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Litecoin (LTC) Preparing to Skyrocket, One More Dip in Store: Analyst

Litecoin May Soon See Dip Before Halving Boom

All eyes seem to be on Bitcoin (BTC), but Litecoin (LTC) may be the first to move dramatically. The latter crypto asset’s “halving” event is coming up in under 100 days, during which the amount of LTC issued per block will be cut in half. This, for those unaware, is presumed to have a positive effect on the Litecoin price, simply due to basic supply-demand economics.

One analyst, however, is warning that that there may be one more dip in store for Litecoin prior to this auspicious event. In a recent tweet, analyst Financial Survivalism claimed that Litecoin’s chart is currently experiencing a cup and handle pattern, which, to play out completely, will see LTC dip to 0.0136 to 0.0142 against BTC in the coming months.

If this, coupled with a rally back to year-to-date highs, comes to fruition, Litecoin would have completed a “beautiful cup with two handles” pattern, which would set LTC up for the halving just fine.

As reported by Ethereum World News previously, Survivalism claimed that from a longer-term point of view, Litecoin still has a lot of room to run. He notes that prior to the cryptocurrency’s previous block reward reduction, which happened in mid-2015, LTC rallied strongly against Bitcoin, eventually finding a parabolic peak right after the auspicious event. Then, Litecoin sold off against Bitcoin, falling into the latter’s halving event.

If historical trends hold up this time around, LTC will continue to rally against BTC — potentially doubling from 0.0148 where it is now to around 0.0270 — in the coming three-odd months. If Bitcoin continues higher from here, this rally in the altcoin could translate into a $250+ Litecoin by the time of the halving.

Spend LTC With New Crypto Initiative

Regardless of price action, the Litecoin Foundation, the Singapore-based foundation behind most of the development of the chain and its ecosystem, recently made an interesting announcement that accentuates its goal to push adoption of crypto assets.

Announced Tuesday via a press release, the Litecoin Foundation and two crypto industry partners, Bibox Exchange and Ternio, will soon be releasing the “Litecoin BlockCard”.

This product, which will take the form of a classic debit card, will allow its users to spend LTC, Bibox Token (BIX), or Ternio (TERN) either online or in physical stores, as long as those merchants accept plastic.

Through this collaboration, Ternio, an “enterprise-grade blockchain technology” startup, will provide its BlockCard technology; Bibox is offering cryptocurrency exchange and a security solution for assets loaded on the card; the Litecoin Foundation is presumably offering a chance to push the adoption and usability of the product.

While this is unlikely to have a positive effect on LTC’s value, it is a good sign for the growth of the underlying cryptocurrency industry.

The BlockCard joins similar recently-launched initiatives from Coinbase (the Coinbase Card) and Flexa, which earlier this year released “Spedn”, a crypto payments solution that allows its users to spend assets like Bitcoin, Ethereum, and Gemini’s stablecoin (GUSD) in stores from Amazon’s Whole Foods to Bed, Bath, & Beyond and GameStop.

Photo by Daniel Mayovskiy on Unsplash

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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

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Litecoin (LTC) May Soon Collapse, Despite Bitcoin Divergence & Halving Hype

The Bitcoin & Litecoin Halvings

Just as Bitcoin (BTC) has so-called “halvenings”, Litecoin (LTC) does too. While the popular altcoin is different than its proverbial godfather, sporting a different block hashing algorithm, quicker block times, and a different focus, Litecoin has block reward reductions built in. Ever four years, the amount of LTC issued per block halves in an event known as a “halving”, “halvening”, or the more formal “reduction in supply issuance/inflation”.

Why Satoshi Nakamoto, the creator of Bitcoin, built this mechanism into his brainchild we do not know, but it likely has to do with the programmer’s supposed distaste towards centralized financial institutions, many of which have the ability to print money at will and without the public’s explicit knowledge.

LTC Could Collapse From Here

Due to simple supply-demand economics, many are sure that as Litecoin’s halving nears for this August, LTC could surge.  Per a number of analysts, however, Litecoin may be poised to collapse instead of rally to the ‘moon’. In a recent tweet, Brave New Coin’s Josh Olszewicz suggested that the asset’s one-day chart isn’t looking all too hot.

