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Metalpha & Litecoin Foundation Join Forces To Develop Eco-Friendly Mining Practices: Report

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Metalpha Technology, a cryptocurrency wealth management firm, collaborated with the Litecoin Foundation to create sustainable mining solutions for the Litecoin ecosystem, according to a February 24th report.

The partnership will focus on researching and developing financial derivative products, promoting the use of renewable energy, increasing energy efficiency, and reducing carbon emissions in mining on the Litecoin Network.

The Litecoin Foundation is a non-profit organization that maintains and improves the namesake blockchain’s products. Metalpha’s main objective is to develop financial derivative products for LTC tokens while also providing hedging products to crypto miners against market risk and lowering the environmental impact of mining.

It is especially important for miners who are experiencing a drop in crypto prices, as it has led to churn, making it challenging to convert high costs. The hedging products would enable miners to continue their operations and generate income despite market fluctuations.

The collaboration also includes working with universities and research institutions to promote sustainable blockchain innovation, enhance public education about the Litecoin network, and improve network awareness, adoption, and scalability.

However, with this partnership, Metalpha and Litecoin Foundation aims to pave the way for a more sustainable and responsible approach to cryptocurrency mining.

Litecoin Added to Rubic’s Cross-Chain Platform

Rubic, the cross-chain technology aggregator, has announced the addition of Litecoin to its platform. This news comes as part of a larger announcement that Rubic is integrating with ChangeNOW.io, which will allow the platform to support a total of 100+ available networks.

The addition of Litecoin and several other major cryptocurrencies to the Rubic platform is a significant development for the company. With the integration of Bitcoin, Ripple, Dfinity, Cardano, Dogecoin, Solana, Polkadot, Monero, NEAR Protocol, Algorand, and Zilliqa, Rubic will be able to support a wider range of blockchain technologies.

This integration will also add native tokens for the upcoming blockchains, including BTC, LTC, NEAR, DOGE, ADA, XRP, LUNA, DOT, ALGO, and XTZ. This is a major milestone for Rubic, as it will significantly expand the range of tokens available on the platform.

According to Rubic, cross-chain swaps will only be possible to the newly integrated blockchains from any of the previously integrated 26 blockchains this week. However, by the beginning of March, cross-chain swaps will be supported in both directions.

This announcement is exciting news for the crypto community, as it highlights the growing importance of cross-chain technology. With the addition of Litecoin and several other major cryptocurrencies to the Rubic platform, users will now have more options to choose from when it comes to trading and swapping cryptocurrencies.

However, Rubic’s integration with ChangeNOW.io and adding Litecoin and other major cryptocurrencies to the platform represent a significant step forward for the company and the broader cryptocurrency ecosystem.

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Dogecoin Helps Litecoin’s Mining Hashrate To All-Time High Over 850 TH/s

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Litecoin, the popular cryptocurrency that has been making waves in the crypto world, has just announced a new milestone on its official Twitter account. 

According to the post, Litecoin’s mining hashrate has reached an all-time high of over 850 TH/s, marking a significant accomplishment for the network. This achievement was made possible, in part, thanks to the contribution of Dogecoin, which has been partnering with Litecoin in mining operations.

The new hashrate is a proof of work of 850,000,000,000,000 hashes every second performed by the $Litecoin network, showing the increasing efficiency and stability of the network. 

Dogecoin and Litecoin have been working as a “power couple,” utilizing Scrypt, a less complicated hashing algorithm than Bitcoin, which makes mining faster and more efficient.

Dogecoin’s partnership with Litecoin has brought multiple benefits to both networks, including the possibility of “merged mining.” 

It means both can be produced simultaneously, without affecting the mining efficiency, due to the usage of a single algorithm that both coins share.

The success of the collaboration between Dogecoin and Litecoin is largely due to their shared algorithm. Dogecoin was modeled after Luckycoin, which, in turn, was based on Litecoin. 

Utilizing the same algorithm, the two networks can work together to achieve impressive hashrate milestones, as is the case with this latest achievement from Litecoin.

