In the coming altcoin news today, we are seeing that Litecoin is leading with its new crypto correction which brought the entire market when Bitcoin found support and moved back towards the $8,000 region once again. Since then, many altcoins have been on fire with gains and LTC was apparently surging ahead of the pack.
The positive sentiment that was brought back to the market again managed to add another $10 billion back into crypto, pushing the total market capitalization to a high of $254 billion before stabilizing at around $250 billion where the things currently are. The daily volume surpassed $80 billion while Litecoin is leading, showing that a bullish trend is finally here.
At the time of writing, Litecoin is among the top altcoins featured in the altcoin news. It has managed to surge from $88 to $104 over the past day, reaching its highest level for almost a year. There has been massive resistance at $100 which it hit last week, showing that Litecoin is leading and trouncing the fifth spot from EOS with a market cap that is now over $6.4 billion.
According to the best cryptocurrency news sites, the momentum for LTC is driven by the halving event which is about to happen in 73 days (in August this year). As that event approaches, coin scarcity and increased demand could push the LTC price back to its all-time highs of $370.
Litecoin is leading – but it is not the only coin that deserves to be featured in the latest news. Binance Coin (BNB), for example, is also trading well and has climbed to a new high of $34 recently in a 7% surge on the day which has been a result of the exchange announcing margin trading features.
All in all, the month of May has been very positive for cryptocurrencies. As we can see from the latest cryptocurrency news, there have been a lot of positive changes and high volumes on record – maintained and keeping the markets buoyant.
The momentum is now holding and as Litecoin is leading, May is shaping up to be one of the best months for crypto with solid gains. The market cap has doubled since the beginning of the year, indicating that cryptocurrencies are finally on the bright side.
Litecoin Dumps More Than 50 Percent But A Bounce Is Expected
"Decent falling wedge with correct volume pattern with support at green makes for a decent long opportunity. Setup I would favor most is wicking through liquidity and closing above. This would signal a long entry. $92 and $104 would then be the targets with $111 and $117 to fully close out any remaining long position if you can ride the local corrective bounce trend."As explained in the latest cryptocurrency news, Litecoin dumps more than 50 percent but is now trying to break out of the wedge and seal the $75 as support.
No Interest For Working On The Litecoin Protocol: Charlie Lee
‘’I was extremely disappointed to discover that no progress had been made on CT since the announcement, especially when I stand on stage telling everyone it’s happening and we are actively working on it.’’The CT in the conversation stands for Confidential Transactions which is a protocol upgrade that Lee promised to happen about eight months ago but at the time he declared that CT will be available before this year ends. This is one of the reasons why there is no interest in working on the Litecoin improvement. Lee also noted on Twitter saying that though Litecoin GitHub shows no code commits in 2019, there is still some work being done that does not master the branch. The Litecoin creator admitted that he ‘’dropped the ball’’ on the promised Mimblewimble and CT protocols. Lee also noted that the updates have been side-tracked by activities in the adoption arena neglecting core developments such as the issue of fungibility as noted in some of the best cryptocurrency news sites. While responding to criticism from Richards, Charlie Lee gave a startling admission about the pedigree of his cryptocurrency saying:
‘’The honest truth is that no one is interested in working on Litecoin protocol development work. At least no one technically competent. You can’t just throw money at this problem. This is true for Litecoin since the beginning. It has only been me, Warren, and Thrasher.’’
Litecoin And Its Dusting Attack: What Happened And Why?
“It was network-wide, which meant it affected all users of litecoin that had an active litecoin address at the time. The address of the person responsible for the dusting attack can be found here: https://blockchair.com/litecoin/address/LeEMCDHmvDb2MjhVHGphYmoGeGFvdTuk2K
“We became aware of the dusting attack on Saturday morning when one of our binance angels had received a small amount of LTC into their litecoin wallet.”
The co-founder of the blockchain data provider Glassnode, Jan Happel, also spoke about Litecoin and its dusting attack. He looked into it to confirm it and focused on the extra data which came up, showing a previously unreported dusting attack which occurred in April this year. As Happel said:
“We have done a quick query into the LTC blockchain and analyzed the number of utxo's that carry a smaller value than the mean tx fee that day. If a UTXO contains less balance than the minimum amount required to spend it (fee) that day, it becomes stuck/unspendable — this is what we technically define as dust.”
For those of you unfamiliar with dusting attacks, the altcoin news present them as a signature assigned to any unspent value (through UTXO which is the unspent transaction output) - merged to make the transaction amount.
This was the first time a large scale attack like this had occurred. Litecoin and its dusting attack were also explained by Jager as:
“The person behind the dusting attack owns a mining pool based out of Russia, EMCD[dot]io. They reached out to express that their intent was to advertise their mining pool to the users of Litecoin, however, it's unclear from our perspective or anyone else's as to whether there were alternative motives. The owner of the pool was not aware that he was subjecting all these users to a dusting attack and spreading fear among the Litecoin community.
“It's interesting to note, that even if this was not the intent of the mining pool owner, he provided a base for malicious actors to analyze. You see, the person responsible for conducting the dusting attack doesn't necessarily have to be the one collecting the data, they can just merely be providing a service so that someone else can collect all the information and analyze it at a later date.”
Even though they seem like a small and unharmful activity, dusting attacks can undermine user anonymity and be used against users to steal precious digital assets.
Altcoin Apocalypse: Only 2 Of Top 10 Altcoins Outperform BTC In 2019
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