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Litecoin (LTC)

Litecoin activity stands higher than Cardano, Bitcoin Cash, Dogecoin

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The number of active addresses on the Litecoin [LTC] network has surpassed that of Bitcoin Cash [BCH] and Dogecoin [DOGE]. According to Jay Milla, the director of the Litecoin Foundation tweet, the growth of wallet activity on the Litecoin network has risen to 450k, outpacing other large-cap cryptocurrencies. And after LTC, Cardano’s [ADA] active address count stood at 214k, followed by Bitcoin Cash [BCH] with 101k and Dogecoin [DOGE] with just 60.89k.

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Dogecoin [DOGE] and Cardano [ADA] have seen a surge in transaction volume in recent times. Elon Musk fueled the DOGE rally in the first few months of 2021, exacerbating it to reach an all-time high of $0.73. However, as the hype faded, so did the price and network activity.

On the other hand, Cardano’s Alonzo update significantly boosted its price in August this year but its address count remained low.

So what does this imply? The active address is a metric measured in terms of an increase in the network activity on-chain. Analysts can utilize these data to predict the behavior of the crypto asset in the market and the possible price changes.

Litecoin has seen a spike in such active wallets adoption due to its high speed and cost-effective transaction. Recently a new upgrade was introduced called, ‘OmniLite’, a protocol designed to implement smart contracts, non-fungible tokens [NFTs], and other decentralized assets. Another interesting feature is the crucial implementation of privacy transactions on an experimental basis via the MimbleWimble [MW] protocol.

Litecoin’s Rising hash rate

LTC hash rate has been on the rise since July this year. At 325 TH/s, LTC hash rate climbed to a three-month high.

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Looking at the bigger picture, the Litecoin hash rate had surged to an ATH of 523.8 TH/s days before the second halving. Right after the event, the hash rate figure fell below 140 TH/s, a decline of over 73% in just 6 months. Since then, it has kept low. The crypto’s hash rate came close to 400 TH/s during the 2021 rally. Shortly after which, it fell significantly again.

After Bitcoin, movie theater chain AMC to add ETH, LTC, and BCH

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Bitcoin [BTC] and other cryptocurrencies have been gaining the attention of the globe. The demand for these assets grew at a significant rate which further urged major platforms to accommodate crypto assets. Prominent financial firms, educational institutions, even governments have started to incorporate crypto into its system. With celebrities accepting payments in crypto, it was about time that crypto went to the cinema.

Back in August, the world’s largest movie theater chain, AMC Entertainment went on to reveal that it would soon start accepting Bitcoin [BTC] for payments. Now, further elevating its presence in the crypto-verse the American cinema operator announced the integration of a few other prominent assets like Ethereum [ETH], Litecoin [LTC] as well as Bitcoin Cash [BCH].

Payments in crypto have become quite popular these days. With digitalization taking over the world, almost every platform has been incorporating crypto particularly BTC as a method of payment.

Bitcoin Cash, Ethereum and Litecoin joins AMC

In a recent tweet, the CEO and Chairman of AMC, Adam Aron noted that along with Bitcoin, customers would be able to use other currencies for payments by the end of the year. The tweet read,

“Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin, and Bitcoin Cash.”

Previously, in August 2021 the CEO, during a conference call put forth his interest in crypto. During the call, Aron noted that the American cinema operator was formulating an infrastructure specifically to accommodate BTC.

The entire world was disrupted by the emergence of the COVID-19 pandemic. While things have slowly started to fall into place, cinemas have started to fill up. The inclusion of crypto into the system could pose beneficial for AMC as well as the crypto industry. Additionally, the world’s largest cinema chain had also hinted that it would soon expand across the United States, Middle East, and Europe as well.

Apart from AMC, the largest cinema chain in Thailand had also added BTC as its payment method.

Litecoin’s Charlie Lee admits “screw up” over phoney Walmart partnership announcement

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Litecoin briefly soared above $230 after a now-deleted press release from news distributor GlobeNewswire made rounds. Numerous platforms picked up the illegitimate report that announced a partnership between Litecoin and e-commerce giant Walmart.

According to the announcement, the supposed deal would allow online shoppers to pay for purchases using cryptocurrency. Even the handle of Litecoin Foundation, the non-profit organization that aims to foster the development of LTC, posted the fake announcement. Soon after the Walmart spokesperson confirmed CNBC about the phoney press release, LTC retraced significantly. The crypto-asset price saw an abrupt fall, reversing gains by more than 22% to the press time price near $177.

