The excitement around Litecoin is building up, as the cryptocurrency continues to consolidate above the $100 mark. Despite pulling back after touching record highs of $106, the cryptocurrency has clawed back and remains well supported for more gains.
The cryptocurrency is currently trading above a major bullish trend line with support at the $99 mark intact. Immediate resistance is at the $103-104 mark above which the digital currency could make a push for the $106 handle, ahead of a potential new record high.
On the downside, $96-$100 range acts as a major support level. As long as Litecoin continues to trade above $96, it remains elevated for more gains. In addition to renewed investor interest on cryptocurrencies, a number of factors are acting in favor of Litecoin continued upward run.
Litecoin vs. Bitcoin
Like some of the major cryptocurrencies, Litecoin has been one the best performing digital currencies this year. Solid performance is already fuelling talk that the digital currency could hit record highs of $1000, faster than initially thought.
Even though the digital currency is yet to trade above the $100 handle for an extended period, the fact that its underlying technology offers significant benefits continues to enlist strong interest from investors.
Bitcoin has come under criticism on the fact that it takes approximately 10 minutes to process transactions. Litecoin, on the other hand, takes approximately 2.5 minutes, a performance that continues to strengthen its competitive edge. In addition, Litecoin offers lower transactions fees compared to its rival.
Choosing Litecoin at the expense of bitcoin would be a no-brainer for businesses looking to enjoy fast transactions speeds as well as lower fees.
There is no doubt that bitcoin holds a competitive advantage over Litecoin given its popularity and market value. However, as more people start using cryptocurrencies, businesses are most likely to settle for digital currencies that provide more synergies when it comes to transactions speeds and fees.
Is Litecoin Undervalued?
Given the synergies that Litecoin offers, it goes without saying that it is undervalued. The fact that it is trading at less than one-hundredth of bitcoin points to an imbalance given its benefits and edge. It is highly likely that it will close this gap going forward.
However, as the cryptocurrency market heats up, Litecoin price should receive a boost resulting in an increase in its price and value. Speed and cost advantages should work in its favor as people and businesses look for cheap and fast methods for exchanging money.
Litecoin publicity has been low key compared to other cryptocurrencies. However, it remains one of the most robust digital assets when it comes to exchanging availability and merchant acceptance which should continue to drive its price as the crypto market expands.
Image courtesy of cormac70 via Flickr
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Blockchain technology outshines Bitcoin and Gold during global pandemic
As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.
However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world.
Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.
What is blockchain technology?
Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see.
Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).
Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…
Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC
The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.
The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.
Musk’s Tweets also impacted Dogecoin’s price
Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.
He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.
ur welcome pic.twitter.com/e2KF57KLxb
— Elon Musk (@elonmusk) February 4, 2021
Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.
But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…
XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.
NFTs are already being actively traded in markets globally. For…