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Here Are Two Things That Are Going To Push Litecoin (LTC) To $1,000 And Higher

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Litecoin image

Back in October 2011, a former Google engineer called Charlie Lee announced on Bitcointalk that he was creating a brand new cryptocoin that he believed would rival the then very-nascent bitcoin.

At the time, a number of other people were creating cryptocoins but the vast majority (we’re talking 99%) were premined – that is, the creator had already mined a large number of coins before releasing the protocol to the community. This has obvious benefits for the creator – as the price of the coin he or she created and mined increases, they’ve got a large holding that’s increasing concurrently – but not so much for the community of miners that put their computing power to work processing transactions.

Lee did something different – he launched the coin without any premining and basically opened it up to the community to get everyone started off on an equal footing. He did a bit of mining himself and bought some coins on the open market from the now-defunct BTC-e (there’s a nice post on Reddit available here in which he describes his early accumulation strategy) but, other than that, he essentially let the project manage itself.

Soon, Litecoin was being billed as bitcoin’s silver and the price soared. Almost immediately subsequent to the rise, however, things settled back down and Litecoin spent 2015, 2016 and the first quarter of 2017 trading between a $1.50-$5 range.

Then things took off.

Over the last seven or eight months, Litecoin soared to current prices in and around $100 a piece. That’s a more than 3,200% gain.

And we think this is only the beginning.

See, the reason that Litecoin is gaining traction is that Lee, the coin’s biggest ambassador, and its creator, is now devoting all of his time to getting the coin into mainstream consciousness. Here’s his Tweet announcing his departure from the worlds biggest wallet provider and exchange, Coinbase:

 

This is something that Litecoin has lacked – a driving force behind adoption and, in turn, price growth – and it’s something that is now in place, with the early results of such plain to see on the chart below:

Litecoin Chart

Litecoin Chart

Of course, Lee’s persistence isn’t going to be enough in and of itself; Litecoin needs a use case. The thing is, it already has one. It’s a lighter and faster bitcoin that inherently avoids some of the scaling issues that have plagued the bitcoin space over the last six months.

We’re not saying that it’s going to overtake bitcoin from a market capitalization perspective but – right now – its priced at an incredible (and we think, unjustified) discount to its bigger brother. As things rebalance (and we think there’s a very strong chance they will) it’s not going to take much to get Litecoin to $1,000 and above.

So what’s going to drive this run?

We are looking at two things specifically, outside of Lee’s renewed focus and involvement.

The first is the continued successful implementation of what’s called the Lightning Network, which allows for so-called Atomic Swaps between coin networks. We saw the first example of such back in November, which was again announced by Lee on Twitter:

 


This will technically allow for ‘families’ of cryptocoins to grow and expand together and – for us – the most obvious example of such a family is bitcoin and Litecoin.

The second is rooted in smart contracts. Litecoin activated SegWit earlier this year, opening up the potential for smart contracts to be run on the Litecoin network. Ethereum dominates this space right now but the Litecoin Foundation is hard at work to try and push these sorts of contracts on Litecoin and, if they succeed, it’s really going to drive adoption.

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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.

Image courtesy of Litecoin.

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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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…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

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.

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…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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…

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