severe bear market following that could last for several years (a prediction which has proven salient in the closing month of 2018.

While some came to the defense of Lee, stating that his actions would benefit Litecoin in the long-run by removing himself as the focal point for the currency, many investors felt that Lee had acted irresponsibly with his announcements, in particular given the timing of the sell-off coinciding with LTC reaching an all time high. The end result was a disastrous drop in price, similar to that experienced by nearly all altcoins throughout 2018, with the price of LTC extending well below what it traded for midway through last year.

Tether, the parent company behind USDT, has not been without its share of controversy this year despite seeing its token climb the ranks of market capitalization. USDT, unlike most cryptocurrencies, has its value pegged to that of a single U.S. dollar. While the currency is supposed to backed 1:1 with dollars held in reserve by Tether, a series of investigations and self-auditing has failed to provide definitive proof to investors, even with the company changing banks in November.

Given the severity of the bear market throughout 2018, it’s unsurprising that more development focus is switching away from market-valued cryptocurrencies to coins that provide similar features but with the price stability of an external source. Last month, EWN reported on a gold-backed stablecoin being featured in an article by Bloomberg on the the best investment advice for 2019. Just yesterday, Chinese crypto billionaire Li Xioalai provided an update on his position leading up a new stablecoin, despite previously making remarks that he would no longer invest in blockchain projects due to corruption.

While cryptocurrency adoption remains on the rise with most community members optimistic for 2019 and beyond, the rise of stablecoins could continue a trend that sees price-unstable coins, such as Bitcoin and Litecoin, failing to find favor for developers and those accepting the coins for marketplace transactions.

The post Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times appeared first on Ethereum World News.

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Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times

Cryptocurrency, Litecoin (LTC), Tether (USDT)–As the crypto markets fall into another price rout to kick off the final month of the year, with the price of Bitcoin dropping below $3800, controversial stablecoin USDT has managed to flip Litecoin to become the seventh largest cryptocurrency by market capitalization.

Litecoin, the invention of industry mainstay Charlie Lee and often described as the silver to Bitcoin’s gold, has been in near continuous price fall since reaching an all time high of $350 in December 2017. While the coin has tracked value of Bitcoin closely over the year, moving in a similar direction as the number one currency by market capitalization, it was a series of related events that set off the precipitous price fall last December which led to the 91 percent drop in value.

The rise of Bitcoin Cash including the Coinbase listing fiasco led to a fast erosion of BTC pricing, as investors became unsure of which coin would reign supreme following the bull run. This had subsequent effects on LTC pricing, which, as previously mentioned, has typically moved in price alongside Bitcoin. In addition, founder Charlie Lee, who had established himself as an integral and beloved leader for the currency and community of LTC, announced he had sold his entire holding of the coin and would gradually be making efforts to distance himself from the project in an effort to promote decentralization. Charlie also made a series of Twitter posts cautioning investors to not get too greedy in the bull run, and to expect a severe bear market following that could last for several years (a prediction which has proven salient in the closing month of 2018.

While some came to the defense of Lee, stating that his actions would benefit Litecoin in the long-run by removing himself as the focal point for the currency, many investors felt that Lee had acted irresponsibly with his announcements, in particular given the timing of the sell-off coinciding with LTC reaching an all time high. The end result was a disastrous drop in price, similar to that experienced by nearly all altcoins throughout 2018, with the price of LTC extending well below what it traded for midway through last year.

Tether, the parent company behind USDT, has not been without its share of controversy this year despite seeing its token climb the ranks of market capitalization. USDT, unlike most cryptocurrencies, has its value pegged to that of a single U.S. dollar. While the currency is supposed to backed 1:1 with dollars held in reserve by Tether, a series of investigations and self-auditing has failed to provide definitive proof to investors, even with the company changing banks in November.

