Litecoin (LTC) value gained more than 14 percent in less than a day, surging to a high of $93.05 from the previous $77.60 on Tuesday. The cryptocurrency is now trading at $90,09 and in the altcoin news today we take a closer look at the price analysis.
The move saw the Litecoin (LTC) value outperform its peers as the crypto market barely managed to recover from a punishing correction. Later, LTC dropped as low as $76.70 during the sell-off. It is okay to say that it has been a very bumpy week for the entire crypto market but especially for the fourth largest cryptocurrency- Litecoin. As it was reported previously in the week, the Litecoin Foundation made a partnership with the football team Miami Dolphins to accept crypto payments for the team’s 50/50 raffle using BTC and LTC. Despite this, the LTC has stepped in a situation where it was strongly going down mirroring the previous market movement of the leader on the market Bitcoin.
Usually, when Bitcoin starts any kind of movement, everyone follows but Litecoin has tried to avoid this trend somewhat defying bitcoin’s dominance to break out on its own back three months ago. This time, however, Litecoin was sucked down with the major cryptocurrency Bitcoin but quickly found its way back into the positive vibes over the past 24 hours.
As a result of the halving event which is expected to cut the cryptocurrency’s inflation rate in half in less than 18 days from now, the expectation that the litecoin traders will still have to experience some more unpredictable activity as it follows. When the halving event takes place, the block rewards generated via successful hash will then halve from their current rate. It is still unknown how big of an effect will this have on the cryptocurrency. The founder of Litecoin, Charlie Lee thinks that the halving event will hit the miners the hardest and he even predicted that some of them will close shop forever. He made everyone sure that ‘’everything will be fine.’’
As noted in the latest cryptocurrency news, LTC is now trading at 200 percent from its price level where it was at the start of the year outlining the strength of the crypto market’s recovery from 2018 prolonger bear period.
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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