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

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Litecoin bitcoin

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

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for.  While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory.  When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion.  But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.

I mention both of the above projects as they have each taken slightly different paths to achieve greatness.  Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion.  Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special.  Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.

Cryptocurrency vs. Blockchain Technology

It’s important to make a distinction between blockchain technology and cryptocurrency.  Although they are often used interchangeably, they are different.  Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //

The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.

As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021. 

“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.

He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”

Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”

Mr. Yamagata has been…

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My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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