Charlie Lee, the man affectionately known as 'Satoshi lite', came across blockchain technology in 2011 and became quickly fascinated with this idea
Charlie Lee is not just the advisor for HTC...
58.68 USD -2.71%
0.01489000 BTC -0.94%
The cryptocurrency market was in a long bearish stretch until all the top assets located their short bottom in December last year. Litecoin was one among them. Litecoin Price Performance Since December 2018 | Source: CMC On December 12, the Litecoin’s dollar valuation touched its yearly low at $23.01. And since then, the pair has recovered surged close to 156-percent, now trading at a relatively impressive rate of $59, with recent highs going as up as $61.54. One could say that Litecoin so far followed the overall cryptocurrency market sentiment. While it corrected higher, other top coins, including Ethereum, Tron, EOS, and Cardano, also noted similar upside moves. Nevertheless, LTC surged on one more account as well: network activity. Litecoin Hashrate Rising As noted by Gregory Rocco, the head strategist at crypto-economy firm Alpine, Litecoin’s hashrate is on the rise since December. The cryptocurrency’s power consumption rate was shy of 150 trillion hash per second (TH/s) in December. But as of now, it has jumped close to 270 TH/s, indicating that more miners have joined the network ever since the price started recovering. Litecoin Hashrate on the Rise | Source: Gregory Rocco, Alpine For starters, a higher hashrate indicates a more secure cryptocurrency network. It means that any malicious actor planning to attack the blockchain would need to spend ample amounts of money to match the hashrate. Therefore, the attack would become impractical. Fundamentally, it makes LTC a secure blockchain, which allows its token LTC to claim a bullish scenario. The real flippening is $ETH and $LTC hashrate. pic.twitter.com/qz3zIE3Ipc — Rocco (@Obstropolos) March 25, 2019 The correlation between the rising hashrate and surging prices is out in the open. Miners are visibly making decent profits off their investments, thereby contributing more computing power to strengthen the network, and improving the bullish fundamentals on a whole. Should the hashrate drop, it could flip the scenario upside down. [Note: Against what Rocco’s chart explains, it would be ill to compare Ethereum’s falling hashrate with Litecoin’s rising one. Both of the cryptocurrency projects use different algorithms at their cores. So, their fundamentals vary naturally.] External Bullish Factors Litecoin’s upside correction received a push from the founder Charlie Lee’s announcement this January. The former Coinbase executive said that they were planning to experiment with privacy, one of the most leading trends in the cryptocurrency market. He wrote on January 28: “Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.” The Litecoin’s dollar-valuation has surged more than 90-percent since Lee’s announcement – from $30.84 to $59. The lead developer tweeted on Feb 11 that they were going to write up a Litecoin Improvement Proposal for community feedback. Once approved, they will go ahead towards developing a privacy-centric Litecoin. We still have a lot of work ahead of us. Need to make sure the tech is solid and come up with a plan to test everything and safely upgrade the Litecoin network. When we have a solid plan, we will write up a Litecoin Improvement Proposal (LIP) for the community to critique. — Charlie Lee [LTC] (@SatoshiLite) February 10, 2019 Here’s Why Litecoin Price Has Been Surging Since December 2018 was last modified: March 26th, 2019 by Davit BabayanThe post Here’s Why Litecoin Price Has Been Surging Since December 2018 appeared first on NewsBTC.
On the upside, if the bulls break above the EMAs, the LTC price will resume its bullish trend and retest the $62 resistance level. On the downside, the crypto’s price will fall if the bulls fail to break the EMAs. LTC/USD Medium-term Trend: Bearish Resistance Levels: $66, $68, $70 Support Levels: $40, $38, $36 Yesterday, […]
The total crypto market cap failed to move above the $134.0B resistance and declined heavily. Litecoin (LTC) price moved down and broke the $62 and $60 support levels. Bitcoin cash price is down more than 4% and it recently broke the $160 support level. Tron (TRX) price declined recently, but it is still above the key $0.0220 support. Cardano (ADA) price is currently consolidating above the $0.0600 support level. The crypto market cap declined heavily, with strong bearish moves in bitcoin (BTC) and Ethereum (ETH). Ripple, litecoin (LTC), bitcoin cash, TRX, XLM and ADA are likely to struggle in the short term. Bitcoin Cash Price Analysis Bitcoin cash price failed to clear the $165 resistance recently and declined against the US Dollar. The BCH/USD pair started a downside move and broke the $162 and $160 support levels. The price is down more than 4% and it seems like it could accelerate losses towards the $158 or $155 support levels. On the upside, an initial resistance is near the $162 level. If there is an upside break above $162, the price is likely to revisit the key $165 resistance area in the near term. Litecoin (LTC), Tron (TRX) and Cardano (ADA) Price Analysis Litecoin price performed really well this past week and traded above the $60 and $62 resistance levels. However, the price struggled to remain in a positive zone and it recently declined below the $60 support. LTC price may continue to move down and it could retest the $55 support level. Tron price struggled to clear the $0.0230 resistance level and it recently declined. TRX price is down around 2%, but it is still trading above the $0.0222 and $0.0220 support levels. On the upside, the main hurdle is near $0.0230 and $0.0232. Cardano price climbed higher in the past few days above the $0.0550 and $0.0580 resistance levels. ADA price even broke the $0.0600 resistance and it is currently consolidating gains. The next move could either be towards $0.0550 or $0.0650 in the near term. Looking at the total cryptocurrency market cap hourly chart, there was a slow and steady decline from the $134.0B resistance level. Later, the market cap declined below the $132.1B support, opening the doors for more losses. It declined below $130.0B and tested the $129.0B level. It is currently correcting higher, but upsides are likely to remain capped near the $131.5B and $132.0B levels. There is also a crucial bearish trend line in place with current resistance at $132.1B on the same chart. Therefore, upsides in bitcoin, Ethereum, EOS, litecoin, ripple, ADA, BCH, TRX, XMR, XLM and other altcoins are likely to face a lot of hurdles in the near term. Crypto Market Back In Red: Litecoin (LTC), BCH, TRX, ADA Price Analysis was last modified: March 26th, 2019 by Aayush JindalThe post Crypto Market Back In Red: Litecoin (LTC), BCH, TRX, ADA Price Analysis appeared first on NewsBTC.