Litecoin (LTC) suffered a breakdown right at the starting point of the reviving phase of the crypto market, and even 8 weeks after the prolonged dip of the sector reached an end. This way, the fifth position which for a long time was taken by LTC, was replaced by EOS, the ETH backed coin that pushed LTC one position down.
As it was to be expected, under the circumstances the LTC team decided to fight back. That’s why it created the currently massive adoption campaign that is being deployed under the name of “Litecoin accepted here”, an initiative that has made a lot of people to feel very excited. Let’s find out more about it!
The ‘Litecoin Accepted Here’ campaign
Yesterday, in the morning, Litecoin (LTC) started the day with a tweet that from many points of view was very particular. On the tweet, LTC published a message with a thought-provoking question that said: “Does your business accept Litecoin?”.
Additionally, the team representative encouraged in the tweet all of the LTC users and potentially interested people to get in contact with them for having the possibility of being included in the project they are deploying currently.
— Litecoin Foundation (@LTCFoundation) April 25, 2018
Although there was no information in the tweet regarding the project, it results evident that the Litecoin team is planning to deploy a massive adoption campaign very soon. With this initiative, a potential result may be that many small and medium businesses will start adopting the LTC token as a payment option for the services or products they provide.
If such is the case, where many companies start adopting the LTC coin, Litecoin may probably see a remarkable rise in their prices one more time, and consequently, it will have a massive acceptance. In addition, this could also boost the exchange volume of the coin, and very possibly to grant them the fifth position once again.
Wiki Leaks and the LTC acceptance
On April 25th, the Wiki Leaks shop reported they will be now accepting the virtual coin LTC as a payment method. This is something not to be surprised of since the founder of the company, Julian Assange, has consistently shown his support for decentralization, data privacy, and in general terms blockchain technologies. Thus, the official announcement made through the Official Twitter account is actually not that unexpected.
— WikiLeaks Shop (@WikiLeaksShop) April 25, 2018
Subsequently, the LTC is not the only coin the Wiki Leaks Shop will be accepting. In fact, they will now accept all of the virtual coins supported by the coinpayments.net platform, a network that supports and promotes many virtual coins as a payment method.
The Litecoin-Wirex pair
Wirex recently made the announcement that Litecoin was going to be accepted on their wallet application in addition to the already in use, Bitcoin. Regarding this decision they have cleared up that their choice is based on the fact that they found Litecoin is way safer and faster than Bitcoin, and that it also has lower chain fees.
Furthermore, the wallet app team stated as well that they have strong reasons to believe that Litecoin will be massively accepted very soon, so the action of enlisting it as a payment method serves a well-deployed strategy.
This way, the wallet app specifically built to accept various Visa Debit Cards, will also be able to accept LTC as a payment method, an action it already deploys with Bitcoin.
The market landscape for Litecoin
It all appears like LTC is putting all of its efforts in making its token to be globally accepted. However, the recent behaviors of the market have made this a difficult task with stubborn decreases we can see very often.
Let’s recall that in the last market wiggle, LTC decreased 5 percent against the dollar. Although this is something they managed to resolve just a few hours later when they achieved to increase up to a 0.48%, recovering once again the green trading numbers.
In the current scenario, LTC is trading up against Bitcoin rising up in a 1.72% above the behavior of BTC, a fact that implies LTC is playing a little bit better than Bitcoin considering how the market is acting as a whole.
The price of Litecoin at the moment is $149.91 per unit, and even though is far from its highest price of $333 the unit, it is now ranked as the 6th most important cryptocurrency in the market; and that’s something may even improve any soon if they manage to recover the number 5th spot on the list.
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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 Steve Jurvetson via Flickr
XRP Surges By 8% In A Surprise Bull Run
The new price surge that surrounded almost the entire crypto market brought quite a pleasant surprise for XRP holders, as Ripple grew in price by over 8% in the last 24 hours. In fact, XRP managed to achieve a price surge equal to that of Ethereum as of this morning.
While the third largest cryptocurrency is still quite behind ETH when it comes to market cap, many believe that it is only a matter of time before XRP regains its former glory. With that being said, a lot of people are still more than pleased with seeing Ripple climbing back to more stable levels, especially after a big price drop that hit the coin last week.
The new hike up allowed XRP to climb back to $0.446322. While this is still low when compared to its highest point in the last week ($0.52), the coin still seems to be well on its way to recovery. In fact, many believe that XRP has found a new bottom, one that is significantly higher than the last one. Most of this new success can be traced back to a price surge that Ripple has had recently when it even managed to briefly overthrow Ethereum as the second largest coin by market cap.
Despite its drop since then, XRP still remains one of the coins with the strongest growth in the last month. While the market is still far from stable,…
If Tether crashes, will that money pour into Bitcoin?
For a long time now, the so-called stablecoin, Tether (USDT) has been a topic of discussion within the crypto community.
Tether, as a stablecoin, is said to be fully backed by the USD. This allowed it to be one of only a handful of cryptos that can avoid volatility issues, due to the fact that it is backed by a stable fiat currency. However, for as long as it was around, Tether was very secretive of its bank accounts and funds in general.
While claiming to have the ability to back each of its USDT coins, many have questioned whether or not this can be true. At the time of writing (October 16, 2018), Tether has released 2,256,421,736 USDT in circulation. This means that it needs to have at least $2,256,421,736 in order to cover its circulating supply.
At this point, three questions emerge, and answering them could very well change the future of this stablecoin. The questions are as follows:
- Are all USDT coins fully backed?
- If yes, then where did that much money come from?
- If not, what will happen when the market discovers the lie?
Tether continues to keep secrets
As mentioned, Tether has always claimed to be able to back each of its coins. However, instead of operating on transparency, the coin used different tools, mostly opaqueness, misdirection, and playing the victim whenever someone tried to unveil what is truly going…
Is Bitcoin (BTC) Better Than USD?
Despite all its recent progress, cryptocurrencies still do not inspire trust in a lot of people. Many view them as unsafe money, with its very nature being doubtful. However, a recent report by the Polish Academy of Sciences’ Institute of Nuclear Physics shows that situation regarding cryptocurrencies may not be as bad as it seems. In fact, the report claims that Bitcoin might even be a better currency than it looks like.
Bitcoin vs traditional money
Bitcoin, as many are already aware of, is the first cryptocurrency. It was created a decade ago and was officially launched in 2009. But, even though it has been around for around 9 years at this point, it is still largely mistrusted by a lot of investors, especially when it comes to large institutions.
However, thanks to the Cracow-based Institute of Nuclear Physics’ recent report, this common opinion might actually be wrong. The Institute has conducted a detailed statistical analysis of the BTC market and has published the results in a scientific journal called Chaos: An Interdisciplinary Journal of Nonlinear Science.
Surprisingly enough, the report portraits Bitcoin in a very positive light.
The report started by commenting on the credibility of traditional money. In the past, money that people have been using was backed by specific material commodities, such as gold. These commodities gave the money its value and served as a guarantee that the money actually has worth. This is…
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