Dogecoin & Litecoin’s Promising Future

With Dogecoin’s help, Litecoin’s rising hashrate is good news for the network, as it helps to increase its security and stability. The two cryptocurrencies continue to work together to achieve even greater heights in the future.

Regarding price analysis, Dogecoin is currently trading at $0.08672, with a 6% rise in the past seven days. While, Litecoin is trading at $100.36, with an 8% rise in the last seven days, according to CoinMarketcap.

LTC 1D graph coinmarketcap 1
Source: CoinMarketcap

Both cryptocurrencies may be poised for further gains in the coming days. The recent announcement from the Litecoin Foundation that its Mastercard-powered Card will be launching in Europe has also contributed to the recent price surge for Litecoin; in the last 30 days, it gained about 14.0%.

The partnership with Unbanked and Mastercard will expand Litecoin’s presence in Europe, building on the success the Litecoin Card has enjoyed since launching in the United States two years ago.

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Weekly Market Watch: Bitcoin & ETH Remain Below Key Marks, Some Altcoins Recovers

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The crypto market has not shown much promise over the previous week, including the two top coins, Bitcoin (BTC) and Ethereum (ETH), which remained below their key marks while showing no significant improvement. However, some altcoins steadily recovered over the past week. 

Due to ongoing market volatility and a fall from its highs, the last several weeks for LTC have been bumpy. However, the well-known cryptocurrency Litecoin has maintained a strong bid above the $60 support area in the previous week.

LTC has been struggling with the FTX implosion, but in a more laid-back way than the rest of the industry has. Earlier this month, its price steadily dropped from far above the $80 mark, picking up speed below the $70 support. The price is currently trying a rebound wave after forming a bottom at $61.02. There is a strong upward correction toward the $70 level.

LTCUSDT 2022 12 26 15 42 25 1
Source: Tradingview.com

According to CoinMarketcap’s statistics, LTC is currently trading at $69.33, an increase of 5% in the last 24 hours and a significant gain of about 10% in the previous seven days. The most noteworthy thing is its 24 hours trading volume, which is currently on the rise by almost 220%.

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Litecoin Trading Volume Source: Coinmarketcap

The coin differs itself as a top weekly gainer. Moreover, some popular coins are experiencing significant gains in weekly charts, including OKB, with an increase of 7%, CRO, with 20% and LUNC, with 8%.

Additionally, some altcoins with notable losses in the weekly charts are Chain (XCN) in the lead with a loss of 31.24%, Trust Wallet Token (TWT) with a loss of 14% in the weekly chart, and many others.

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

According to Coinmarketcap’s data, over the last seven days, Bitcoin(BTC) marked a daily high at $17,012.98 on December 20th but could not hold and dropped below it. While Ethereum (ETH), which started the week at $1,192.92, has remained steady and has traded over $1,200.

BTCUSDT 2022 12 26 15 43 59
Source: Tradingview.com

But unfortunately, both of them were unable to recover their key zones above $17,000 and $1,300. According to the statistics, Bitcoin is trading at $16,851.21, with a slight increase over the previous seven days, and ETH is trading at $1,220.26, up 3% over the same period.

ETHUSDT 2022 12 26 15 45 55
Source: Tradingview.com

However, on-chain movements surrounding crypto exchanges were the subject of daily figures published by the crypto analytics service Glassnode Alerts on Christmas morning that was quite positive.

In a single day, Bitcoin saw a net outflow of $250.2 million (received), while the total amount of withdrawals was close to $300M. Ethereum’s $102.8 million overall was withheld, while $86.4 million was received.

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Ethereum Trading Volume Source: Coinmarketcap

Nevertheless, the trend is still on. The data from CoinMarketcap shows that Ethereum’s trading volume is on the rise by almost 70% in the last 24 hours, whereas BTC 24 hours trading volume is also up by 34.15%.

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Bitcoin Trading Volume Source: Coinmarketcap

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Litecoin (LTC) Skyrockets 31.75% In 7 Days – Here’s Why!

