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Litecoin – The Most Underrated Currency in the Crypto Bucket

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litecoin underrated

With more than 1,300 cryptocurrencies in circulation, it’s easy to get lost in all the noise. Although most market participants are familiar with bitcoin and Ethereum, much less is known about the broader altcoin universe.

That is quickly changing.

Litecoin has become as a frontrunner in the cryptocurrency market. It emerged as a fork in bitcoin core, and was developed by former Google employee Charlie Lee. In declaring Litecoin, Lee actually announced from his office: “Let there be lite!” At least, that’s the way the story goes.

In just a few short years, Litecoin has become one of the world’s foremost cryptocurrencies. Though gaining in prominence, many investors are still unsure what it is or how it differentiates itself from bitcoin. When it comes to the world’s top altcoins, you might even say it is underrated.

What differentiates Litecoin from Bitcoin?

Bitcoin is still the most popular cryptocurrency but one can say that Litecoin is not far behind. The coin limit of Litecoin is far higher than bitcoin, 84 million compared to bitcoin’s 21 million. The motive behind creating Litecoin was to improve upon bitcoin, to make the process of transaction easier and less time-consuming. The time taken to generate a block of Litecoin is hardly 2.5 minutes whereas that of bitcoin takes 10 minutes. Litecoin uses the scrypt algorithm that integrates the SHA-256 algorithm (of bitcoin). Litecoin chose to use the algorithm to engage new miners, especially the those whose CPUs could no longer compete with ASICs (Application-Specific Integrated Circuits). At the beginning of its journey, Litecoin was also mined on GPUs or graphics cards.

Litecoin scores over bitcoin in the transaction process, as demonstrated by the following:

  • Litecoin blocks are generated in a much shorter time than the bitcoin blocks. Hence, the cryptocurrency ensures a higher volume of transactions compared to the first crypto coin.
  • Theory says that a higher volume of the transaction (translates to faster block time) means that the risk of security breaches decreases significantly. The sender will have to wait for only 5 minutes for two confirmations while one confirmation with bitcoin takes up to 10 minutes.

The Journey Towards Prominence

“When I released Litecoin there were a lot of other cryptocurrencies that were pre-mined by founders wanted to be super rich. I preannounced Litecoin on Bitcointalk, so people could mine it from the get go. It was more widely distributed from the start than Bitcoin.”

  • Charlie Lee, founder of Litecoin

Litecoin

Litecoin

We have seen that Litecoin has a greater transaction speed than bitcoin. Litecoin was one of the first crypto coins to realize the worth of Segregated Witness or SegWit. The aim of SegWit is to free up the block space by conducting speedier off-chain transactions. By incorporating SegWit, Litecoin can use the Lightning Network, which enables the participants to conduct transactions at virtually no cost. The Lightning Network is rapidly proving to be an effective solution to scalability issues of cryptocurrencies.

Litecoin has already been accepted by many countries like South Korea, Japan and Switzerland. Since the beginning of 2017, Litecoin has risen roughly 7,300% compared to bitcoin’s 1,700%.

Exchanges that Favour Litecoin

When it comes to cryptocurrency trading, the currency pairs favored worldwide are LTC/USD, LTC/BTC, LTC/USDT, LTC/EUR and LTC/KRW. Given below is a list of cryptocurrency exchanges that support Litecoin. The volume given below is dated 29th December 2017.

