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Litecoin Approaches Record High as Investment Appeal Grows

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Litecoin approached all-time highs over the weekend, as the apparent surge in bitcoin extended to the altcoin market.

LTC/USD Price Levels

LTC/USD reached a high of $88.22 on Sunday, its best level in nearly three months. At press time, prices were up 8.4% at $85.93 for a market cap of $4.6 billion. That’s enough for seventh spot on the global cryptocurrency chart.

Trade volumes have broken above $381 million over the past 24 hours, with major exchanges GDAX, Bithumb and Bitfinex accounting for the bulk of the activity.

LTC/USD has strong momentum nowt hat prices have broken out of the $72 resistance range.

Litcoin prices have been surging all month as excitement over atomic swaps grew. Litecoin is seen as a major cog in the push toward atomic cross-chain transactions. That’s because every major cryptocurrency can be traded for LTC on the open

Atomic swaps seek to bring interoperability between altcoins and the original bitcoin.

The LTC/USD cross has added more than 63% this month, and is back within $5 of record highs. Prices hit a snag in early September as investors reacted to China’s all-out ban on cryptocurrency market. News of the ban shaved $50 billion off the global cryptocurrency market in relatively short order. Markets have more than recovered even as China shows reluctance in reinstating cryptocurrency trading.

Concentrated Buying

For all the euphoria surrounding Litecoin, it appears that much of the buying has been confined to a few notable addresses. The Litecoin Rich List indicates that most users hold less than 100 LTC units, with 69 addresses holding nearly 38% of the total. The richest Litecoin address holds 1,420,001 units, which is equivalent to nearly $122 million.

Broader demand for the digital asset is also partly in response to the growing appeal of bitcoin. Widely regarded as the ‘silver’ to bitcoin’s ‘gold’, LTC is considered to be more stable than the leading digital currency.

In addition, Litecoin is one of three cryptocurrencies offered by Coinbase. Bitcoin and Ethereum, both of which are at record highs, are the others. This gives LTC even more clout in the investment community.

2018 and Beyond

If 2017 was bullish for cryptocurrencies, 2018 is expected to see a much more concentrated stake in the altcoin universe – that is, if you believe investors are looking for the most innovative coins. When it comes to innovation, very few altcoins offer the same value as Litecoin. The digital token has quickly emerged as one of the fastest and most affordable transaction units on the market.

With the exception of Ethereum and perhaps Ripple, Litecoin is also one of the best marketed altcoins. This will give it broader mainstream appeal as institutional traders look to diversify in the cryptocurrency space.

If the recent price trajectory of Ethereum is any indication, Litecoin may catch a favorable tailwind as demand extends from bitcoin to the altcoin universe. Unlike bitcoin, which is valued at more than $9,000, Litecoin remains highly affordable to investors.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock. 

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.6 stars on average, based on 647 rated postsSam Bourgi is Chief Editor to Hacked.com, where he specializes in cryptocurrency, economics and the broader financial markets. Sam has nearly eight years of progressive experience as an analyst, writer and financial market commentator where he has contributed to the world's foremost newscasts.




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  1. Chris G

    November 27, 2017 at 4:37 am

    Hoping to see it hit new highs in this cycle – really my go to coin for running any transactions

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Altcoins

EOS Price Forecast: EOS/USD Heading for Another 300% Move?

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  • EOS/USD price action via the 4-hour chart view has formed a bullish flag pattern.
  • The price is moving around levels seen back end of March to early April, before a bull run of over 300%.

The past six sessions for EOS/USD have been erratic to say the least. It has been subject to a high amount of volatility, swinging aggressively in both directions. There has been a lack of commitment from either the bear or bull camps of late. As the market continues to trade with such behavior, it appears to be trying to find its feet, ahead of a potential chunky firm trend.

EOS DApp Hacked Again

An EOS based gambling DApp, EOSBet has been hacked, with $338,000 being reported as stolen. This isn’t the first time; just back in September, hackers managed to get away with a reported 40,000 worth of EOS, which at the time had a value of $200,000. It has been said that they were able to exploit their smart contracts, having found security vulnerabilities.

Technical Review – 4-hour Chart View

EOS/USD 4-hour chart

EOS/USD price action has formed a bullish flag pattern, which began taking shape on 15th October, after the aggressive price behavior stabilized. The bulls at the time ran the price well up into $6 territory. Consequently, it then met the breached ascending trend line, failing to move back above this area. This followed the sharp breakthrough to the downside, which occurred on 11th October. As a result, a drop of over 15% was seen, forcing EOS/USD to retreat in a demand area, within the $5.0000 level proximity.

Looking to the upside, small near-term resistance is seen at around $5.6100, which is the upper trend line of the mentioned bull flag pattern. A breakout will likely open the doors to a retest of the broken ascending trend line, tracking around $6.1100. Support can be eyed at $5.4600, which marks the lower trend line of the flag. Furthermore, should this fail to hold, EOS/USD could likely fall back down to the serving demand area, within the lower $5.0000 territory.

April 2018 Bull Run

EOS/USD April bull run

In April of this year EOS/USD entered a chunky bull run, gaining over 300%. From the back end of March until 11th April, the price had been stuck within consolidation mode. Resulting in the price trading within a tight range, at levels of where the price is currently seen today.

