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Cryptocurrency deflation: Is Litecoin (LTC) headed for $50? Bitcoin to $5000?

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At the time of writing, Bitcoin (BTC) is exchanging at around $6,421, marking a price depreciation of about 1.22% in the last 24-hours. The latest price dip opens the gates for a new weekly low. Bitcoin’s most recent price dip follows the decision by the US Securities and Exchange Commission (SEC) to postpone Bitcoin’s ETF or exchange-traded fund to the last week of September.

Apart from Bitcoin, other cryptocurrencies also suffered price slumps in the ongoing market loss. Ethereum lost roughly 15% of its value in the last seven days. At the time of writing, the second most potent crypto is exchanging at 357 US dollars, marking a new weekly low. From our observations, Ethereum has lost about 23% of its value over the last 4-weeks.

Altcoins are also not spared in the ongoing price depression in the market, the top 10 altcoins are in the red zone (except Stellar’s XLM), deprecating from 4% to roughly 12%. At the time of writing, Ripple (XRP), and IOTA are showing signs of significant loss, depreciating 2.85% and 7.99% respectively, followed closely by Litecoin (LTC).

Among the leading top 20 virtual currencies by market cap, Ethereum Classic (ETC) was the least hit coin losing only 0.02% of its value in the past 24-hours to exchange at 15.11 US dollars. Just a couple of days ago, digital currency exchange Coinbase came to the assistance of ETC, adding support on its platform, Coinbase Pro. And then, Robinhood, the commission-free virtual currency exchange platform, listed ETC as well. It seems those two good news waves are working in favor of the coin.

At the time of writing, the total market cap of all virtual currencies in the market stands at 236.7 billion US dollars. Down by almost 15 billion US dollars over the period of 24-hours.

Market Still Gloomy

Within the last couple of days, the virtual currency market witnessed a value depreciation of about 31 billion US dollars with Bitcoin leading the way. Often, after a major value drop, leading cryptocurrencies tend to record comeback rallies that immediately cover up the losses of the previous days.

However, the current market dip seems to be different from others. Bitcoin managed to record a mere 3% (which it seems to be losing again), falling short in making up for its losses it has incurred throughout the past few days.

Litecoin (LTC) Price Review

From the look of things, Litecoin (LTC) is expected to further depreciate with speculations rife that it might break the 60 US dollar support level. Litecoin might extend its declines to close the day at the $60 US dollar level against the US dollar.

Two days ago, Litecoin recorded steep declines in price below the $70 US dollar mark against the dollar showing signs of extended decreases that might lead to its prices to test the $50-dollar level. Following LTC recently drop of a high of $75.3 to a low of $61.06, the digital coin tested the 23.6 percent Fib retracement level, although the price values faced a lot of challenges near the $64 and $64 levels.

Crypto experts believe the next support level will be at $55, below which, the value of the digital coin might face heightened selling pressure. For Bitcoin though, there are fewer chances that it could go as low as $5000. As anything is possible in crypto space; it can go in future bear markets but probably won’t go that low as of now.

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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Top 3 Coins to Buy Before They Go Big

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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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