He explains that the asset is currently in the midst of a rising wedge, and has also seen a bearish divergence in its Relative Strength Index (RSI). This, coupled with the fact that LTC has strayed far above its 200-day exponential moving average makes Olszewicz believe that death, meaning a collapse to $55-$70 range, might be “imminent”.

The analyst isn’t the first to have brought this up. Nunya Bizniz, an analyst and commentator that recently claimed that the Bitcoin bull run is most likely on notes that if history is of any guide, Litecoin is on the verge of collapse.

As seen below, LTC rallied by 700% from the bottom to its peak during 176 days in 2015, then collapsed into its halving. The odd thing is, Litecoin has just completed that exact pattern, rallying 700% in the past six-odd months. Barring that historical trends don’t hold up today, Litecoin could fall back down to double-digits in the coming months.

Some have been a tad more optimistic, though. According to a recent tweet from analyst Financial Survivalism, Litecoin still has a lot of room to run. He notes that prior to the cryptocurrency’s previous block reward reduction, LTC rallied strongly against Bitcoin, eventually finding a parabolic peak right after the auspicious event.

If historical trends hold up this time around, LTC will continue to rally against BTC — potentially doubling from 0.0148 where it is now to around 0.0270 — in the coming three-odd months. If Bitcoin continues higher from here, this rally in the altcoin could translate into a $250+ Litecoin by the time of the halving.

Title Image Courtesy of Marco Verch Via Flickr

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‘Halvening’: Litecoin (LTC) Could Double Against Bitcoin in Coming Months

Litecoin May Run Into Late-2020’s Halving

Just as Bitcoin (BTC) has so-called “halvenings”, Litecoin (LTC) does too. While the popular altcoin is different than its proverbial godfather, sporting a different block hashing algorithm, quicker block times, and a different focus, Litecoin has block reward reductions built in. Ever four years, the amount of LTC issued per block halves in an event known as a “halving”, “halvening”, or the more formal “reduction in supply issuance/inflation”.

Why Satoshi Nakamoto, the creator of Bitcoin, built this mechanism into his brainchild we do not know, but it likely has to do with the programmer’s supposed distaste towards centralized financial institutions, many of which have the ability to print money at will and without the public’s explicit knowledge.

Due to simple supply-demand economics, many are sure that as Litecoin’s halving nears for this August, LTC could surge. We’ve already received a taste of what the cryptocurrency market is feeling, as Litecoin has already rallied by 286% year-to-date (per Messari), ousting most altcoins and even the venerable Bitcoin.

According to a recent tweet from analyst Financial Survivalism, Litecoin still has a lot of room to run. He notes that prior to the cryptocurrency’s previous block reward reduction, which happened in mid-2015, LTC rallied strongly against Bitcoin, eventually finding a parabolic peak right after the auspicious event. Then, Litecoin sold off against Bitcoin, falling into the latter’s halving event.

If historical trends hold up this time around, LTC will continue to rally against BTC — potentially doubling from 0.0148 where it is now to around 0.0270 — in the coming three-odd months. If Bitcoin continues higher from here, this rally in the altcoin could translate into a $250+ Litecoin by the time of the halving.

Hype Growing For the Bitcoin Halving Too

Litecoin’s halving isn’t the only one being widely anticipated by the cryptocurrency industry. Just weeks ago, two actually, Bitcoin’s halving countdown fell to just one year.

The inflation of most assets can be hard to predict. Just look at the Venezuelan Bolivar as a perfect case in point. But with Bitcoin, we can determine what its inflation will be in ten years, but not the U.S. dollar. For all we know — and as some cynics speculate — something like the U.S. Dollar may be subject to hyperinflation by the next decade, as a result of fiscal irresponsibility and mismanagement.

This, coupled with the simple laws of supply and demand, have led many in the industry to suggest that the next halving will be entirely bullish for the Bitcoin price. In fact, Bloomberg reports that in a recent Twitter poll, 61% of some 2,500 users believed that BTC will rally into May 2020 and afterward, citing supply and demand economics to back their cheery expectations. But will this really happen?

