Analyzing the crypto-markets, we find that Litecoin (LTC) is highly oversold and is currently at a discounted price. The coin that is the brain-child of Charlie Lee, is currently trading at $52 at the moment of writing this. This is only 16.5% of its peak value of $363 back in December. In terms of depreciation, LTC has done a downward spiral since then, that is equivalent to 84%. This is a frightening figure.
Why Litecoin (LTC) Mooned then dumped in January
Back in December, at the epicenter of the bull run that was being experienced back then, crypto-traders were suffering from high transactions fees on both the Bitcoin (BTC) and Ethereum (ETH) networks. Both networks were also clogged as crypto-traders were ‘shooting’ their funds across exchanges to get the next big pump in the markets. Then the same savvy traders realized that LTC was faster in transferring funds across exchanges, its network was less congested and transactions were way cheaper than the other two top coins. LTC was King back then and not Bitcoin (BTC).
It is with such an event that it might be time for the Litecoin (LTC) foundation to capitalize on the awesomeness of the coin to market it as an alternative to Bitcoin. The current marketing that it is there that puts LTC as a support for BTC is wrong. The crypto markets are a jungle and to survive, coins must be advertised accordingly.
Going back to the events of December and early this year, Charlie Lee then announced he had sold all his holdings of LTC to concentrate more on the project. This reason was very noble, but many loyal fans saw it as abandonment and a quick payday for Charlie. These sentiments still resonate today in the crypto-verse with Charlie receiving tonnes of FUD to this day. But you cannot blame the guy if he genuinely cashed out. The crypto-market is a jungle and only the savvy survive with their profits.
LTC must gun to dethrone BTC or fall off the charts
Litecoin has proven that it is a more efficient alternative to Bitcoin (BTC) and way more friendly than Ethereum. Therefore, Charlie Lee needs to put on his battle helmet and gun for the top or risk being obsolete. There are other coins and projects that are aiming for the efficiency LTC provides and it is only a matter of time before they succeed.
Three examples are XRP, Cardano (ADA) and XLM. XRP has proven to be the fastest means of transferring funds in exchanges according to a recent Twitter poll by Weiss ratings. With this fact, XRP has edged out LTC in this use case scenario.
Which is best for moving funds between exchanges?
— Weiss Ratings (@WeissRatings) July 20, 2018
Cardano, on the other hand, has numerous developments under its belt and more to come. Stellar has been rising gradually in the markets and will soon be a top 5 coin. It has edged out Litecoin and is at number 6, with only EOS standing in its way and according to coinmarketcap.com.
In conclusion, LTC is slowly and evidently losing relevance in the crypto-verse due to its long-held philosophy of complimenting Bitcoin. It is time for the Litecoin foundation to remove the ‘boxing gloves’ and get into a ‘bare-knuckle’ brawl to get back to the top.
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
Cryptocurrency Fraud is Evolving; Bitcoin ATMs Mitigate Risk
In one of the more overlooked aspects of the crypto ecosystem, it appears that the bulk of illicit activities are shifting from hacks and thefts to cryptocurrency fraud and scams.
CipherTrace, the crypto-surveillance, and analysis firm released a report at the end of Q4 2019 that revealed hacks and thefts had decreased by 66 percent in 2019 while fraud and misappropriation of funds surged by 533 percent. And beneath the COVID-19 hysteria of 2020, hacks in the crypto sector have been eerily isolated.
Outside of a few exploited flaws in P2P exchanges and DeFi flash loan vulnerabilities, the headline-grabbing hacks of exchanges for hundreds of millions of dollars have been absent so far this year. Is the industry due for another massive hack, or are stringent KYC/AML processes, regulatory crackdowns, better security practices, and blockchain surveillance working?
KYC/AML Improvements Are Reducing the Appeal of Crypto Exchange Laundering
2020 is far removed from the no-KYC wild west days of the early-mid 2010s where anonymous altcoin casinos preponderated and the Dark Underbelly of Cryptocurrency Markets thrived.
Today, bitcoin and the crypto ecosystem is becoming institutionalized with a surfeit of derivatives (e.g., options, futures, perp swaps, etc.) available on…
IE Option – 91% Profit on BTC Fluctuations in Every 60s
On Thursday, Bitcoin price broke below $6,700 and hit the weekly low to $6,480. Then, it rebounded back above $7,000 again with an increasing rate of 5%. At press time, based on the incomplete statistics, more than $720 million worth cryptocurrency futures contracts have been liquidated in this week. During the strong market fluctuation, investors are learning a hard lesson about the downside of cryptocurrency futures trading with leverage.
Since we know that we cannot make money by investing in BTC spot trade during the bear market, and we notice the high risks of liquidation by trading leveraged bitcoin futures contracts, how can we hedge the loss in spot trade and profit from the BTC market volatility?
BTC Option is a profitable trading product that you can turn to!
What is Option?
Option is a type of crypto derivative contract which enables investors to make speculative bet on price rising and falling. Call option means that trader long BTC at a given strike price, while Put option allows trader to short BTC at a given strike price.
For example, if you predict that BTC price may surge, you can buy a call option. Suppose that you buy a call option at $7,000. As long as price exceeds $7,000, you can make profit.
IE Option – Get…
4 things you should know about bitcoin casinos
Bitcoin Casinos are the ideas of innovation, firmly moving towards the goal of disrupting the whole Gambling Industry. Best Bitcoin Casinos are the true trailblazers of the new era of gambling. Their creators quickly recognized all the immense potential that blockchain and cryptocurrencies contained within themselves. Most of the top Crypto Casinos started operating in the first half of the past decade and are quickly moving towards being the dominant force, when it comes to online gambling. There are a couple of key characteristics and advantages that elevate BTC Casinos above the rest of the competition on the market.
Trusted casinos have fast withdrawals
Only the Best Bitcoin Casinos offer players the benefits that come with using cryptocurrencies as the main source of finance. One of the biggest advantages that BTC Casinos have over the rest of the competition is speed. When using cryptocurrencies, players can deposit and most importantly withdraw their money with blistering speeds. Thanks to blockchain technology, all the financial transactions are completed within the minutes of request. Alternatively, standard online casinos operating under the guidance of classical banking intuitions, need several days to complete the same procedures.
In BTC Casinos anonymity matters
Another amazing benefit of Bitcoin Casinos is the ability to stay completely anonymous during the transactions and gameplay. Thanks to the…