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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.

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Understanding the Uses of Different Types Of Cryptocurrencies

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Cryptocurrencies – a term which has become incredibly prominent in the mainstream media during recent years due to the proliferation of Bitcoin millionaires. As a result, the new form of currency has earned an almost infamous status. However, as with any major step forward, there is still much confusion regarding the use of cryptocurrencies, what different types of innovative electronic cash exist and what they might mean for the future.

We’re putting all of this to rest as we explain what each of the leading cryptocurrencies can do.

Bitcoin

The most popular form of cryptocurrency, Bitcoin was first thought up in 2008 by the elusive and still unknown creator, Satoshi Nakamoto, who published the whitepaper online.

It took almost a decade for the cryptocurrency to reach its peak, but in December 2017 a single Bitcoin roughly exchanged for the price of $17,000, meaning anyone who held a substantial amount of the electronic cash became significantly wealthy.

In its early years, the cryptocurrency was strictly used as an alternative for cash transactions, and predominantly for trading goods and services. However as it has increased in popularity, its range of uses has also widened, now deployed for a variety of purposes including acting as collateral for investments at merchant banks, a direct debit for subscriptions services and most notably for sports betting.

Ripple

Bitcoin’s closest source of competition, Ripple was founded…

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New DoJ Ruling May Cripple Gambling dApps

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A new decision made by the US Justice Department has expanded restrictions regarding online gambling in the US affecting gambling dApps. While the Federal Wire Act of 1961 prohibited online gambling regarding sports since 2011, the new decision expanded on this, and it now includes all forms of internet gambling. Unfortunately for many, this now also includes cryptocurrencies.

The new decision came due to considerable difficulties when it comes to guaranteeing that only interstate betting will take place and that payments will not be routed via different states.

The new announcement was explained in a 23-page-long opinion issued by the Department of Justice’s legal team, which pointed out that the 2011 decision misinterpreted the law. According to that decision, transferring funds was to be considered a violation, but data transfers were not included. By exploiting this oversight, it was possible for gamblers to turn to internet gambling. Unsurprisingly, many have realized this early on, including startups, as well as large, established firms. This, of course, also included cryptocurrency companies as well.

The new decision changes what is allowed online

The decision to include all forms of internet gambling is a massive hit in the…

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7 Steps to Recovery from a Crypto Trading Loss

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Whether you are a newcomer to the crypto market who mistakenly invested a large amount into the wrong coin, or a professional that made a well-researched decision and something still went wrong, the result it the same — you lost your money to the crypto market. This is a big problem, but also a problem that every crypto trader faces at some point.

The reason may be anything, from simple bad luck to the lack of research. Add to that the fact that the crypto market continues to be extremely volatile, and it is clear that not all of your trades are going to end up successfully.

Whatever the reason is, the fact remains that you experienced a loss and that this is a problem which can affect more than your funds. It can also affect your mind and feelings. Since every successful trade that you have the potential to make in the future depends on you, you have to recover first, and only then should you worry about the funds.

The road to recovery is different for everyone, and it will take a different amount of time and effort. However, there are a few general steps that you can take to recover from a crypto trading loss.

Step 1: Stop and calm down

You have just suffered a major loss. It may have been your mistake, or…

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