We’ll have to wait and see.

Title Image Courtesy of Marco Verch Via Flickr

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Crypto Markets Surge $25 Billion as Bitcoin Hits New Highs

It has been another happy Monday on crypto markets as they
are surging again. All altcoins are in the green during the trading session in
Asia and Bitcoin has led them up as it pumps towards $9,000.

$25 Billion Inflow

Over $25 billion has been pumped back into digital assets
over the past day as markets reach a new 2019 market cap peak of $272 billion.
Crypto capitalization has not been that high since July 2018 when things were
on a downward slide.

Total market cap 12 months – coinmarketcap.com

Daily volume has also surged by 50 percent as it approaches
$90 billion. Around $100 billion has been injected back into crypto markets
since the same time last month. Since the beginning of the year market cap has
over doubled.

Several of the altcoins are trading in double digits today.
Litecoin is one of them as it adds a further 11 percent today on to the huge
gains LTC made
over the weekend. Litecoin is currently trading at $113 and
is likely to go higher as the halving in August draws nearer.

Bitcoin Cash is on the tail of its big brother making 9
percent today is BCH jumps to $438 and EOS has added a similar amount reaching
$6.90. Tron has shot up almost 15 percent, driven by another fomo
inducing tweet
from Justin Sun. TRX is currently trading at $0.031 and BTT
is also on a roll with a 33 percent spike today. Bitcoin SV is getting a big 17
percent boost at the moment reaching $106.

Bitcoin Approaches $9k

The momentum yet again has been driven by Bitcoin which took
off a few hours ago to reach a high of $8,850 according to Coinmarketcap.com. It surpassed
$8,900 on some exchanges which often trade with higher premiums. This is the
highest price Bitcoin has hit for about a year, the last time being early May
2018.

Crypto trader Josh Rager sees more gains ahead with BTC
pushing past $9k;

“Goodbye meme triangle, hello $9k+ targets. Some people were screaming triple top when the more obvious conclusion is retest after retest of resistance will finally lead to a break to the upside. Bitcoin could cool off, run sideways but IMO will continue to move up over $9k”

 ‘CryptoFibonacci’ meanwhile
says that that shorts will
start taking effect
once Bitcoin hits $9,500 and it is very likely to return
to test the exponential moving averages.

There seems to be no stopping Bitcoin at the moment and,
pullback or not, it is definitely the bulls that are in charge right now.

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Litecoin (LTC) Leading in $10 Billion Crypto Market Surge

A crypto correction that started
a couple of days ago
was quickly quashed when Bitcoin found support and moved
back towards $8k once again. Since then the altcoins have been on fire with
some, such as Litecoin, surging ahead of the pack.

Another $10 Billion Back into Crypto

From a low of $243 billion yesterday crypto market
capitalization has pumped to a high of $254 billion before stabilizing at
around $250 billion where things currently sit. Daily volume has surpassed $80
billion once again which is extremely bullish. May has seen some of the highest
volumes on record and they have been maintained which has kept markets buoyant.

Total market cap 24 hours – coinmarketcap.com

Bitcoin has made it back over $8k one again, hitting an
intraday high of $8,140 according to Coinmarketcap.com. The
bullish sentiment has resulted in a further 2 percent gain from Bitcoin which
has yet to have any real pullback in this current rally. After spending the
majority of April at around $5,300 BTC has found a new resistance zone around
$8,000. Its market dominance is currently 56.6 percent and the altcoins are
leading the digital race today.

Litecoin Ignited in 20% Pump

Litecoin is one of the top performing altcoins at the time of writing. It has surged from $88 to $104 over the past day and reached its highest level for almost a year. There is massive resistance at $100 which LTC has already hit last week. A move above it could send the ‘silver of crypto’ surging in a parabolic pump mirroring that of December 2017. LTC has trounced EOS to take fifth spot with a market cap now exceeding $6.4 billion.

The halving
event in 73 days
is likely to be driving early momentum for LTC which is
bound to trade a lot higher as August approaches. Coin scarcity and increased
demand could push prices back to their all-time highs of $370.