Given the severity of the bear market throughout 2018, it’s unsurprising that more development focus is switching away from market-valued cryptocurrencies to coins that provide similar features but with the price stability of an external source. Last month, EWN reported on a gold-backed stablecoin being featured in an article by Bloomberg on the the best investment advice for 2019. Just yesterday, Chinese crypto billionaire Li Xioalai provided an update on his position leading up a new stablecoin, despite previously making remarks that he would no longer invest in blockchain projects due to corruption.

While cryptocurrency adoption remains on the rise with most community members optimistic for 2019 and beyond, the rise of stablecoins could continue a trend that sees price-unstable coins, such as Bitcoin and Litecoin, failing to find favor for developers and those accepting the coins for marketplace transactions.

The post Tether (USDT) Flips Litecoin (LTC) In a Sign of the Times appeared first on Ethereum World News.

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Litecoin’s Value Increase Complemented With Listing on Korean Oldest Exchange

Litecoin is only not adding value in the market, but also cruising around the world of cryptocurrecny with great and new developments as additions. Yesterday, in a tweet issued by the altcoin’s owner, Charlie Lee, it was aired that Litecoin’s developments have added another feather to its cap as the altcoin seems to get support from Korbit, one of Korea’s oldest exchange platform.

“Tomorrow, @KorbitBTC will launch LTC trading. It’s awesome that one of the oldest Korean exchanges will now support Litecoin. I still remember asking Korbit many years ago”.

“I have donated 100 LTC for a promotion. See blog post for more details”.

The news went viral and enthusiast rejoiced with the believe that the cryptocurrency is moving for a greater height with the recent maturation in its value.

Within the space of 24hrs, Lee announced on his twitter handles that Korbit has recognized Litcoin by listing it on its platform for exchange.

“Korbit is now trading Litecoin”!

“The last remaining major exchange not supporting LTC yet is @GeminiDotCom. What are you waiting for”?

Korbit Exchange!

Korbit, tagged the most popular and largest crypto-exchange platform in South Korea, is the first Bitcoins exchange platform, it was founded after raising $3.6 million from high profile investors.

Before now, the major currencies for exchange on the platform are Bitcoin, Ethereum, and Ripple. Korbit operates with a low trading fees of 0.1% for maker trades and 0.2% for taker.

Litecoin’s Price Maturation

Just about a week ago , Litecoin plunged to the base, trading around $125. Surely at that time, the market seems bearish for all altcoins and the prayer of enthusiasts was definitely for a bulling market that will favor them. Not long, the market began to move northward and Litecoin was not left behind.

Within the space of 24hrs, Litecoin’s value rose, trading for 138 against dollar. Although the altcoin’s price dipped within the next 5hrs, but it later picked up the batten of rising price and began climbing towards the north gradually. On April 20, Litecoin rose up to $154, a price which it attained only about a month ago.

Although, at present, Litecoin, ranked 6th with a total market cap of over 8 billion has lost 0.74% of its value within 24hrs, trading at $148, but when compared to its price 7days back, it has added 18.09% to its value.

Conclusively, as the old tale of Litecoin appears to be taking a new and favourable shape, the altcoin may soon rise to the zenith.

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Tenx Adds Litecoin [LTC] To Its Wallet App, To Produce Litecoin Debit Card

LitecoinThe news that Litecoin is being added to Tenx does not come as a shock because from inception, the cryptocoin is living up to the recent billings attached to it, that it is the 3rd most popular coin in America, according to a survey among 1000 millennial in America.

Although Ripple is known to be world’s third most valuable cryptocurrency behind Bitcoin and Ethereum, but the survey ranked Litecoin above the Cross-border specialist cryptocurrency. Even though Litecoin is presently listed on Coinbase, one of the world most important exchange, the altcoin sees this as no big deal, and it is by no means hitting the sack, whereas it is on the run with no hesitation.

The recent Litecoin-TenX partnership has fashioned the initiation of a new development for the Litecoin, off-shooting the cryptocurrency to a new height.

