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Litecoin News

Litecoin (LTC) Price Rallies Towards $105: Analysis

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Litecoin (LTC) price

Litecoin (LTC) price dropped yesterday in the $85 support zone where it found new support level and caused the price to switch trends in an upwards matter. The coming altcoin news shows us that this could be an indicator for another increase in the 5th wave from that started to develop on the upside.

The price hasn’t gone below the $85 price point before it quickly turned the other way which means that there wasn’t a chance for a 2nd wave territory entry. This implicates that we could be seeing another increase to the upside very soon. If the price starts developing on the 5th wave, it could even go past the $106 price point.

From the yesterday level of $85.35, the Litecoin (LTC) price increased by nearly 13 percent when it came up to the current $101. This is the highest point that the altcoin’s price has reached and has been traded. The price also increased parabolically which indicates there is a strong bullish presence. If you take a closer look at the hourly charts, the price of the altcoin is approaching the level of the prior high made over the previous weekend which ended on Monday. After the opening, the altcoin fell inside a territory of a horizontal support price range.

This could mean there is strong support waiting at the $85 level area which means that anything below that is considered a territory of the 2nd wave out of the five-wave upside impulses. As noted in the latest cryptocurrency news, the end of the 3rd impulse wave ended as of last Thursday and the downside movement which was likely following the 4th wave ended yesterday on the interaction with the 1st wave ending as well.

The momentum that was seen after the upward price movement could mean that we are about to see the Litecoin (LTC) price exceeding the one of last week’s high at $106.23. The price can even go higher to the horizontal resistance level at $109.35 before ending the five-wave move. This means an increase of about 3.2 percent is expected which is more than Thursday’s high before the end of the increase. As we are about to see, the development of the fifth wave and its end could bring to a higher downturn degree and a drop for the price of the asset.

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Litecoin News

No Interest For Working On The Litecoin Protocol: Charlie Lee

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no interest
Charlie Lee, the founder of Litecoin claims there is no interest for working on the Litecoin protocol as we are reading further today in the coming altcoin news. According to the leaked conversations between Charlie Lee and other actors involved, show that there is evidence of no significant work being done on the crypto node since the beginning of the year. According to a Reddit post which was submitted just a few days ago, the Litecoin code development arena seems to become a ghost town. The post reveals a series of correspondence between the LTC creator Charlie Lee and some other members of the Litecoin Foundation. The crypto news sites who managed to obtain the HTML download of the leaked chat messages show that Franklyn Richards who is now the director of the Litecoin Foundation talked to Lee to task on the absence of any progress being made in order to improve the entire crypto protocol. A piece of the arguments reads:
 ‘’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.’’
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Litecoin News

Litecoin And Its Dusting Attack: What Happened And Why?

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litecoin and its dusting
The coming altcoin news recently talk a lot about Litecoin and its dusting attack which was potentially done on August 10 and announced through the official Binance Twitter account. As the tweet notes, around 50 Binance Litecoin addresses received a fractional amount (0.00000546) of Litecoin, which was later identified by the exchange's security team as a large-scale dusting attack. According to James Jager who is the project lead at Binance Academy, Litecoin and its dusting attack are a major topic on the best cryptocurrency news sites. This is why he sat down to discuss the reasons behind it - and said:

“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.