Binance Coin is also trading well and has just made a new
all-time high at $34. A 7 percent surge on the day has been the result of the
world’s top exchange announcing margin trading features. Though it can’t catch
Litecoin at the moment, EOS
has made 8 percent and is up to $6.50 at the time of writing.

The momentum for crypto markets is holding and May is
shaping up to be another month of solid gains. Crypto market cap has doubled
since the beginning of the year indicating that things have finally lifted off
the bottom and the bulls are running the show now.

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Crypto Markets Turn Red After Binance Hack, US, EU Stocks Steady as Asian Equities Falter

Crypto markets have evidently tipped into red in the wake of yesterday’s $40 million hack of major exchange Binance.

Wednesday, May 8 —  having just broken new 2019 highs, crypto markets have tipped into red in the wake of yesterday’s $40 million hack of major exchange Binance. Virtually all of the top 20 cryptocurrencies are down up to 9%, yet most losses remain mild, as Coin360 data shows.

Market visualization courtesy of Coin360

Market visualization courtesy of Coin360

Despite being the cryptocurrency stolen in the Binance hack, bitcoin (BTC) is itself showing resilience, and is down a fractional 0.9% on the day to trade at $5,882 by press time, according to CoinMarketCap.

After a bullish rally to brush the $6,000 mark yesterday, the top coin briefly corrected downwards to as low as around $5,800 apparently following the Binance incident, but has since recovered some of its lost ground. Bitcoin thus remains up by a strong 9.2% on the week.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Largest altcoin by market cap, ether (ETH), has taken a stronger price hit, and is down 4% on the day to press time to trade at $171.93. Having almost broken the $180 mark during pre-hack trading hours, ether subsequently dropped to as low as $166. Nonetheless, its relative resilience has preserved a 5.4% gain for ether on its 7-day chart.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

XRP has similarly seen a milder loss on the day, losing 1.5% to trade around $0.30 to press time. The asset’s price fluctuations have not correlated with its larger market-cap counterparts, and XRP saw its weekly high of $0.316 on May 4 before correcting downwards in recent days. On the week, XRP has seen a 2.13% loss.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

The top ten cryptocurrencies are uniformly red, with native exchange token binance coin (BNB) predictably seeing the highest loss— down around 6% on the day to trade at $20.87. Other top ten coins seeing marked — yet somewhat contained — losses are cardano (ADA), down 4.4%, stellar (XLM), down 3.9%, and litecoin (LTC), down 3.6% to press time.

Widening out to the top twenty, losses are overall heavier, with cosmos (ATOM) losing the most — down 8.8% on the day to trade at $4.48 — and tezos (XTZ) losing 8% on the day. Dash (DASH), monero (XMR), and neo (NEO) are all seeing a roughly 4% loss.

The only top twenty coin to see green is tron (TRX), which has gained 2.5% to trade at $0.025 to press time. Tron’s Justin Sun had notably offered to personally deposit the 7,000 BTC to compensate Binance’s loss after yesterday’s security breach.

The total market capitalization of all cryptocurrencies is currently around $185.245 billion.

Weekly high in the 7-day chart for the total market capitalization of all cryptocurrencies

Weekly high in the 7-day chart for the total market capitalization of all cryptocurrencies. Source: CoinMarketCap

Markets have evidently taken a hit — if not a major tumble — following yesterday’s news of the hack of prominent crypto exchange Binance. As Cointelegraph reported, the platform suffered a major and premeditated hack, reportedly conducted by tactics that included phishing and viruses to obtain a large number of 2FA codes and API keys.

According to Binance, the incident resulted in hackers withdrawing around 7,070 bitcoin (BTC) — worth over $40 million at the time — from the exchange’s hot wallets,

In traditional markets, United States and European stocks broadly steadied against the backdrop of weakened equities in Asia, amid the ongoing escalation of Trump’s tariff strategy against China. To press time, futures on the S&P 500 Index is down 1.65% and the Stoxx Europe 600 has dipped less than 0.15%, whereas MSCI Asia Pacific Index dropped 1% to its lowest point in almost six weeks, according to Bloomberg.

