Bitcoin
Litecoin Touches $250 As Explosive Growth Continues
Litecoin has risen by more than 30% over the last 24 hours to all-time highs of $250 and still rising. The record-setting cryptocurrency is now up by more than 4,000% for the year having started the year at $4.33.
While focus has mostly been on bitcoin, given that it has risen to as much as $17000, Litecoin has outperformed it given its year to date gains. While the two have risen in tandem, it appears focus is shifting towards the cheaper cryptocurrency as late adopters look for affordable ways to gain exposure in the cryptocurrency space.
Litecoin was priced at less than $100 at the start of the month. As talk of bitcoin futures hit the wires, the cryptocurrency soon broke the $150 mark over the weekend as the bullish momentum propelled it to the $200 handle on Monday.
Litecoin As ‘Bitcoin Hedge’
Litecoin breathtaking rally has however started to arouse concerns. The main concern is that the cryptocurrency is simply riding on bitcoin’s cocktail rather than its own fundamentals. Bitcoin has continued to hit record highs in part because of big headlines and new developments in its blockchain. That has however not been the case with Litecoin.
The lack of new developments on Litecoin to help support the blockbuster run is already fuelling talk that the crypto could simply be trading as a ‘Bitcoin Hedge’. The fact that bitcoin is dealing with a high level of transaction, has reportedly forced some people to switch their attention to Litecoin
“Litecoin is more scalable by nature and with bitcoins mempool currently flooded with unconfirmed transactions Litecoin is looking much better than BTC as a medium of exchange,” said Mato Greenspan, Senior Market Analyst at eToro.
According to CryptoCompare co-founder Charles Hayter, Litecoin is receiving a lot of love in part because it has greater upside potential unlike bitcoin and offers reduced risk.
Diversification Drive
Some observers attribute Litecoin impressive run to the fact that market participants are slowly flocking into the cryptocurrency space. Only until recently have investors acknowledged the fact that the cryptocurrencies may not be a fad but an investment opportunity that could last much longer.
With bitcoin trading at highs of $17,000, investors are looking for affordable ways of venturing into the crypto market. Litecoin being the 5th largest cryptocurrency on market cap has emerged as an exciting investment opportunity given its underlying technology that is similar to bitcoin’s.
Litecoin is destined for more gains as investors move to diversify their portfolio in the crypto space. With bitcoin, trading in overbought territories and Ethereum remaining flat value should shift to other Altcoins.
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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
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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