Bitcoin
Litecoin Has Grown By More Than 8,000 Percent In 2017, Thus Outdoing Bitcoin
Litecoin has performed better than Bitcoin this year as far as the percentage increase in price is concerned. The altcoin has risen in price by more than 7000 percent in 2017, with the price going from $3.63 since January this year to a high of $302.
The altcoin’s market cap went up from $177 million to $16.4 billion and its market cap is currently bigger than that of Bitcoin at the start of 2017. This means Litecoin is one of the altcoins that have experienced significant growth over the past 12 months. This growth has contributed to a decrease in Bitcoin’s dominance from more than 80 percent to around 56 percent.
Some analysts believe that the decrease is due to the fact that some users have started to shift to alternative currencies. This could likely be due to the high transaction fees charged for transacting Bitcoin. Most people have started to realize that Litecoin and Ethereum have significantly lower transaction costs which is ideal especially for small transactions. However, Bitcoin is still relied on as one of the best cryptocurrencies to use as a store of value.
Despite the significant growth that Litecoin has demonstrated this year and the fact that it is becoming more popular for transacting, Charlie Lee believes that the altcoin might take as long as five more years for consumers to adopt cryptocurrency in real-world transactions. Lee is the creator of Litecoin and former director of engineering at Coinbase.
“I think we’re still maybe five years away before people actually start using bitcoin and litecoin in real-world use as a currency. I would be happy if Litecoin stays at around $300 by the end of next year,” stated Lee.
The Litecoin founder also pointed out that it was surprising how the altcoin surged so steeply this year. He, however, refused to speculate on whether the price would continue to go up or reverse, arguing that he did not want people to be angry at him if he gave the wrong prediction.
Litecoin is still slated to continue rising in value especially if more users continue to jump on board due to the fact that it offers smaller payments and cheaper transactions. This means its market valuation might continue to rise well into 2018. However, this is just speculation and the future of cryptocurrencies remains uncertain.
Like any other currency, the price of the altcoin might also decrease. This has, in fact, happened before, where the cryptocurrency tanked from $48 to $4. In fact, Lee used this scenario to explain the risk involved in buying cryptocurrency through a tweet. He stated that buying Litecoin is risky and not for the fainthearted who cannot handle such drops. There was speculation that his statement would cause the price of the altcoin to crash but as demonstrated, the price has continued to go up.
We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!
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.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