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Litecoin Creator talks about the false announcement

Litecoin creator and the Managing Director of Litecoin Foundation, Charlie Lee, admitted that the organization had a role to play in the latest “screw up.” While appearing on the “Bloomberg Technology” television program, Lee also said that there is very little the foundation can do.

“We try our best to not tweet fake news and this time we really screwed up. I deny that it has anything to do with us and we’ll try our best to figure out who did it, and we will stop fake news from spreading.”

He still maintained that anyone can start accepting LTC, and there is no such requirement of formal talks with the organization first. Talking about the entire incident, the exec also stated,

“This morning I woke up and found out that Walmart is accepting Litecoin, and I was like, ‘Wow that’s awesome,’ and it turned out to be fake. We didn’t have a partnership.”

Meanwhile, Walmart Inc. and the press-release distributor GlobeNewswire have revealed investigating the hoax announcement. Fabricated press releases are not new to the equities market. But this is the first time a false document was published on a popular news distributing site that involved two major entities. Walmart’s shares slipped by less than 1%, while Litecoin saw double-digit losses in a matter of hours.

Litecoin [LTC] buyers unmotivated as price falls below $190

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Unlike other crypto-assets, Litecoin [LTC] has failed to log any impressive appreciation this summer. The price of the silver crypto has been treading on thin ice as buyers have failed to demonstrate any intention of overcoming resistance. The market-wide crash has further harmed the chances of a bullish reprisal. The upswing was cut short and LTC struggled to discover meaningful support.

After a minor surge of 0.03% over the past day, Litecoin [LTC] was exchanging hands at $184.27. At the time of writing, the crypto-asset registered a market cap of $12.29 billion and a 24-hour trading volume of $3.39 billion.

Litecoin [LTC] Price Daily Chart:

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Despite the spike in trading volume, Litecoin’s price has found it challenging to tackle the overhead resistance. The 200 DMA [Yellow] moved above the LTC candles after the market collapse. On the other hand, the gauge between the upsloping the 50 [Pink] and the 100 [Blue] daily moving averages continued to increase and did not appear to be adversely affected by the abrupt drop.

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The red closing bars of Awesome Oscillator [AO] depicted the presence of bearish momentum in the coin market. The MACD also flashed red signals after brief bullish hints. Closely mimicking the price action, the Relative Strength Index [RSI] fell below the 50-median line, for the first time after July 26 this year, indicating a rising sentiment of sell pressure among the traders in the LTC market.

If the LTC candlestick manages to reclaim its fort above the 200 DMA at $192, resistance levels of $231 will come into play. Other levels of resistance that the crypto-asset needs to look out for are $277 and $301 respectively. On the other hand, if the selling pressure increases and Litecoin falls below the 50 and 100 DMAs near a crucial support of $161; the asset might retrace to July lows close to $107.

Dev blames himself for Litecoin MimbleWimble delay, says “perfection takes time”

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Litecoin has kept a low profile this season despite the broader cryptocurrency market. Once a top 10 player, LTC slid to the 16th position on the leaderboard after a volatile year.

The network’s MimbleWimble Extension Blocks [MWEB] upgrade has been under development for almost two years and reports about a major code change were reported a month ago. Since then, the Litecoin ecosystem has stayed relatively quiet. But MW developer David Burkett today admitted the delays and blamed himself for it. His tweet regarding the same read,

“A lot of people are frustrated with how long MWEB has taken. I alone am responsible for delays, yet it’s been just as frustrating for me. Perfection takes time. LTC has had 100% uptime since launch, and despite MWEB’s complexity, that streak will continue with its release.”

He also went on to confirm that,

“Currently working with auditors to make sure it’s safe before releasing. If anyone has doubts about the readiness of the code, they’re free to build it locally and try it out. Use branch 0.21.”

Burkett had previously revealed that the activation of the highly anticipated protocol is on track for an end-of-year launch on the LTC mainnet. Since its first publication on Github, Litecoin’s MW code has gone through numerous changes despite the project struggling to get sufficient developers to review it.

Litecoin’s MWEB Advantage

The MimbleWimble Extension Block upgrade aims to bring in fungibility and privacy in the Litecoin network. The testnet was rolled out in October 2020 and the code.

The protocol enables senders to encrypt the number of tokens to be sent with the help of “blinding factors” while obfuscating the addresses and thereby, ramping up the privacy of the blockchain while simultaneously increasing its scalability.

Besides, Litecoin uses the hashing algorithm called SHA2-526. However, the network is now slowly transitioning to the “much-faster” Blake 3 for all MWEB hashes. Blake 3 is essentially a comparatively newer crypto hash function and 10x faster than SHA-2.

