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Reasons Behind Litecoin Recent Bullish Run

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LTC

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:

  1. 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.
  2. 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.

Future Prospects:

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.

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 Victoria Catterson via Flickr

Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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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. One of the ways to have a successful trading…

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Altcoins

Should Crypto Projects Devote Resources to Community Growth and Marketing?

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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…

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Altcoins

XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata

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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…

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