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Litecoin (LTC) struggles to keep gains obtained in Abra adoption

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Recent reports confirm that the celebrated commitment for a payment network between Litecoin (LTC) and Abra, related to the smart contracts of the peer-to-peer cryptocurrency, reached a massive failure today after the asset happened to have an opposite effect and instead of broadening the gains, ended up reversing previous earnings.

Let’s recall that Abra raised the critical number of $40 million during its last funding round, an event after which the company announced that at the end of March it would run its plans of using the smart contracts from Litecoin with the purpose of powering their exchange and wallet platform.

Following this declaration, LTC went up with a significant gain of 20 percent, a number that according to the cross-exchange information provided by CoinMarketCap, made the cryptocurrency hit a fantastic price of $136 on Tuesday, 3rd April.

Moreover, regarding the partnering decision with Litecoin, Bill Barhydt, the CEO of Abra, explained the situation by highlighting the importance of being congruent with the market.

He stated that by choosing Litecoin smart contracts over the ones powered by Ethereum, the company was being more conscious of what was going on around the market; and that, in fact, by doing so they were actually closer to be compatible with the leader of the sector, Bitcoin.

Subsequently, he detailed:

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“We went with Litecoin as the second asset class, after bitcoin, for our smart contract investing solution for 3 primary reasons: 1. commitment to bitcoin compatibility: core roadmap, p2sh support, lightning support, etc; 2. slightly better scalability than bitcoin in short term (block size and block times); 3. mining fees which are primarily a function of #2 although this is more of a short term benefit as mining fees would likely sky rocket if we’re successful anyway!”

Furthermore, the CEO declared as well that according to the company’s goals, Litecoin would more likely become Abra’s “primary asset class” within a few weeks to come.

After all the declarations given by Barhydt on behalf of Abra, most of the Litecoin investors felt encouraged to believe in a brighter future for Litecoin. Nonetheless, since last week the prices of the coin went into a tailspin in response to the sudden closure of the merchant medium LitePay.

The abrupt event was very unexpected since the retailer gateway had only opened its doors a couple of weeks earlier, and just when they were starting the business got down.

This way, the whole landscape for the Litecoin currency doesn’t seem very promising, in fact, the virtual coin created by the company lost almost all of the earnings made because of the alliance with Abra, even reaching a price of $118 today.

Regarding the facts, last week, Charlie Lee, the creator of LTC established a very demotivational statement by expressing:

“Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs,”

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. 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 BTC Keychain via Flickr

Altcoins

DGB Price Prediction For 2018 and Beyond

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With the crypto market being constantly bearish throughout this year, a lot of investors are having second thoughts about buying additional coins. While some large cryptocurrencies like Bitcoin or Ethereum can be considered safe investments, smaller coins like Digibyte (DGB) often receive a lot of doubt. This is why the DGB price prediction is necessary so that the investors can know what to expect.

DGB Price Prediction

DGB has had its ups and downs throughout this year, and at some point, it even went up by 70%. However, the constant bear market affected it just as much as numerous other cryptos. This has brought its value down to its current $0.025378 per coin. Some optimistic predictions from earlier dates saw the coin reaching as high a price as $9.20 by the year’s end. However, as we approach the date, it seems less and less likely that this DGB price prediction will come true.

The coin is generally seen as a profitable investment. As it is always the case with cryptocurrencies, they should be bought when their prices are down, so that a profit could be made when they spike up once more. Digibyte is no different, but it should be noted that investing in this coin means having patience. DGB is not among the coins that will make you rich overnight, and instead, it should be seen as a long-term investment.

Even though 2018 has been as…

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Altcoins

Why ZCash (ZEC) Is Heading to $10k

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Back in mid-May, the Winklevoss Twins made the headlines for embracing ZCash (ZEC) as one of its major digital assets on their groundbreaking Gemini exchange. When the announcement was made, ZEC rallied in the market by showing a 45% increment in value. The coin made it to $357 in a matter of hours.

Further assessing the currently available digital assets on the Gemini platform, we find that the exchange currently has USD pairings for only Bitcoin (BTC), Ethereum and ZEC. There is also additional pairings of ETH/BTC, ZEC/BTC and ZEC/ETH with plans to onboard Litecoin in the coming days.

Another thing to note is that the exchange also provides custodial services for institutional investors thus giving ZEC the much-needed exposure to the firms on Wall Street. Custodial services provide a guarantee that all digital assets on the platform are stored by a licensed entity thus extinguishing any cybersecurity concerns. For an entity to be licensed in New York for custodial services, the proper due diligence and research have been done.

Another thing that makes the Gemini exchange attractive and appealing to institutional investors, is that all USD deposits are insured by the FDIC. The latter entity is the Federal Deposit Insurance Corporation that provides insurance for USD deposits in American banks. This means that once again, the funds of individual and institutional investors are safe and insured, further making…

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Altcoins

Ripple XRP Mega Breakout: What’s Next?

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Ripple XRP mega breakout
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The Ripple XRP mega breakout that we were calling for happened and happened much quicker than anyone expected. As we said yesterday:

Nonetheless, IF, Ripple is capable of going ‘topside’ of the .38 figure at any point in the days/weeks ahead, such development, should it occur, would likely trigger its next advance into the .42 – .47 zone, representing a 30-40% move from present levels. On the flip-side, the .25 – .26 area should offer short-term potential support.

XRP is now sitting at .51704  as we write this article this morning, representing gains of 61% since we alerted our readers and our Global Elite email newsletter members.

Ripple XRP Mega Breakout

The Ripple XRP mega breakout is significant because it’s the first time XRP has been above its 50-day moving average since May. Right now, the RSI is approaching 80, so we are in overbought territory and we expect the price to consolidate around the .42 to .47 level before resuming its uptrend.

While some are looking at this as an opportunity to short XRP, we are not of that camp. While some can book some profits and use a trailing stop, any integration of XRP with xRapid has the ability to create a tremendous move in XRP. As Travis Kling said this week on the Off the Chain podcast with Anthony Pompliano, XRP could be the quickest five-bagger investors…

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