Something quite astonishing started to unfold. Between the period of 11th April to the 29th April, a bull run of around 290% was seen. Over this time frame EOS/USD went from $5.9500 up to a high of around $23.0811. The price is currently demonstrating a similar behavior to that of what was seen during the mentioned period. It is interesting to note that the price did have historical levels to break through, as it had already run higher during the period of December 2017 and came back down. Finally, this is not to say EOS/USD will observe the same bull run. However, it is an interesting observation to be aware of.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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Coinbase Unleashes Ox; Volumes Hit Five-Month High; ZRX/USD Surges

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Ox (ZRX) is the latest cryptocurrency to feel the benefits of the Coinbase treatment, and on Wednesday morning trade volumes surged to new five month highs.

Coinbase Pro, the dedicated trading wing of the Coinbase platform, has seen $29 million worth of ZRX trades pass through their books – less than twenty-four hours after exposing the Ethereum-based token to the market.

ZRX/USD

This morning’s surge saw ZRX peak at $1.07 before the momentum cooled – the highest valuation in nearly three months. Even at the current valuation in the $0.90 range, that still leaves ZRX up 76% for the last thirty days.

From Tuesday’s valuation of $0.737949, Ox surged to 44% gains in just over twenty-four hours en route to the $1.07 peak. That was accompanied by a 1,544% increase to trade volumes, carrying total trades from $9 million to $148 million – the highest in five months.

Binance remains the exchange fronting the highest concentration of trades, with over 50% coming from its ZRX/BTC and ZRX/ETH trades. However, Coinbase Pro now accounts for around 18% of all ZRX trades, equalling around $29 million in less than a full day.

The Coinbase Effect

As per the official announcement by on the Coinbase Medium blog:

“Starting today, Coinbase supports ZRX at Coinbase.com and in the Coinbase Android and iOS apps. Coinbase customers can now buy, sell, send, receive, or store ZRX, along with Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin.”

Also noted is that UK and New York customers will not yet have access to ZRX trades, owing to regulatory concerns in those regions, meaning today’s momentous ZRX action has come without the benefits of playing with a full deck, so to speak.

Some of you may remember the last cryptocurrency that got to experience the Coinbase treatment – Ethereum Classic (ETC). Back in early July ETC surged over 30% on the back of the Coinbase announcement, and was bolstered by it during the market wide dip of August.

Since then the effect has been less felt, with less than 1% of ETC trades coming from Coinbase Pro in the last twenty-four hours.

Ox Protocol

Ox is a rare exception in the crypto world right now. Here at the end of 2018 most coins are many hundreds of percent below their all-time highs. Yet with this morning’s surge to $1.07, Ox was briefly just 116% off its ATH.

For some perspective, if Ethereum (ETH) grew in value by 116% it would be priced at just over $400 – some way off the ATH in the $1,400 range. If Ox trade volumes rise by another $6 million today, they will have reached levels not seen since the surge of January 2018.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.4 stars on average, based on 79 rated postsGreg Thomson is a full-time crypto writer and digital nomad. He eats ICOs for breakfast and bleeds altcoins. Wherever he lays his public key is his home.




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TRON Price Analysis: TRX/USD Cools After Reports Suggest of Potential Baidu Partnership, but Not Blockchain Focused

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  • Reports of TRON and Baidu partnership focused on cloud computing resources.
  • TRX/USD price has cooled over the past two sessions, but supported within an ascending channel.

Potential TRON and Baidu Partnership – Not Blockchain Related

The founder of TRON Justin Sun, had left the community very excited on Friday, after tweeting “Finally, First time to partner with tens of billions USD valuation industry giant. Guess the name.”

According to ODaily, a local Chinese newswire, the partnership will be focused on cloud computing resources, not blockchain. It covered that TRON would be buying cloud computing resources from China’s equivalent to Google, Baidu. This was cited and translated by CNLedger.

If this being the case, it could be somewhat disappointing for some of the TRON community. There would have been general expectation and hope, of this being related to the foundation’s blockchain network. As it states the partnership remains focused on the purchase and use of Baidu’s basic cloud computing resources, rather than being a connection “at the blockchain business level.”

The report covered that Tron and Baidu will be working to maximize inter-compatibility. In addition, “to build, operate and debug blockchain products” based on Baidu Cloud. Baidu and Tron have not yet formed any connection at the blockchain business level. Currently the cooperation mainly focuses on the purchase and use of (Baidu’s) basic cloud computing resources.” As covered by CNLedger’s translated report.

Despite the circulating details, there has not been an official confirmation from either TRON or Baidu.

TRON Launches TronGrid

Most recently, TRON launched a website known as TronGrid, which will toolbox for developers. As a result, it will assist them in being able to integrate DApps smoothly into the TRON ecosystem. The move somewhat similar to Ethereum’s Infura.

Technical Review – 4-hour Chart View

TRX/USD 4-hour chart

TRX/USD price has cooled over the past two days now. Following a large spike up to $0.027980 on 15th October, the price had headed deep into a known supply zone. This is seen tracking form around $0.02700 – 0.028500 range. As a result, sellers forced TRX/USD back down within an ascending channel pattern.  It has been grinding higher within this channel since the 12th October.

Given the cooling in price action, it is worth noting the support seen at the lower trend line of the mentioned pattern. Furthermore, comfort can be observed around $0.024850. A breach may see a very fast move back south, reversing the upside move from 12th October. This could see a drop down to $0.020670.

Looking to the upside, should this ascending channel continue supporting the price, as it has been. Then expect bulls to give the near-term supply zone another retest. However, this area has been respected since the back-end of September. It is evident that sellers remain camped within this territory, not an easy task for the bulls to break down. ­

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

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4.5 stars on average, based on 30 rated postsKen has over 8 years exposure to the financial markets. During a large part of his career, he worked as an analyst, covering a variety of asset classes; forex, fixed income, commodities, equities and cryptocurrencies. Ken has gone on to become a regular contributor across several large news and analysis outlets.




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