Litecoin buoys steadily in a bull market as altcoins tick upwards

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As the week comes to a close, the cryptocurrency market seems to have taken it upon itself to maintain a price rally. Friday even saw Cadnao take the 3rd rank from Tether with a remarkable double-digit climb. Other altcoins such as Litecoin also witnessed a steady hike over the past day.

The 12th largest cryptocurrency in the market had risen by 6 percent in the past 24 hours. Litecoin was trading for $181.47 with a market cap of $12.1 billion. A weekly hike of 27 percent had allowed the cryptocurrency’s trading volume to hit $2.38 billion.

Litecoin 1 hour:

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Bitcoin Silver as Litecoin is more popularly called has enjoyed a stellar week with green candles abounding on the charts. The support has been untouched in a week as the technical indicators sided with the bull.

Litecoin’s Parabolic SAR markers stayed below the price candles, pointing to a sustained bullish momentum. LTC’s Relative Strength Index broke through the overbought zone to climb to two-week highs.

The cryptocurrency’s CMF attained new heights as the graph moved vertically from the zero lines.

Litecoin 1 day:

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Litecoin’s daily support stayed below the $147 mark after populating the charts with green candles. After forming six consecutive green candles, LTC’s buy-in pressure peaked on Friday.

Long-term RSI mimicked the hourly chart by climbing above the overbought zone. The increased number of users boosted the Litecoin market to climb into the top 10 club. The cryptocurrency’s new influx of capital allowed the graph to shoot up.

The Parabolic SAR pointed to a hopeful weekend for Litecoin as the value rode on the momentum. Even new entrants into the market were experimenting with investing in altcoins predicted to be in the bull’s good books.

Bitmain rolls out Dogecoin and Litecoin mining equipment amidst China’s big mining crackdown

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Prominent crypto mining equipment manufacturer, Bitmain had been making immense news throughout the last two years following its shake-up in management. However, the mining company has made headlines yet again with its latest launches.

Bitmain’s saga became so well-known that the entire crypto-verse was talking about it. While the firm’s founders fought for a long time, they finally agreed to settle in December 2020. The dispute had little effect on the firm’s sales as most of the mining equipment was sold out for quite some time. Bitmain seemed to be doing well as it recently announced the launch of mining equipment for two more cryptocurrencies.

Bitmain launches L7 mining machine for DOGE and LTC

As per a recent tweet by Chinese crypto blogger, Colin Wu, Bitmain had unveiled the latest L7 minting machine used to mint Litecoin [LTC] as well as popular meme coin, Dogecoin [DOGE]. While the firm’s Bitcoin mining machines are a hit, the community awaits to see what the latest equipment had to offer.

Wu noted that the L7 machines were equipped with a hash rate of 9500MH/s along with 3425W. Priced at $15000 per unit, this product is yet to be made available, however, the delivery time for it is November 2021. He tweeted,

Being established in China’s capital, Beijing, Bitmain currently stands as the world’s largest Bitcoin mining pool. Recently, the Chinese authorities took down 26 mining farms in Sichuan. The officials even asked power generating platforms to retain from providing power to any crypto mining farms.

While China is undoubtedly eyeing the closure of all sorts of crypto platforms in the country, several mining farms were seen migrating to different regions. Bitmain, for instance, has already set up shop in various parts of Inner Mongolia. Several other platforms have sought a similar solution as the Chinese government intensifies its crypto mining regulations.

NASCAR driver Landon Cassill embraces crypto by accepting salary in Bitcoin and Litecoin

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Bitcoin [BTC] and Litecoin [LTC] go on a drive with NASCAR’s professional race car driver, Landon Cassill.

The popularity of Bitcoin [BTC] has been growing without a hurdle. Despite the downfall in its price, over the last couple of weeks, the asset managed to stay relevant. Several platforms continue to embrace and onboard the king coin. After, real estate, nightclubs, banks, and several other sectors cryptocurrencies have decided to venture into the racing industry. Taking a leap into the crypto-verse, a NASCAR driver revealed that he had opted to receive his salary in cryptocurrency.

NASCAR jumps onto the crypto wagon

The Associated Press recently reported that Landon Cassill would be garnering salary in Bitcoin and Litecoin as part of the sponsorship with Voyager, a prominent cryptocurrency brokerage firm. Elaborating on this, the CEO of Voyager, Steve Ehrlich stated,

“Landon Cassill’s focus and determination on the racetrack translates into everything he does. Landon also shares our vision for the widespread adoption of cryptocurrencies, and we are proud to be the first company to secure a primary NASCAR sponsorship entirely with crypto.”

