The recent price surge that we reported in our altcoin news shows that the entire crypto market followed bitcoin during the pursuit of the $5000 range. However, during the price surge, some cryptocurrencies traded against Bitcoin. Litecoin was not one of them.
Over the past week, Litecoin managed to increase by more than 50 percent. In the same time, Ripple and Ethereum increased in value but only by 16-18 percent. This could be the case because the LTC/BTC pair has been trading in a positive correlation for a quite some time now.
On the other hand, ETH/BTC and XRP/BTC trading pairs have been in a negative correlation with the number one cryptocurrency. When Bitcoin rises, both of the cryptocurrencies are going lower. Although both Ripple and Ethereum have seen some price increase against the USD over the past seven days, both of them suffered against Bitcoin which lowered down their potential price increase for the following period.
Litecoin is now in an incredible phase after it managed to increase by a stunning 145% over the past three months. The coin currently trades at about $93.80. Litecoin is ranked at the fourth position by market cap value since it is currently at $5.70 billion.
If you look up the LTC/USD charts you can see that from the previous altcoin analysis, the price surge continued when the coin’s price reached above the resistance level of $90. The current close resistance line stands at $100. This level is strengthened due to the expected increase in supply. The next resistance line above $100 comes at $110, $119 and $125.
The nearest resistance level from below the $90 price point is at $81, $75 and $68. The trading volume did drop a little at the end of the 2019 March average level but that happens during the weekend sometimes.
We can also notice that the LTC trading volume has returned to the average level.
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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