The Cryptocurrency world can be amusing at times, with investor sentiment being the single most factors that shadow other economic considerations. Market sentiment is the main influence on the majority of the erratic price movements experienced in the recent Cryptocurrency slump. Although the market seems to be recovering slowly, crypto-leaders like Bitcoin, Ethereum, Ripple etc have been hit hard. Litecoin has appeared comparatively unscathed, currently ranking at 5th in the world, according to CoinMarketCap. As of 22/03/2018, Litecoin has a total Market Cap of $9,259,813,820 USD with a maximum supply of 84,000,000 LTC tokens.
Much has been speculated about the factors behind Litecoin’s apparent price stability compared to other cryptocurrencies. It is to be noted, that the Cryptocurrency market, on the whole, had experienced substantial losses and comparatively Litecoin has shown stability. This, however, comes after a massive, with Litecoin market cap originally being $17,277,443,082 USD on January 06.
Reasons Behind Litecoin’s Bullish breakout
Litecoin has always been revered by the crypto-community at large, partly because it’s cheaper and possesses a considerable degree of higher speed compared to the likes of Bitcoin and Ripple. Even though Bitcoin still occupies the top spot in the crypto-universe, Litecoin has been stable in the 5th position for quite some time now. There are two major factors responsible for this:
- Recent G20 Assurances: Litecoin’s value bounced up after a period of considerable lows, following the G20 announcements. As reported by Reuters, the fears regarding cryptocurrencies have started to disappear, after G20’s positive assurances. Crypto-analysts are of the opinion that Litecoin his indeed on the way up, with a projected value of $400 by the middle of the year. Indeed it had a positive impact on Litecoin price levels, with the price spiking from $8,909,265,784 USD on March 20th to $ 9,655,414,078 USD on March 21st, going even higher later that day.
- The Introduction of LitePay: Litecoin has recently come up with Litepay, a payment processor application developed by Litecoin. With a flexible and straightforward design, it aims at providing businesses with Cryptocurrency payment options. Much hype has been experienced around LitePay’s release, with analysts citing three main reasons for its mass adoption in the near future.
a. Cryptocurrency Commerce adoption: Since there is no easy payment processing technology to help merchants and businesses to serve crypto-customers, LitePay will certainly be a revelation. The system is proven to efficiently deal with market fluctuations and volatility and transactions can be initiated from anywhere in the world. All of this points to a bright future for Litecoin adoption.
b. Prepaid Credit Card: To provide more convenience to users, litepay aims to efficiently serve both customers as well as merchants. To provide instant access to its users Litepay Credit Cards will pave the way for instantaneous transactions with a high level of security. This is backed by Blockchain’s Incorruptible and decentralized nature.
c. Lower transaction fees: Many investors shy away from making profitable trading decisions, citing high transaction fees as the number one reason. However, the LitePay system has been developed to change this scenario, by directly negotiating local banking institutions when exchanging cryptocurrencies. The commission has been capped at a flat 1% rate as opposed to the standard 3% charged by normal credit cards. This will facilitate holders to easily able to convert Litecoin to dollars without any restrictions.
Unlike many cryptocurrencies, the future prospects of Litecoin Adoption are massive. Many analysts believe that a” bull flag breakout” would revive the bull run and possibly yield a rally to $300-$320 in the longer term. Litecoin thus can be considered as Silver to Bitcoin’s Gold. The presence of a leader like Charlie Lee has provided immense confidence to the growing Litecoin community. The fact that Litecoin is also ASIC resistant is certainly another plus point for future mass adoption. Thus Litecoin is expected to grow exponentially this year, as more and more users start to recognize its advantages over Bitcoin.
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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 Victoria Catterson via Flickr
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
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