Litecoin graphCurrency Pairs

Litecoin graph

Volume of Litecoin trading

  • GDAX: The volume for the pair LTC/USD is currently at 650746.783 LTC on the Global Digital Asset Exchange or GDAX, which is owned by the San Francisco-based Coinbase. The exchange offers four digital currencies for trading: bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and bitcoin cash (BCH).
  • Bitfinex: The volume for the pair LTC/USD is currently at 248736.848 LTC on Bitfinex. The cryptocurrency exchange is operated by iFinex. Bitfinex offers leverage up to 3.3x and supports a horde of cryptocurrencies, Litecoin being one of them.
  • Binance: The volume for the pair LTC/BTC is currently at 213338.740 LTC on Binance. This cryptocurrency exchange platform is prevalent among Chinese and English participants. It is easy to open an account on Binance and trade with the help of this user-friendly platform.
  • Bittrex: The volume for the pair LTC/BTC is currently at 111330.484 LTC on Bittrex. Based and regulated in the USA, Bittrex offers more than 190 cryptocurrencies available.
  • Bitstamp: The volume for the pair LTC/USD is currently at 70363.757 LTC on Bitstamp. Despite some attacks, Bitstamp has continued to stand strong. It has experienced considerably high volumes of cryptocurrency trades throughout the year. It is regulated by CSSF (Commission de Surveillance du Secteur Financier).
  • Bithumb: The volume for the pair LTC/KRW is currently at 133825.700 LTC on Bithumb. The exchange platform is based in South Korea. Besides being a leading exchange for trading bitcoin, Bithumb supports Litecoin and Zcash.

Other cryptocurrency exchanges that support Litecoin are Coinone, Kraken and Livecoin.

 

The Future

Charlie Lee had announced on Reddit (20th December 2017) that he had sold and donated his entire LTC balance. The founder of Litecoin does not have any LTC in his pocket! This has had a huge impact on the crypto community. But his announcement does not mean that he has cut off all ties with his brainchild. Charlie Lee said, “I will still spend all my time working on Litecoin. When Litecoin succeeds, I will still be rewarded in lots of different ways, just not directly via ownership of coins. I now believe this is the best way for me to continue to oversee Litecoin’s growth.”

User response litecoin

Users’ Response to ccn.com

We have already seen in this article that Litecoin has some notable advantages over bitcoin due to the incorporation of SegWit. Crypto connoisseurs say that a person should reap the benefits of Litecoin being undervalued, compared to bitcoin. One of the advantages is that Litecoin has a cap of 84 million. The price of Litecoin at present is $240.75 USD (as of 29th December 2017). The market value of the crypto-coin has grown significantly since its inception. This is another reason to trade with Litecoins and to transact using this cryptocurrency. The upside is that the financial media is gradually focusing on other cryptocurrencies like Litecoin, Cardano, Monero, and Ripple. This gives Litecoin the potential to outperform the first crypto coin.

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 9 rated postsHira Saeed is a tech geek girl with a passion to write on latest technology trends. She is the Founder of Tech Geeks community in Pakistan and also runs her copywriting and social media agency, Digital Doers. Follow her on @heerasaeed.




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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 33 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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Altcoins

Stellar Price Analysis: XLM/USD Has the Potential for a Short-term Rally, Though Bearish Set-up Eyed

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  • Stellar’s XLM potentially has further room for upside, within the short-term view.
  • Danger still looms for XLM/USD, as the daily chart suggests of a bearish technical pattern set up.

Steller’s native token XLM, has failed to commit to any sustained trend. This has been the case since the start of July. Bull rallies that have been witnessed were quickly sold by the market bears. This led the market to trade within a generally long running form of consolidation. Price action is narrowing, given the unsustainable short-term trend runs that have been witnessed. It comes as somewhat of a surprise, as the Stellar foundation have certainly been busy.

Stellar Developments

It was reported recently, blockchain security company BitGo, announced their support of Stellar Lumens (XLM). Being added to the BitGo’s list, Stellar now receives custody solutions. Their users will be able to generate wallets for Stellar Lumens. This is said to be starting at some point within the next couple of weeks. Elsewhere, as previously reported, the Stellar foundation at the start of this month released their heavily anticipated decentralized exchange, StellarX.

