At the moment, most of the cryptocurrencies are wearing green, again. Bitcoin is up above the $6500 resistance level for some days now, and it is at $8,254 – Bitcoin’s dominance is at 46.7% as of today. One good news is that the general market capitalization of cryptocurrencies is now at $300 Billion. It is quite clear now that Bitcoin is the digital now, but is it safe to say yet that Litecoin is the silver? In this article, we will be taking a good look at Litecoin (LTC).
Is Litecoin the New Silver Coin?
Currently, Litecoin is priced at $86.96 per token, according to CoinMarketCap. It currently has a market capitalization of $5 Billion and is the 7th largest crypto in the cryptocurrency market.
“It always feels strange when I would publish predictions about the movement of the Litecoin market.”
As per Lee, he feels relieved after selling out his shares.
Lee spoke on the transaction speed of Litecoin over Bitcoin. As per him, and the results, the transaction speed of Litecoin is faster and less costly than Bitcoin. On a question about the future of Litecoin, Lee stated that the future is based on mass adoption.
Concluding his interview with the Chinese Golden Finance, Lee stated,
“Bitcoin will be the new gold (always) in the crypto sphere and would be good if Litecoin could get more than 10 percent of Bitcoin’s worth to be the silver coin.”
The Litecoin CEO also emphasized that the market worth of BTC can’t be compared:
“Bitcoin doesn’t face storage problems. It’s very easy to transfer. For me, it’s better than gold in many ways. Being optimistic, the market value of Bitcoin could be more than the $10 trillion market value of Gold. More than 100 times the upside.”
This means that if BTC is the gold in the crypto sphere, then, is LTC the ‘new silver’? Or which one among the other crypto coins is next to Bitcoin when it comes to futuristic value? Lee answered by saying,
“There are many possibilities, but Ripple is somewhat like a diamond because its supply is artificially controlled.”
The Market Analysis of Litecoin
According to Litecoin’s market chart, there is a big breakdown; and that’s as a result of Bitcoin. In the last seven days, Litecoin pulled up and reached the $86 price mark.
There was a significant resistance during the first to second week of July, and it is good news that Litecoin has broken out of that resistance level to a big price of about $86 today – there are signs that Litecoin will be more than its present price next week.
Furthermore, if we take a look at the 4-hour trade today on Litecoin’s chart, LTC was almost at the overbought territory, but it is now back down into the stable mark.
Litecoin is doing quite well at the moment, and it is currently on a sound standpoint. It is essential also to know that if Litecoin would fall, it would only drop to $80 level of support level – there isn’t a possibility LTC will go down than that anytime soon now. The next aim for LTC is to break above the $90 region, which is achieved.
The window of opportunity is gradually closing, and this is the right time to invest in cryptocurrencies such as LTC. Litecoin is set for a bullish run, and there is a high possibility it will move up to the $100 price mark in the next couple of weeks at max.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…