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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.

Altcoins

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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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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