After a lot of speculation among developer communities everywhere, ABRA has chosen Litecoin over the more popular Bitcoin Cash to be integrated into its system. Although Litecoin isn’t the only Cryptocurrency added to ABRA, with another 20 plus tokens being added, it still gets selected over Bitcoin Cash. Litecoin creator Charlie Lee took to Twitter to voice his opinion about the decision.
“Abra chose Litecoin over Bitcoin Cash because of Litecoin’s better security and its adherence to Bitcoin’s scalability roadmap.”However, there are other reasons why Litecoin was the preferred Cryptocurrency.
The Current Scenario
At the time of writing, Litecoin has already experienced recent peaks but the price has somewhat dropped thereafter. It still, however, remains relatively stable around the $163 mark, even after the recent market shakedown. It had recovered sharply, rising by 4.6% in the past few days. Litecoin has always experienced an extended period of stability, which in turn makes it a good spendable asset. With the recent developments in mind, founder Charlie Lee also indicated via Twitter that Native SetWit Bech32 Support will be included along with the latest wallet upgrade. This will also result in much lower fees.
From ABRA’s point of view, Litecoin forms the core of the app’s protocol. Abra’s service revolves around providing synthetic digital currencies, backed by existing assets. Abra’s multi-sig smart contract based investment platform is thus suited for Cryptocurrency integration. With the latest addition of Bitcoin and Litecoin and another 20 Cryptocurrency tokens, the future prospects look bright. Bitcoin and Litecoin are the only two cryptocurrencies embedded in the app. The rest of the coins are classified as “synthetic token” and can be seamlessly exchanged. Thus, Abra will provide users with the extra security provided by the Litecoin blockchain, which has not been previously seen in any related Cryptocurrency wallet application.
Immediate Impact on Litecoin’s Price
In spite of the overall slump experienced by the current Cryptocurrency market, Litecoin is one of the few success stories. It is set to grow exponentially in value after ABRA announced its addition. They are also slated to be listed on the Gemini exchange. This is welcome news for Litecoin, which has experienced quite a slump in these past 7 days, declining in value by almost 12%. In spite of these shortcomings, Litecoin has experienced a great year, achieving a huge 4196.16 percent growth in value at the time of writing.
Litecoin could be a great choice for many corporations hoping to invest in cryptocurrency, as it is already an established cryptocurrency with fast transaction speeds and is the best currency for payments. This could be part of the reason it is gaining dominance in the market. That being said, there is no denying that the price of Litecoin has been languishing in the bottom half and this sideways movement is reflective of the overall cryptocurrency market. Indeed, it is not reflective necessarily of a lack of support for Litecoin. The most likely way for Litecoin to prove itself will be during the next run up in price, or the so-called “bull run”. It is not exactly known what the future holds for Litecoin in the next “bull run”. However, because of its recent popularity, Litecoin could well be one of the top three market leaders. The currency has always been backed by great technology but has not yet received widespread recognition. Now, people have been realizing its potential and letting other people know about it on Twitter, Youtube, and other popular platforms. This has caused a surge in attention, so during the next “bull run”, there could be a host of new investors ready to make the most out of Litecoin.
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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 Chad Cooper via Flickr
Reasons Why 2019 May Be A Great Year For Crypto
The new year was always considered to be a time of new beginnings, where people can reflect on the past and learn from their mistakes in order to be better in the future. The same is true for the world of crypto, and investors around the world are hoping for 2019 to be better, more profitable, and to have more success than 2018.
The hope for the future is even more important when we consider all the negative development in 2018. There were numerous high-profile hacking attacks, two market crashes, with a strong bear market in between. Not to mention that some of the biggest projects that may have brightened the year a bit ended up being delayed.
With that in mind, it is understandable why investors are looking forward to the new year and all the potential development that it may bring. In fact, there are several reasons why they should be excited about 2019.
1) Bearish market to loosen its grip
The first reason why 2019 can be a good year digital currencies is that it may finally break free of the bearish grip that has been felt ever since last January. Following the first market crash, the bears settled in, and the prices kept falling for an entire year. The market attempted to shake off the negativity on several occasions, with the biggest one being…
3 Coins with the Largest Potential in 2019
2018 has been a pretty bad year for digital coins, and after the initial market crash that occurred a year ago, everyone was expecting a bull run that will fix things. Obviously, it never arrived, and instead of that, all that crypto market experienced was an entire bearish year and another crash in mid-November.
Now, however, it is a brand new year, and attempts to shake off the bears’ grip can be seen even in these first two weeks. The market is still struggling and mostly losing value, rather than gaining, with most coins being in trouble once more. Still, a lot can happen in a year, and most investors remain optimistic regarding 2019. Here are some of the coins that are believed to have tremendous potential, and to be the hope of this year.
Of course, Bitcoin comes first. This is the first cryptocurrency which is still dominating the market, with no other coin being even close to its market cap or price. BTC is the coin that has reached the most prominent heights, and it also lost the most in the previous year. However, there is still hope, as there are several projects and events scheduled for this year that might turn things around for the number one coin.
One thing that is expected is the approval of Bitcoin ETFs…
Do or Die: 3 Crypto Projects that Really Need to Deliver Soon
Crypto projects have gone through several crucial periods of development, and while it is fascinating to watch their progress to maturity, a lot of investors are becoming impatient. During the first few years, they were barely known, only talked about in specific groups, among those developers and investors who had the luck to find out about them in the early days.
The next several years, altcoins started appearing, and the voice of cryptocurrency slowly started to spread. Then, there was a period of hype, when crypto exploded, and the entire world finally learned about this new technology that promised to change the world. Naturally, the overhype led to a market crash and price correction that we experienced last year, but the impact was made, and the world is still talking about them on a daily basis.
However, now is the time for cryptos to deliver on their promise, grow up, and start showing results. There are high expectations for many projects, but for various reasons, they have yet to deliver, and many are hoping that 2019 will be the year when they finally do it. Let’s see which 3 crypto projects really need to show results, and soon.
1) Ethereum (ETH)
Are you surprised to see Ethereum at the first spot? The project has been a top cryptocurrency for years, why would it be in danger now?…
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