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Litecoin (LTC) – the 13th-ranked cryptocurrency by market capitalization – has seen an increase in the price of 31.75% over the past seven days. Whereas other cryptocurrencies also continue their upward swing by turning green with significant gains indicating a bullish trend.

According to the data from CoinMarketcap, other coins with notable gains include XRP, with a 3% gain, Chainlink (LINK), with a 7% gain; and Solana (SOL) with a 10% increase during the past 24 hours.

On November 23rd, the bear market was unable to sway Litecoin’s unpredictable behavior. As the markets picked up their tone and went back in a positive direction, many of the major cryptos rose simultaneously. 

Data from CoinMarketcap shows that on November 23rd, LTC spiked to a high of $81.56 after trading as low as $63.20 the day before. This peak was last attained in May, seven months before.

LTCUSD 2022 11 24 07 55 53
Source: Tradingview.com

The token breached resistances at $65 and $70 and overshot the $75 mark when it peaked at $81.56. When nearing resistance at around $85 – bears started to retake control of their movements, and the price then fell below $80.

However, the token’s price is currently trading at $77.17, with a loss of about 3% in the last 24 hours, and its 24-hour trading volume also decreased by about 30%. 

Nevertheless, The price is near resistance at the $80 level, and therefore there is room for a stronger positive upward movement. If it surpasses the $82 threshold, it may aim for a target around the $90 mark.

Factors Driving Litecoin (LTC) Growth

According to the tweet from Santiment, investors may have been surprised by Litecoin’s price increase, but the important thing to keep an eye on is the enormous address accumulation.

According to the statement:

In the past 2 weeks, addresses holding 1k to 100k $LTC accumulated $43.4M in coins en route to the first price jump above $80 since May.

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Source: Santiment Insights

In addition, addresses holding 1,000 to 100,000 LTC together increased their baggage by 2.71% in a single day. It might have been a key player in boosting prices.

However, it is obvious that these groups of traders’ activities influence the course that Litecoin’s price will follow. Based on current measurements, the lightning-network-based asset, which frequently goes unnoticed, may have a slight slowdown followed by more significant long-term potential.

Another important factor contributing to the recent spike in optimism was the exponential change in profits achieved by LTC holders. Long-term traders were finally back in the black for the first time since December 2021, as seen by the 365-day MVRV moving back into the green.

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Source: Santiment Insights

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Weekly Market Update: Bitcoin & ETH Fizzle While Polygon (MATIC) Leads the Way

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Popular currencies such as Bitcoin (BTC) and Ethereum (ETH) had an unfavorable past week, but some altcoins show potential. Polygon (MATIC), which is ranked eleventh by market capitalization at the moment, took the lead position this week, with Litecoin (LTC) ranking second place as a weekly gainer.

According to the statistics from CoinMarketcap, Polygon (MATIC) rose approximately 30.12% in the last seven days, whereas Litecoin (LTC), the 19th-ranked coin by market cap, increased about 27.10% in the same time period.

Over the previous few days, MATIC has been showing signs of bullishness. The token’s value quickly grew, surpassing the $1 mark on November 4th and continuing to trade above it. 

It overcame its next resistance level at the conclusion of the previous week and set a new weekly high of $1.28 on November 5th, after 24 weeks, when this high was last reported (around six months before.)But unfortunately, it couldn’t hold it and fell again below the $1.20 mark.

MATICUSDT 2022 11 07 04 12 29
Source: Tradingview

Per CoinMarketcap’s data, MATIC is currently trading at $1.19, barely near the next resistance level of $1.20. Its price gain is about 5.10% in the last 24 hours. 

Additionally, in only 24 hours, its market value went up by 4.3% to 10.73 billion, and its 24-hour trading volume significantly increased by around 53.53% to 2.41 billion. If the upward trend for the coin continues, it may hit substantial gains.

Litecoin(LTC): The Second Weekly Gainer

The price of LTC spiked as trading activity for the coin increased in reaction to last week’s announcement that MoneyGram will start accepting Litecoin from its users on Wednesday. LTC increased by more than 10% to a little over $61 within an hour of the news being made public.

