Cryptocurrencies seem to be adopting an upward trend which is perhaps due to their rising popularity and the fact that more people are buying them. Litecoin has not been an exception to the current trend. The altcoin has been registering significant gains which saw it reach new highs on 13th December with prices reaching $341.80.
The new highs were achieved after the currency benefited from massive gains earlier this week. The Litecoin price went up to $165 from $136 on Monday within a span of 24 hours. This movement sparked speculation that the currency would continue to experience huge gains and that is exactly what happened. In fact, the prices shot up so high that it had doubled by Tuesday with highs of $318 before breaking that barrier and reaching a new high at $341.80 on Wednesday.
The movement in the value of the altcoin was quite a huge milestone that surpassed expectations. In fact, some analysts had not expected the price of Litecoin to reach $100 before the end of the year perhaps because it took long before reaching that mark. Others believed that the altcoin should have gotten there sooner. It was thus quite surprising when the cryptocurrency hit the $200 mark and even higher.
A surge in prices has been evident in all major cryptocurrencies over the past few weeks and especially this week and last week. The hype is believed to have been driven by the massive surge in the price of Bitcoin which saw it hit a new high of more than $17,000. The surge in Litecoin could also be attributed to the fact that people have started to gain a deeper understanding of the digital currency world and understanding the advantages of altcoins. Litecoin for example, is characterized by low fees and faster transaction speeds.
These advantages offered by Litecoin come due to the fact that the coding process of this cryptocurrency aimed to tackle some of the downsides of cryptocurrency especially as seen with pioneer cryptocurrency, Bitcoin. Newer cryptocurrencies are thus expected to be better since developers are constantly gaining a better understanding of the underlying technology.
The massive surge in the value of Litecoin makes it one of the fastest growing cryptocurrencies in the market. In fact, its growth rate has far outpaced that of Bitcoin by a wide margin since the beginning of 2017. Bitcoin has gone up by 1,731 percent this year while Litecoin has surged by an astounding 7,291 percent.
Analysts have provided a theory suggesting that the surge in Litecoin is a direct result of the fact that investors are starting to show preference to Litecoin over Bitcoin. Some investors believe that the price of Bitcoin has been overstretched and are thus shifting to other alternatives. If that is the case, then there is a high chance that the price of Litecoin might continue to go up in the future.
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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 BTC Keychain via Flickr
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…
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2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
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XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has been…