It seems that somehow things started to go downhill for Litecoin since February 2018 when the majority of currencies started to drop dizzily. The market dip that took place went on for more than 8 weeks. Since EOS stood as feistier than LTC back at the time, EOS managed to go past Litecoin, pushing it down to the sixth spot. EOS was able to take over the place of the fifth-best currency that Litecoin held for a long time. Now when LTC has been hit by the latest change in the market, Litecoin dropped under the value of 100$ per one LTC, that way marking a new low.
In addition to the above mentioned bad news, LTC greeted the morning with a new announcement. A licensed company named Paxos Trust was authorized to add LTC, ETH, BC, and XLM, which might provide the much-needed push for Litecoin.
Litecoin Marks a New Low: Drops Below $100
While setting new record prices and achieving new all-time highs is always a lot of fun, observing one of the top currencies in accordance with the global coin ranking list, can be more than devastating, especially for LTC holders who are due to observing their favorite currency dropping to its new low.
On Wednesday, June 13th, during a new wave of drops that took place at the mentioned date, Litecoin dropped below the price of 100$, that way setting its new low while dealing at the price of around 94$.
The initial price at the same time marked the new low of Litecoin, making it the lowest price that LTC has touched during 2018.
What became a thought in general after the horrific drop that exiled LTC to its new low, is the fear that Litecoin might continue with dropping until it touches a new low of 80$ per one unit.
Luckily, this still seems like a worst case scenario in oppose to a refreshing reality that came with the latest market trend.
Only a single day after the initial drop below 100$, Litecoin is seen rising up against the dollar to touch the price of 96.91$ per one LTC unit, which came as a result from the latest rise of 1.40% against USD.
Going towards 97$, and potentially getting back to 100$ and above now seem as more likely to happen in the following days, but only in the case LTC doesn’t break down to the new potentially harmful market trend that comes next.
The fact is that the crypto market is still not able to reflect a flattering level of stability and at least a dose of predictability when it comes to general market trends that often change from day to day, mirrors the uncertainty of what will happen next to once fifth-best coin.
It seems that the defeat that Litecoin suffered from losing its spot to EOS is following LTC like a case of bad mojo as it is trying to pull out a set of gains that could get it back to a much flattering price that Litecoin had only a month ago in May.
Why Litecoin Touched a New Low?
Based on the analysis of the trading volumes, it seems that Litecoin had a major sell-off in the last couple of days, making it the first massive sale of LTC units in the course of the last 8 weeks.
The sell-off, however, seems to have ended in the last 24 hours, after lasting for less than 48 hours from the start of the sell-off that probably came as unplanned and with the objective to gain some profit on the sold-off units of LTC.
Now that the traders have taken a break, LTC can be seen while slowly rising back up, potentially being able to reach the price of 100$ and above in the following days, in case that no other sell-off takes place in the meantime.
Litecoin is still positioned as the sixth-best currency, right below EOS with over 5 billion dollars in market capitalization.
Paxos Trust to Add Litecoin
What makes the following news significance go above the individual benefit for Litecoin, as Paxos Trust announced being authorized to add four of the top ten currencies, which will include Etherum (ETH), Bitcoin Cash (BCH), Stellar Lumens (XLM) and Litecoin (LTC).
Paxos Trust represents a company that is enabled to work like a bank, so representing a financial institution, its link to the world of digital assets becomes even more significant, especially for Litecoin that might get the much-needed push from the case scenario of being added by Paxos Trust.
Paxos Trust is one of the rare financial companies similar to banks that have been approved by the New York State Department of Financial Services, that way being enabled to work with cryptocurrencies. At the same time, Paxos makes up for the first company of such kind to have added XLM while making up for a rare trust and banking institution linked to the mainstream financial operations to add Litecoin. The services that support OTC trading, management and escrow for Litecoin and other added assets are already available with Paxos exchange called itBit.
For the latest cryptocurrency news, join our Telegram!
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 Pexels
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…
Should Crypto Projects Devote Resources to Community Growth and Marketing?
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%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
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…