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Litecoin LTC/USD Crucial Breakout $70.00? Latest Summarized

LTC

The Silver-coin to Bitcoin’s gold portratization – Litecoin is marching upwards, by price against the US Dollar for today’s performance, with haste compared to other altcoins in the top of the list going by market capitalization. Reaching the $73.20 level signaled a return above trading grounds where it stood two days ago before the plunge on the 29th of April.

Litecoin 1
Source: coinmarketcap

If the recovering sentiment continues to hold and the predictions stay on tact as many are forecasting that a strong break is very well set on stone for Bitcoin, the clear today above $70.00 might have signaled the aforementioned. The next major resistances are near $80.00 and $82.50. Conversely, a downside extension below the $67.00 level may push the price towards the next major supports near the $62.00 and $60.00 levels in the coming days.

Read Also:Bitcoin (BTC) Could Spike To $5,600 If Litecoin’s Trend Is Followed

Mr, Novogratz has always compared Bitcoin to gold; however, he has consistently refused to accept that Litecoin could be the equivalent of digital silver, a contrast that has been used by many experts and analysts, including Charlie Lee. Even though Litecon was born as a Bitcoin fork aimed at providing lower fees and faster transactions, the fact that Novogratz called it a “glorified testnet” for Bitcoin seems triggered the sensitivity of many people in the crypto ecosystem.

While in contrary, the CEO of Abra and very popular in the crypto-industry Bill Barhydt came in rescue of Litecoin in e piece with Cheddar. The American entrepreneur, formerly of NASA, the CIA, and Goldman Sachs, explains that whether it be Ethereum, XRP, or otherwise, many other chains are solving problems in their own right, with “Litecoin is the perfect case in point.” Barhydt explains that Litecoin’s move to integrate MimbleWimble, a privacy solution, and the chain’s classification as the “perfect Bitcoin test bed” cements its value in this ever-changing ecosystem.

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Why Has Litecoin and Bitcoin Cash Kept Market Momentum Moving?

All eyes have been on Bitcoin this week as it fired up engines and lifted off with a surge of 20% in a couple of days. The move has had the time tested effect of pulling the entire crypto market up as over $30 billion poured back into digital currencies. BTC has not been the only mover though as other altcoins have registered greater gains and two of them are still climbing.

Double Flippening as BCH Takes Fourth

Bitcoin Cash has been on fire this week, far outpacing gains made by its big brother. Earlier this week BCH was trading at around $170 with a daily volume of roughly $460 million. Once the Bitcoin bulls got into gear, its younger sibling literally exploded with a 100% pump to $340 in just two days. Volume is off the chart and has jumped to over $4 billion which is what Bitcoin was trading earlier this year.

Since the spike Bitcoin Cash has corrected to $300 but is
still up over 75% which is more than triple what BTC has made. The move has
enabled BCH to flip both EOS and Litecoin in terms of market cap which is now
$5.3 billion according to Coinmarketcap.com.
Bitcoin Cash has doubled in price since the beginning of 2019 and has been one
of the best performers in this latest rally.

Analysts are looking at a next major resistance level at
$400 as it approaches key long term resistance indicators.

Even Forbes
is now covering BCH and indicates that an increase in Bitcoin Cash futures
trading on Kraken subsidiary Crypto Facilities and the launch of its Simple
Ledger Protocol could be driving momentum. It is more likely to be the fomo
that the entire market has at the moment though.

Litecoin Lifting Off

Litecoin has been the other high cap crypto that is keeping
markets buoyant at the moment. From a start of $60 LTC surged to bounce off
$100 during the rally according to charts on Trading View. The 66%
pump has pushed Litecoin prices to their highest levels since July 2018. Since
the beginning of the year LTC has surged over 190% making it one of the top
performing altcoins of 2019
.   

Volume has also surged from $1.7 billion earlier this week
to over $6 billion driving its market cap over $5 billion for the first time in
nine months. A crossing of the 50 and 200 moving averages last month has been
seen as a very bullish indicator for Litecoin which has continued to climb since.

Litecoin prices began to shift gears following the Mimblewimble
announcements
in early February and a LTC halving event in August this
year is also likely to be driving momentum.

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