Litecoin is struggling a lot to keep its bullish bias post halving and now in the analysis below and latest cryptocurrency news are trying to find out what’s coming next.
The post halving price analysis shows that the LTC/USD instrument established a new high of 104.04 on the Coinbase crypto exchange. The move uphill brought the pair up by more than 12 percent from the market open. This was also a time when the Litecoin blockchain was close to reaching a block size of 1,680,000 after which it could reduce the supply rate from the previous 25 LTC per 2.5 minutes to the current 12.5 LTC per 2.5 minutes. At about 10:15 UTC, Litecoin began its halving process and in about fifteen minutes, the cryptocurrency’s rate started going rapidly downwards.
Up until 13:30 the LTC/USD rate dropped by more than 97.11 which is down by 9.28 percent from the local top. The move shows the need of the day traders to take their sessional profits at home and at the same time it shows there are is not a strong bullish bias at the moment that could lead Litecoin to register more than 200 percent in the year-to-date returns. Post halving price analysis shows that by reducing the supply of digital assets in a specific time, the demand for those assets will grow higher and the underlying scarcity alone makes them more expensive to purchase.
The halving events are also problematic if the miners receive lesser rewards and get disappointed for confirming and adding transactions to the blockchains. There is no such sign in the hash rate drop in the litecoin blockchain which still means that the miners are running the network. Traders are willing to drop their LTC bags for much more attractive intraday profit which is why the market is experiencing a sharp correction. This could also mean that Litecoin is preparing for a consolidation price action soon. The last litecoin halving didn’t impact the price as much. The LTC/USD rate surged up to 16 percent after one-year post halving. Bitcoin did better since it surged more than 292 percent one year after going through the last halving.
As we can see in the altcoin news and analysis, if Litecoin continues to remain idiosyncratic, there will not be an upside move in the cards. The creator of the currency Charlie Lee put up the privacy features later this year which could mean the upside trend is just about to start.
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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