The price, which had previously been stuck between $50 and $60, has suddenly started to rise. On November 5th, it surpassed its crucial resistance level of $70, reaching a day high of $71 but ending the day at $69.

LTC 1D graph coinmarketcap
Source: CoinMarketCap

LTC is now trading at $70.77, which was last seen in May, around six months ago. According to the data, its price gain was about 2.22% in the last 24 hours, with a 2.31% rise in its market cap.

For Litecoin (LTC), this is the most critical resistance level because if it crosses it, a major rally will occur toward the $120 range. In order to accomplish this goal, Litecoin needs to break up and through this level before consolidating for some time.

Bitcoin & Ethereum Price Analysis

Overall, cryptocurrencies had a dump at the beginning of the previous week and began to decline. The top two cryptocurrencies, Bitcoin and Ethereum, have been trading in the red the whole week. 

BTC 7D graph coinmarketcap
Source: CoinMarketCap

Both coins flipped green on Friday and saw 24-hour gains of around 3% and 6.3%, respectively. On that day, the significant resistance levels for both of them are broken; Bitcoin reaches the $21,000 mark, while ETH crosses the $1600 mark. 

ETH 7D graph coinmarketcap
Source: CoinMarketCap

Nevertheless, as per CoinMarketcap, today’s steep decline by 2.36% in the price of Bitcoin caused it to go below a crucial support level of $21,000. Similarly, Ethereum also dropped more than 3.09% to $1,566 to finish a 61.8% Fibonacci correction.

ETHUSD 2022 11 07 04 08 07
Source: Tradingview

Related Reading |  Here’s What XRP’s John E Deaton Said To Bitcoin Maximalist 

Why Litecoin (LTC) Is Trending Upward Amidst Market Decline?

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At the beginning of this new month, all cryptocurrencies quickly lost their last week’s gains and trended downward except for some of the altcoins, such as Litecoin (LTC), which showed optimism in the past 24 hours.

According to the statistics from CoinMarketcap, LTC was currently trading at $61.05, with a notable rise of approximately 13% over the previous day. The token also made a significant gain of over 10.27% on a weekly basis.

The token made an unprecedented surge above this key barrier on November 2nd, reaching its highest point for the day at $60.56 after weeks or even more than a month of stagnant trading below the $60 mark.

The upward movement increased Litecoin’s market cap by 3.90% to $4.40 billion. Additionally, the 24-hour trading volume has also grown by 110.88% to $2.21 billion, according to data from Nomics.

However, some of the major factors that led to this significant rise included MoneyGram’s announcement of allowing users in the US to buy, sell, or trade cryptocurrencies through its MoneyGram app – specifically Bitcoin, Ethereum, and Litecoin.

Litecoin Price Analysis

LTC began the year at 146.54, then steadily slid downward in mid-March. The token reached its lowest point of the year at $40 in June when the entire cryptocurrency space faced a crypto winter. 

Since then, the token, among other cryptocurrencies, has been struggling to regain balance and recover its worth. In addition, the token started gradually recovering at the end of July.

After getting back up to the high of $67 per coin in September, Litecoin dropped down to around $53 for the rest of October. However, at the end of October, it started moving up from this range and began its new month with new energy toward recovery.

Going forward, bulls will have to break through the $62.54 threshold if they want this rally to keep on. Right now, the daily RSI is well above 60, which means there are chances that buyers are leading this current bullish trend in cryptocurrency. 

LTCUSDT 2022 11 03 04 38 35
Source: Tradingview.com

If bulls lose momentum, the coin may return to trading within its previous price range before we see another significant movement from cryptocurrencies as a whole again.

Nevertheless, the coin’s latest price forecast predicts that the token will reach $70.01 at the end of 2022 and slide to 54.78 at the end of 2023, with a year-over-year decrease of 11%.

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Binance Drops Confidential Litecoin Transactions

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Binance announced that it has halted deposits and withdrawals of Litecoin [LTC] that utilize the MimbleWimble Extension Blocks [MWEB] function, which provides users with an option of sending anonymous LTC transactions without revealing any transaction information.