The crypto firm has entered a 19-year sponsorship agreement with the NASCAR racer. While his portfolio would entail an array of cryptocurrencies, BTC and LTC would be a part of it. Cassill even went on to reveal that he has been investing in crypto for quite a while now and had even uploaded a Twitter profile picture with laser eyes.

Speaking about his interest in crypto, Cassill said,

“I can trade it right away before the market changes or hold on to it while the market goes up or down, take out a little, pay my bills with it and keep the rest. There are a handful of pilots who like crypto, but I am probably one of the ones who has been in this long enough and I am quite comfortable with how it works. “

This news was a clear indication of how Bitcoin was no longer in its nascent stage with regard to adoption. Additionally, at the time of writing, the king coin was trading for $37,844 while its market cap stood at $709 billion.

Litecoin [LTC] could be eyeing a trend reversal; LTC to $200?

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Litecoin [LTC] has always been hoarded as a lite version of Bitcoin [BTC]. With Bitcoin being digital gold, Litecoin has been regarded as digital silver over the years. However, LTC’s stay in the top ten was cut short by several coins that had entered the crypto-verse only recently. The disparity between LTC and BTC or even Ethereum [ETH] was high, both, in terms of market cap as well as price. Yet, the altcoin managed to secure notable gains during the recent crypto rally.

Just a month ago, LTC managed to push itself onto an all-time high of $412. Similar to every other coin, the asset’s gains were robbed by the bear pushing it down to $168.55, during the time of writing. The last 24-hours didn’t do the coin any good as it was seen enduring a 5.23% daily dip.

Additionally, the market cap of LTC was at $11.36 billion, at press time. LTC was seen taking over the 12th rank, not too far away from Bitcoin Cash [BCH].

Colored in red, the crypto-verse was seen losing out on all the gains acquired over the last couple of days. Bitcoin, at the time of writing, had slumped to $38K.

Litecoin [LTC] one-hour price chart on Binance

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The short-term price chart of LTC was rather negative. The Parabolic SAR indicator did not prolong its stay in the bullish arena. The indicator laid out a dotted line over the candlesticks blocking any imminent uptrends. The MACD line sunk below the signal line further insinuating a bearish crossover.

Complimenting the ongoing trend, the Money Flow Index indicator revealed that the LTC market was exhibiting a sellers’ sentiment.

Litecoin [LTC] one-day price chart on Binance

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Unlike its short-term chart, LTC’s one-day price chart noted the invasion of bulls. The Awesome Oscillator indicator laid out green closing bars pointing out a bullish momentum. Following this trend was the Klinger Oscillator that formed a bullish crossover. The Relative Strength Index, noted that LTC was in the sellers’ zone.

Litecoin [LTC] edges close to its three year high of $375

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While Bitcoin [BTC] brought down several assets, a few others rebelled and were seen traversing with the bull. Litecoin [LTC], Chainlink [LINK], and Bitcoin Cash [BCH] were all in high spirits. Dogecoin [DOGE] was, however, the star of the show. Not only did the coin climb up the crypto ladder but also recorded a significant rise in its price. Just as DOGE was aiming for $1 with a 42% rise in the last 24-hours, BTC was still stuck at $55K.

Despite being one of the earliest cryptocurrencies, Litecoin [LTC] remained below several currencies that entered the industry much later. The altcoin currently stands as the tenth-largest cryptocurrency with a market cap of $22 billion. Uniswap [UNI] wasn’t too far ahead giving LTC another chance to surge to the ninth position.

At the time of writing, LTC was trading for $342 with an 8% surge in the last 24-hours. The last seven days did aid in the asset’s recent price soar as it bagged gains worth 30.15%. The altcoin wasn’t too far from its all-time high of $375.29 that it achieved about three years ago.

Litecoin [LTC] One-Day Price Chart On Binance

Litecoin

The one-day price chart of Litecoin [LTC] noted immense bullishness. The MACD line had taken over the signal line and went on to form a bullish crossover. This change was noted at the beginning of the month as the end of April was bleak for the altcoin. The Chaikin Money Flow indicator remained over the zero median, residing in the bullish arena.

The Bollinger Bands indicator pointed out limited volatility, however, the bands were seen diverging.

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The Money Flow Index indicator used in the one-day chart revealed a buyers’ sentiment, The Relative Strength Index indicator announced that LTC was being overbought as the marker was seen aiming for 80 median.

The persistence of this bullishness could help the altcoin reach its all-time high of $375.