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Five Reasons Behind Litecoin’s Price Surge
The cryptocurrency market has seen a steady bull run in the past week. Like other top five cryptocurrencies, Litecoin’s price has been on a steady rise. Indeed, the altcoin recorded an unprecedented 333% rise in just a week. This includes a 9-hour 38% jump on Thursday night (PST), a 29% surge on Sunday and a 73% spike on Monday. LTC is currently trading at $297.41 according to live data from Coinmarketcap. Here are five key reasons behind Litecoin’s price rally.
- The recent launch of Bitcoin futures trading
On December 10, CBOE launched futures trading, causing a further surge in the price of bitcoin. On December 18, CME will launch its own Bitcoin futures trading, and Bitcoin’s price is expected to react positively. According to Charles Boivard, Bitcoin’s behaviour has an impact on Litecoin. For instance, whenever there is an increase in activity around Bitcoin, several other altcoins seem to react positively. Additionally, Bitcoin’s increased activity is clogging its system. This translates to high transaction fees on the Bitcoin platform, something that could be driving users to other altcoins.
- Massive users signing up on Coinbase.
Coinbase is becoming one of the most popular cryptocurrency brokerage firms. The firm, which only allows trading of Bitcoin, Ethereum and Litecoin, has seen its user numbers rising in the recent past. Market data shows that the firm is adding an average of 100, 000 users on a daily basis. One might ask, how does this enhance the rise of Litecoin?
While most people on Coinbase are keeping an eye on the Bitcoin, everyone wants to buy a piece of Litecoin now that it’s trading at single digits. And this explains its recent surge.
- Buyers are learning more about Litecoin
As more people trade in Bitcoin, they begin to slowly understand how other altcoins work. Litecoin’s speeds and low transaction fees are a major attraction for buyers, who are beginning to understand the altcoin through their exposure to Bitcoin.
- There are many inexperienced buyers out there
The current cryptocurrency craze is driving buyers towards impulse buying as they fear missing out. As such, few buyers will undertake serious research before sinking their money in cryptocurrency. Most will be inclined towards buying, as long as the cryptocurrency in question is showing some signs of a future rise in price.
- Social Media and the press
The current buzz in the world of cryptocurrency, which is fuelled by Bitcoin’s runaway price surge, has forced media outlets to actively cover the five biggest cryptocurrencies. Because Litecoin is one of these, it is benefitting from the growing publicity brought forth by social and mainstream media.
It doesn’t help that Charlie Lee, who is the founder of Litecoin, has recently been featured in a number of mainstream media outlets. All this continues to provide more information to cryptocurrency buyers, which in turn raises the altcoin’s profile.
It is has been a good few months for Bitcoin and other altcoins so far, but it is hard to predict whether the cryptocurrencies will sustain their bullish form in the long run. Litecoin’s founder Charlie Lee has cautioned buyers of a possible multiyear bear run, which might see the altcoin drop to lows of $20.
On the flipside, there is the possibility of Litecoin gaining more popularity in coming days, especially now that the saturation of cryptocurrency is still low.
We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Chris Bentley via Flickr
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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