In the notice issued, Binance cautioned against any further LTC deposits made to the platform through the MWEB function. If done, users might risk losing funds as the exchange would be unable to verify the sender’s address,

“To ensure the security of your funds, please do not deposit LTC through the MWEB function”, it added.

Litecoin is one of the earliest alternative coins [altcoins] that came to being after Bitcoin [BTC]. Created in October 2011, the MimbleWimble upgrade was first developed more than two years ago as part of the Litecoin Improvement Proposal.

Not limited to just scaling privacy features for LTC users, the upgrade also claims to help reduce needless transaction data from the blocks to the minimum using its cut-through feature.

Despite the hype around the LTC’s transactional confidentiality, it met some regulatory roadblocks, particularly with regard to Anti-Money Laundering [AML] and Know Your Customer [KYC] laws.

In fact, it was why leading exchanges in South Korea had removed the coin from their platforms. 

In another different development, Binance has temporarily halted Bitcoin [BTC] withdrawals due to extreme market turbulence, CEO Changpeng Zhao tweeted today.

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Binance Drops Confidential Litecoin Transactions 18

The brutal market condition has sent shockwaves across quarters. On the same day, crypto staking platform Celsius too paused withdrawals and transfers referencing the current mayhem that has engulfed the crypto market.

As reported by TronWeekly, the platform’s token CEL has lost more than half of its value in the ensuing bloodbath.

Binance Under Regulator’s Lens Once Again

Recently, Binance has also been in the midst of regulatory headwinds. CEO CZ Zhao said the Securities and Exchange Commission [SEC] has been “asking questions” about the BNB exchange token but the exchange hasn’t yet been subpoenaed.

The SEC has declined to comment about the presence of a probe, citing policy limitations.

Separately, Binance is also under investigation by the Justice Department, the Commodity Futures Trading Commission [CFTC], and the Internal Revenue Service [IRS].

Rock icon, Gene Simmons to sell mansion in exchange for cryptocurrency

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Kiss’s bassist and vocalist, the rock icon and a successful entrepreneur Gene Simmons who is also known for the early adoption of cryptocurrency, announced on 1 February 2022 that he will accept cryptocurrency as a medium of exchange for his Las Vegas Estate. The estate is currently listed on the market for $13,500,00.

Simmon’s modern desert mansion is located in the Ascaya community in Henderson, south of the Las Vegas strip. The mansion is more than 11,000 square feet, being well perched above the valley, and with a private orchard adjacent to it.

The rock icon has asserted to accept payments through either Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Try.Finance, Uniswap (UNI), Polkadot (DOT) or Aave. He has also said that aggregation of all these coins would be accepted as well.

In perspective, Kiss’s bassist and vocalist, Simmon’s, told Blabbermouth,

“I have been an outspoken proponent of cryptocurrency from the beginning. It is the future of money, and it just makes sense to offer interested parties the option of using cryptocurrency to purchase the estate.”

It has come to light, that The Ivan Sher Group of Berkshire Hathaway Home Services Nevada Properties was selected to represent the rockstar’s luxury estate. Furthermore, Evangelina Duke Petroni, the salesperson in charge, of Berkshire Hathaway Home Services clarified that parties interested in purchasing the mansion should be verified through closing costs, along with commissions and taxes.

The rockstar goes way back with crypto

The bassist and vocalist of the classic rock band Kiss, spoke about cryptocurrencies on Twitter about a year ago, on 1 February 2021. A few months before this, Simmons tweeted about the subject with Cameron Winklevoss on 15 September 2020.

This message was decoded eventually when the Simmon’s said that he bought and now owned some digital currencies. Through the tweet, he made it clear that he wasn’t recommending it to anyone, but he had bought and will own Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and others.

Furthermore, Simmons joined forces with the Tesla founder Elon Musk and hip hop star Snoop Dogg, to show support of Dogecoin (DOGE).

