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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.

Image courtesy of pixabay.com

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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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…

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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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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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