The new situation on the crypto markets following the correction marks some levels of instability, as the coming altcoin news show. One analyst is now in the focus for claiming that there is a possibility for Litecoin to double and trade to new highs in the near term.
The analyst believes that the Litecoin price may soon double before it incurs significant selling pressure which may send it reeling lower – and the cryptocurrency’s upcoming “halvening” event may be the source of this massive volatility.
Currently as we are writing, the altcoin news show that Litecoin is trading down by roughly 1% at a current price of $116 which is down slightly from its daily highs of $120. Right now, $120 remains a key resistance for the altcoin.
Many analysts in fact expect Litecoin to double. However, the cryptocurrency tried that and failed on multiple occasions over the past couple of days, trying to break above the price level which is currently its year-to-date high.
Even though it remains unclear as to whether or not the Litecoin crypto will be able to surge past the $120 price level with ease – or it will drop lower first – there is a high probability for Litecoin to double and incur volatility in the near future due to the “halvening” event.
According to Luke Martin who is a popular cryptocurrency analyst on Twitter, LTC could trade significantly higher in the next couple of months as this event nears.
“I was sleeping on the $LTC halvening being only 60 days away now. Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high,” he explained.
I was sleeping on the $LTC halvening being only 60 days away now.
Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high.
— Luke Martin (@VentureCoinist) June 6, 2019
The halvening is also expected to send LTC’s price skyrocketing higher. As Martin sees it, LTC’s Bitcoin trading pair could climb as high as 0.0182 which us up from its current price of 0.0146 and other analysts believe that it could surge much higher.
Another altcoin analyst was in the latest cryptocurrency news. Named Financial Survivalism, the analyst explained that LTC is posed for a surge up to new highs, stating:
“$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011.”
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
Litecoin Founder Says LTC Development Is Strong, But What Is Happening?
“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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