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Rock icon, Gene Simmons to sell mansion in exchange for cryptocurrency 20

The rockstar, also known for his on-stage persona as ‘The Demon’ embraced Dogecoin through this tweet and disclosed that he had bought the meme token.

Cryptocurrency to be bought on BitPay at 0 fees

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Cryptocurrency can now be bought on the BitPay wallet app for no fees at all, but only for a limited period. This statement was out in a press release that was published by BitPay on 20 December 2021. BitPay also took to Twitter and announced that it has partnered with Simplex to offer 0% fees on the next cryptocurrency purchase.

One of the world’s largest bitcoin providers and digital asset payment services, BitPay had announced in a promoted collaboration with Simplex, that BitPay Wallet users can now buy virtual coins without any additional charges through their wallet debit cards and ApplePay, only for a limited time.

According to BitPay CEO, Stephen Pair, this is a straightforward way for the residents of the USA that want to try out the world of digital assets for the first time to buy, store and spend crypto. He also adds,

 “BitPay wants to help consumers start to live life on crypto and by working with Simplex, we make it simple to acquire crypto by eliminating the need for users to navigate to a cryptocurrency exchange to fund the wallet.”

Typically, this collaboration is meant to counter-check the requirement of people to use a crypto exchange to fund their wallets. It was announced that users can instantly buy gift cards from hundreds of top retailers in-store and online with Bitcoin (BTC), Bitcoin Cash (BCH), Dogecoin (DOGE), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB) Wrapped Bitcoin (WBTC), as well as five USD-pegged stable coins BUSD, DAI, GUSD, USDP, and USDC.

Cryptocurrency market highs to be capitalized by users through this solution

The founder and CEO of Simplex, Nimrod Lehavi said that buying crypto usually involves fees to make a purchase with a debit or credit card making it difficult for those new to crypto, so by working with BitPay they are waving those fees for users so anyone, anywhere has the opportunity to enter into the crypto space and capitalize through this solution.

At the time of writing, Bitcoin (BTC) enjoyed a bullish market price at $48,660.41 with a daily high of 5.26%.

Dogecoin [DOGE] miner revenue scores a new All-Time High at $1B

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Dogecoin [DOGE] had an incredible start this year, bringing a record number of miners to its network. DOGE’s all-time mining revenue hit a new peak at $1 billion in the month of November, according to the latest stats provided by data analytics platform, Coin Metrics. Earlier on November 13, 2021, the total all-time miner’s profit exceeded the $1 billion mark for the first time. As of December 9, the overall miner’s income currently stands at $1.08 billion.

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Dogecoin [DOGE] miner revenue scores a new All-Time High at $1B 22

It is worth mentioning that the total revenue of the meme coin mined on January 1st, 2021 touched $108 million. Since then, it has increased tenfold as the asset gained popularity and garnered public attention.

Notably, the growth in miners’ revenue started gaining traction and accelerated during the month of April and May, which coincides with the surge in the price of DOGE in the broader market, as investors began to turn their attention to the asset around this period. As a result, this provided an opportunity for the miners to reap benefits from the coin’s increasing popularity.

The principle behind Dogecoin mining

Dogecoin’s network employs the same principle as Bitcoin [BTC], Litecoin[LTC], and many other assets, by adding new blocks and reaching agreement among its network operators. In particular, DOGE and LTC use a common hashing algorithm called Scrypt enabling both to “merged mined”. This meant that both coins can be minted simultaneously without affecting operational efficiency.

As a matter of fact, the two asset shares a common algorithm because dogecoin’s protocol is based on Luckycoin [LKY], which in turn was designed from Litecoin. Comparing the two, leading crypto blogger Colin Wu observed,

“Dogecoin miners’ income has increased significantly this year. As of December 9th, the total income is $1.08 billion. The mining mechanism of Dogecoin is a bonus for mining Litecoin, but the income this year has exceeded that of Litecoin.”

At press time, Dogecoin is trading at $0.16, rising by 1.4% in the past 24 hours. On the weekly index, the asset declined by 3.87%. The canine token has been on a downward trend since its previously established peak of $0.7004 on May 8, this year.