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Bitcoin is the new gold; is Litecoin new silver and good crypto to invest now?

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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.

During Golden Finance interview with the Charlie Lee, the founder of Litecoin, Lee stated why he sold all of his holdings. He said,

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.

Final words

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.

Image courtesy of Maxpixel.net

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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