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Altcoin News

Altcoin Apocalypse: Only 2 Of Top 10 Altcoins Outperform BTC In 2019

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Altcoin Apocalypse
The latest altcoin news show a pile of losses for the most popular cryptocurrencies in the market cap. It seems like the altcoin apocalypse is strong at this point - showing that the further Bitcoin has climbed, the worse the altcoin market has suffered. It all went to the point where many are calling for an altcoin apocalypse that takes the price of most cryptocurrency assets to zero, except for Bitcoin and a select few coins that still provide value and utility. A new report shows that of the top ten crypto assets, only two altcoins have statistically outperformed Bitcoin this year (2019). The coming altcoin news also feature these coins as the ones with the best chances of recovering and reaching new all time highs. In times when a lot of crypto analysts are calling for another 50% drop in the altcoin markets which may form a double-bottom, others believe that an all-out "alt season" is ahead. What we can see right now, however, is nothing short of an altcoin apocalypse and something in between. Many altcoins from the last hype bubble doomed forever - and other clear winners with real utility emerged from the ashes of the "altpocalypse." According to data from the San Diego-based Blockforce Capital Chief Investment Officer David Martin, the altcoin apocalypse shows that only two of the ten cryptocurrency assets have outpaced Bitcoin in 2019. These include the names of Litecoin (LTC) as well as Binance's native token, Binance Coin (BNB). https://twitter.com/mrtn_dvd/status/1160917650999873536 While Bitcoin (BTC) managed to grow by 168% in 2019, the latest cryptocurrency news show that Litecoin (LTC) brought in 2014% in gains while Binance's native crypto token BNB has been nothing short of amazing - posting 364% gains in 2019 which makes it the top performing cryptocurrency of the year. Bitcoin Cash (BCH) is right behind Bitcoin in the fourth place, while EOS is edging out Ethereum in a neck-and-neck race for the fifth and sixth position. Cardano (ADA) is at the seventh spot, followed by Tron (TRX) in the eight place. Ninth place is reserved for Ripple (XRP) which is held down by the company behind the protocol that sold of an abundance of tokens throughout the year. Most of the alts won't reach all time high if the altcoin-to-Bitcoin ratio remains the same, according to analysts. The altcoin apocalypse shows just how poorly these assets have performed this year in correlation to BTC.
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Altcoin News

Litecoin Founder Says LTC Development Is Strong, But What Is Happening?

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Litecoin Founder
Litecoin is a cryptocurrency that is viral in the coming altcoin news, mostly because of the significant amount of fear, uncertainty and doubt that is around it. Following the recent halving event, a lot of analysts thought that Litecoin (LTC) would surge - and so did the Litecoin founder, Charlie Lee. In fact, the founder of the cryptocurrency has been attempting to clear the air of any concerns in a recent tweet thread. As he said, the LTC development is still strong. However, the Litecoin founder also knows that the investors may be still disillusioned by the price action for LTC - which could eventually lead to an exodus and push them away from the popular altcoin. The recent thread of tweets started when Charlie Lee, the founder of Litecoin, explained to the concerned investors that there are two main sources of the FUD that is surrounding LTC right now. He noted that the first source is that LTC has had no code commits on GitHub in 2019. This makes it clear that no work has been done on the cryptocurrency this year. The second source, according to the Litecoin founder, is that they don't work on the master branch of the main project. “Recently there’s been a lot of FUD about Litecoin having no code commits in 2019. When you look at Litecoin GitHub… it would seem like we did no work in 2019. There are actually 2 reasons why this is the case even though we have been developing,” he explained on Twitter. https://twitter.com/SatoshiLite/status/1160436027099451392 The latest cryptocurrency news also featured Lee responding to the FUD by explaining that the Litecoin code releases lag behind Bitcoin releases by a few months. He further noted that they generally don't work on the master branch of the main project which has been one factor which critics have previously pointed to in an effort to make some unfounded claims that Litecoin stopped developing. According to the other tweets by the Litecoin founder:
“This is how Litecoin Core development has functioned for years. We even had the same FUD last year! Someone looked at our master branch last year and claimed that Litecoin stopped developing in 2018. And I bet even after this explanation, we will have people confused in 2020."
https://twitter.com/SatoshiLite/status/1160436032585650176 Right now, we can see that there is a lot of FUD surrounding Litecoin. Investors are probably looking for reasons to ditch their LTC too - but just like they were described on many best cryptocurrency news sites - the Litecoin founder and the community are nothing but a ghost town right now.
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