4-hour Chart Technical Review

XLM/USD 4-hour chart

Looking via the 4-hour chart, price action has formed a bullish pennant pattern. This comes after the surge higher between September 20-23. XLM/USD has since entered consolidation mode, trading within a range-bound nature. The price is coming very much towards the end of this technical pattern seen, raising the case for an imminent breakout. Near-term support can be observed around $0.2350 area. This is the lower tracking trend line of the mentioned pennant. A failure of the support could very likely see a fast fall to $0.2050. XLM/USD was last trading in this territory between September 12 – 20. The mentioned period was during a time of consolidation, prior to the mentioned breakout higher.

Resistance is seen just ahead of the current price. The above descending trend line of the pennant pattern is tracking around $0.2460-70. Enough bullish momentum to see the breach would likely force the price running to $0.2650. This is seen as an area of resistance on the 4-hour chart view. Looking further to the north, eyes would be on the supply heading into the $0.3000 mark.

Daily Chart Technical Review

XLM/USD daily chart

Taking into consideration the 4-hour chart view, there is still room for another squeeze higher. Despite this, danger appears to still be looming for XLM/USD. Risks on the daily chart point to the downside. The view of this is that a longer-term bearish pennant pattern is containing the price. XLM/USD support on the daily chart can be seen just sub of $0.2000. A long-running supporting trend line can be seen. The price having required assistance on June 29 and several occasions from September 8 – 12. To the upside, resistance can be seen around $0.2900. XLM/USD was rejected already on a few prior occasions, by the above descending trend line. July 25-2 and then most recently September 23, all saw respective bull runs halted.

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 33 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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Altcoins

IOTA Price Analysis: Current Behavior Raises Concerns of Another Drop in the Price

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  • Current technical indications still point to downside risks for IOTA’s MOITA price.
  • Near-term chart view sees a rising wedge pattern. The daily chart observes a bearish pennant formation.

The IOTA price remains at risk for now of a breakout to the downside. It appears more likely that downside pressure will be seen, in comparison to any upside surprises. Despite this, IOTA’s native token has made solid recovery in just over a week of trading. Since 25th September, it has gained 8%. Trending higher has been observed from a low of around $0.5200, up to current levels around $0.5600.

IOTA Developments

Most recently, Bitpanda announced they now offer deposit and withdrawal services for IOTA. Bitpanda is fintech company based in Vienna, Austria. They specialize in selling and buying Bitcoin and other cryptocurrencies. Becoming Europe’s leading retail broker for Bitcoin, Ethereum, Litecoin and more, boasting a user base of over 900,000 users. “We are very pleased to announce not only withdrawal and deposit functionalities for IOTA on Bitpanda, but also that Bitpanda now officially supports the latest IOTA tech — IOTA Hub,” as stated in their most recent blog post.

This move goes to show the growing presence IOTA is having across the market. The market acknowledgement of the foundation’s technology. IOTA’s MOITA is currently the 11th largest cryptocurrency by market cap, which is seen at $1.5 billion.

Elsewhere, as covered previously, the foundation is very close to revolutionizing the car insurance industry. They presented a new project in which they have been working on at bIOTAsphere. This was a proof of concept technology, known as Tangle. Full details mentioned in the previous article.

Near-term Technical Review 

IOT/USD 60-minute chart

Looking via the 60-minute chart, current price action has formed a rising wedge pattern. This price behavior makes it susceptible to a breakout to the downside. Should the bears manage to breach the lower support, sellers could pile in. To the downside, support in this view can be seen tracking around $0.5650. Further to the downside, 60-minute support should come into play around $0.5420.

Daily Chart Technical Review

IOT/USD daily chart

For over a month now, price action, as clearly seen on the daily chart view, has been firmly within consolidation mode. The range is getting tighter, building up the likelihood of an imminent breakout. Resistance is sitting just ahead around $0.5850, very close to current levels. Support eyed at $0.5430, a breakout could see the price tumbling. A potential downside target would likely be around the $0.4000 territory, testing 14th August low.

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 33 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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