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.
Charlie Lee Proposes Miner Donations To Fund LTC Development
‘’I think a better way to fund development is mining pools voluntarily donate a portion of the block reward. How about Litecoin pools donate 1% (0.125 LTC) of block rewards to the @LTCFoundation? If every miner/pool does this, it amounts to about $1.5MM donation per year!’’The Litecoin Foundation is one of the most important development entities and underwent a lot of funding deficits that seek other ways to survive the harsh effects of the bear market. The proposed solution angered the community since mining was unrestricted and voluntary activity. The rewards remain for the miners and anyone that tries to take part in the reward will have caused discontent. Litecoin started without a premine phase but other projects such as Zcash built their idea of a developer reward during the early years of mining.The proposal also came right after Bitcoin Cash decided to introduce a tax on the miners and the coin will now levy a 12.5% miner tax to all entities wishing to discover blocks so if the tax is not paid, any blocks discovered will not be considered and propagated. The approach of the founder of Litecoin is different and intended to be voluntary but will spike a whole set of activities that are supposed to have no barrier to entry. Litecoin mining has slowed down quite enough as 12.5 LTC block reward most of the miners give up after the recent halving.If the donations are levied, it would possibly bring around $3,816 per day for the Litecoin development based on the current block reward. Currently, the mining rate of LTC dropped by 70 percent from the all-time peak ahead of the halving and the miners produce around 142 TH/s which is only a small part of the Bitcoin cash activity. Scrypt mining happens on a much smaller scale with smaller machines as the activity is pointed to the SHA-256 mining for bitcoin and other forks of it.
LTC Retracement Bound For Correction Before Going Bullish
40 Million LTC Coins Remain Locked For A Year While Price Rises
“Even taking this into consideration, the main conclusion one may make from this data is that there are a significant number of coins now held by strong hands and long term bulls who have been accumulating and thusly removing potential downward pressure on the markets.’’Litecoin is now on a new path after the harsh correction phase of above $140 and also the latest halving for the coin only brought a lot of gains in the months prior to the halving rather than the time after the halving. The coin is still highly liquid and has about $4.7 billion in volumes. The asset is present on the bigger exchanges and on some futures market additions on OKEx. Litecoin is seen as a pretty reliable coin with the potential for a significant increase during bull rallies.The last hopes for Litecoin (LTC) signal a new BTC rally as the two assets showed decent proximity and a lot of support from the communities and supporters. Litecoin (LTC) traded at $50.45 which is an increase of 16 percent in the second half of the month and is now recovering trying to surpass the 0.006 lows. The most recent price moves show that Litecoin could even become more active in the upcoming days since it is extremely popular in the Asian markets. The fact that Litecoin soared as one of the most impressive altcoins lately is also one that shows us that altcoins are regaining their confidence in the current market.
Dash Could Surpass Litecoin As Daily Transactions Increase Steadily
‘’At the very least, if the crypto market cares about real fundamentals, then $DASH should be where #Litecoin is right now on the crypto market cap ranking. it’s only a matter of time before real cryptos with real utility rise up to the top. https://t.co/MbGAkw5rvi pic.twitter.com/hpJyqcLmqB’’The Dash network is being used to transfer a lot more value than Litecoin which doesn’t automatically mean that it has more value. Both of the assets are different since Dash offers different types of transactions and it also features rewards.
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