Tag: litecoin

Litecoin Hash rate increasing again

Litecoin(LTC)’s hashrate is finally increasing again after 6 months of decrease that saw the hashrate go from 16 million to 4.7 million. From July to mid-december, LTC hashrate almost chopped in four and prices fell nearly as hard. But starting from Mid-December, the hashrate for LTC has been recovering, currently sitting at 5.1 million. For POW coins, hashrate is often associated with price and hopefully, this means Litecoin can start to make a recovery.

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Litecoin’s MimbleWimble development started

Litecoin’s Mimble Wimble development has finally concluded its first month. The project is paying David Burkett $6000 a month for development and has raised a total of $18,500. It plans to raise a total of $72,000. The planning for this project has been going on since January but almost took a year to get started.

Litecoin brings on new developer for privacy development

Litecoin(LTC) has brought on a new developer for the development integration of Mimble Wimble for privacy features. He is the one of the lead developers at Grin and hopefully this will placate the fear that Litecoin has no longer any interest in developing its protocol.

Litecoin gets the green light from Gemini Exchange, Bitcoin Cash unsure

Gemini Exchange has gotten regulatory approval to add Litecoin to their exchange and LTC will open for trading on Tuesday, October 16th. This makes Litecoin the 4th coin to be able to be traded on Gemini along with Bitcoin, Ethereum, and Zcash. Gemini Exchange is adding coins slowly because it is going with a security first approach and is following all regulations and procedures with New York State Regulatory bodies and watchdogs to do things the right way and to be sure to not get shut down by the SEC or state regulatlory agencies. Bitcoin cash was also slated for today but due to infighting within the team and the uncertainty of possible forks, Gemini has decided not to support the Crytocurrency for now.

Litecoin still overvalued at $50? Where are the partnerships?

Litecoin has lost over 75% of its all time high value of over $350 last December, but is it still overpriced even at $50?
Many are of the opinion that Litecoin is still overvalued because there hasn’t been that much development and sentiment has been pretty down since Litepay fell flat on its face early this year. Litecoin has also not secured any important partnerships with big name companies and its founder, Charlie Lee, sold all his Litecoin so people are worried about the future of the project. Bitmain also holds over 1 million Litecoin and may decide to sell them off to support the crumbling price of Bitcoin Cash, which Bitmain is heavily invested in. However, not everyone shares this sentiment on Litecoin and some still hold that it is Silver to Bitcoin’s gold. I think that might have been true last year as Litecoin was one of the first outside of Bitcoin to be listed on Coinbase, which gave it a massive boost. But Coinbase has since added Bitcoin Cash and Ethereum Classic and plans to add 40 more coins before the end of the year, making a listing on Coinbase not nearly as exclusive as it once was. I do believe these factors are a negative selling pressure on Litecoin in the future.

Litecoin(LTC) price predictions by end of 2018

Litecoin has been going down pretty hard since Feb of this year due to the market downturn and the debacle that was litepay. It now sits just above $55 and is heavily influenced, like all other cryptos, by the price of Bitcoin. I assume for this prediction that Bitcoin will reach around $12,500 by the end of the year due to a strong fourth quarter. This could be subject to change if the SEC reverses its course and decides to approve the ETF this Thursday. I expect Litecoin to be at about $150 if Bitcoin achieves my target of $12,500 at the end of the year. I believe last time Bitcoin was around $12,500, Litecoin was actually around $200, but I do not think it will go that high this time because at that time people were getting excited about Litepay, which turned out to be a total flop and now no longer really exists. I don’t think Litecoin has fully recovered from that yet and will have the same ratio to Bitcoin it had last time Bitcoin was at $12,500. I do expect it to recover in the future though, with the rest of the broader market.

Why the large cryptocurrencies need regulation for the entire sector to grow

I think for cryptocurrencies to make it to the next level, there must be regulation on a core group of coins that can form the foundations of the entire industry or sector. These coins need to be widely accepted by merchants and funds which require a good amount of rules and regulations to be placed on them. The rest of the smaller alt coin market should not and cannot be regulated because people will always speculate no matter what you tell them. However, by these large coins being regulated, institutional money will come flowing in, merchants will begin to mass-adopt them and they will have solid use-cases and therefore will at least at first, go up in price before stabilizing at some equilibrium point that is higher than what the price is now. Since the smaller Alt Coins are generally tied to one of these coins and will go up and down with them, they will jump on for the ride and the Alt Coin market will go up as well. So for the entire sector to appreciate in value, the top 5 or 10 coins must be regulated.

TransferGO now supports five Cryptocurrencies

TransferGo, a money transfer service dealing a lot with remittances, has rolled out support for five cryptocurrencies today. The cryptocurrencies it now supports are Bitcoin, Litecoin,Ethereum,Ripple, and Bitcoin cash. More will be probably added in the future but those five are the ones that are probably the closest to complying with regulations and are some of the best known ones. This is just another big company(with 1 billion dollars in money transfers) jumping into the cryptocurrency game and will put pressure on the likes of Western Union to throw their hat in the ring as well as transferring money via Cryptos is cheaper than the fees that Western union charges. This and other news will make the large Bull Rally in August and September gain steam as prices have basically recovered from yesterday due to the news that the SEC rejected a Bitcoin ETF fund proposed by the Winklevoss twins. However, that is only one of many ETFs proposed and they will probably accept one of them and when that happens, the rally will come around full steam.