On Wednesday, April 11, 2018, TenX, a virtual currency tagged to be “spendable anytime anywhere” aired a statement on Twitter that:

“Some #TenX updates regarding @LTCFoundation and @BlockfolioApp

While confirming the disclosure elaborately, Charlie Lee the creator of Litecoin, and an Ex-Director of Engineering at Coinbase also tweeted that Litecoin’s currency, LTC has been added to TenX wallet.

“TenX recently added LTC to their wallets, and we are working with them to launch a Litecoin debit card. Stay tuned for more information. LitePay who”?

TenX, in another statement disclosed their excitement over the new partnership, with hopes it will step up their services and acceptability.

“We are also excited to announce a new partnership; we have reached out to, and are working with the Litecoin Foundation to introduce a co-branded card for which more information will be available soon. We hope to become the preferred payment platform for fans and owners of Litecoin, and cannot wait to see you use our wallet and join the revolution”!

TenX further stated that it is supporting Litecoin and it has added LTC to its wallet app for both iOS and Android.

eGifter Now Accepts LTC

While rejoicing with Litecoin over Litecoin-TenX development, that seems not be a dead end for the altcoin as eGifter now allows users to buy gift cards with LTC.

This was also made known in a Wednesday April 11, tweet released by Charlie Lee. He stated, “eGifter now accepts LTC for purchasing gift cards. They are using @AliantPayment. Thanks for supporting Litecoin”

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Litecoin (LTC) Is Not Dead, Abra To The Rescue

Litepay, the payment settlement platform that was meant to send Litecoin (LTC) to the stratosphere, first suffered an indefinite postponement for launch and then was later cancelled completely. Charlie Lee, the Founder of Litecoin, would later issue a public apology stating that the team had gotten a bit over excited with the Litepay project and had ignored some due diligence processes.

The cancellation of Litepay and the apology by Charlie Lee, left many fans and owners of Litecoin (LTC) wondering what next? Some suggestions had been put forth for Litecoin to continue with the Litepay project but with a different approach. Others had simply resigned to the idea that it would be business as usual for Litecoin without a revolutionary platform for cryptocurrency to fiat use for reall life transactions.

But this only lasted a few days for Abra CEO, Bill Barhydt, was quick to declare that Litecoin would be its platform of choice for smart contracts moving forward. Bill was earlier noted as predicting that as soon as the current market conditions improve, All Hell Will Break Loose in the crypto-markets as the big investors move in. He was quick to point out that the current dips in the market, are seen as opportunities by the said big investors.

With regards to Litecoin, Bill was quick to explain in a Reddit post, why Abra had decided to pick Litecoin as their primary asset moving forward, for the company’s smart contract investing solution. He is quoted as saying:

‘We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!’

With Bill’s statements, it is safe to say that Litecoin  is not dead. The fact that Abra have chosen the Litecoin Smart contract aspect, rather than Ethereum, means that the coin has a bright future. Bill goes ahead to explain how Abra will use Litecoin moving forward.

‘Abra is not meant to be a trading platform like binance or gdax. Abra is mean to be a simple app for retails investors to get exposure to hard to access assets. We enable this investment exposure using a synthetic cfd like model based on p2sh multi-sig scripts on the litecoin and bitcoin blockchains. Our goal is to open this up to different asset classes over time, not just the top 20 cryptos and fiat but even stocks, commodities, etc. An example of this vision that we hope to bring to market in the future is for someone in Ghana to buy exposure to Apple or someone in Indonesia to buy exposure to Alibaba and simply collect their winnings (or give up their losses) in litecoin. All using the same app you’re able to download today from the app store.’

In conclusion, the crypto-verse continues to amaze us with developments even as a shaky Bitcoin that is again below $7,000, causes some ‘normal’ turbulence in the markets. Market analysis of LTC puts it at $120 with a current support level estimated at around $110.