Litecoin and Ethereum are higher in the last 24 hours, increasing hopes for a low. The Circle trading function could increase cryptocurrencies.
The price of Litecoin has risen by 11% before Friday morning and this is a positive sign pending the monthly closing of September. Litecoin rebounded to $ 50.00 in mid-August and again in mid-September, giving hope for a double fund in the seventh coin by market capitalization. Litecoin now trades around $ 64.00 and a bit of resistance at $ 66.00 and the $ 85-90.00 levels would be an obstacle on the way to seeing $ 100.00 once again in the LTC.
One of the reasons for the move in LTC could be the comment of the founder Charlie Lee regarding the recent fear of Bitcoin insects. Lee claimed that most of the hashrate had already been updated and the nodes were not required to upgrade to the next version. The Bitcoin community was shocked to find that a vulnerability had been detected in the code, which had existed for two years and could have led to network attacks.
At the time of writing, nine of the top ten coins by market capitalization were traded in green and could be a sign that Bitcoin is among the poorest with a 4% gain, while Ethereum has increased by 7% and Cardano is almost in 10%. The news of the bug can affect the appetite for Bitcoin and influence its impenetrable status of digital gold. At worst, it could see it underperform as investors spend their money on coins that have been knocked down since July and Ethereum was one of those.
Another reason why the market is green could be the news that Coinbase has changed its currency quotation policy. Where Coinbase previously chose the coins to list, they now accept the questions from the founding parties. Coinbase's move is probably driven by the competition that is forming in the trade business and this seems like a "fit or die" decision. Cardano is a coin that Coinbase has already noted and this could explain the strong move this morning.
One of the exchanges that is moving on the market is Poloniex, which was purchased at the beginning of the year by Circle. Circle is a fintech startup supported by Goldman Sachs and is moving aggressively in cryptocurrencies. Circle offers a wide selection of coins and one of the most interesting concepts is the "buy the market" feature. Buy the market is a means to buy a basket of cryptocurrencies with a click. The weighting of the basket is determined by the market capitalization of each currency and this type of product highlights the growing range of products that is forming in the sector that will also make it easier for retail investors to be involved, similar to the market. purchase of a stock market tracker. If the legislation appears soon in cryptocurrency, this development could be enormous as portfolio managers could then allocate assets to this type of tracker without taking responsibility for the currency withdrawal.
The last Ethereum rally gave the currency a little breath out of the $ 200 level and this is significant pending the end of September. $ 200 could be a mid-term low for ETH. The goal for the next week's hike would be $ 250.
Fundstrat's Tom Lee said he expects a "strong rally" in ETH that could see $ 1,900 by the end of 2019. Lee was previously an important Bitcoin bull on the major financial news channels.
The rally in Cardano has the ninth largest coin exchange at $ 0.088 and the move forward will be targeted at $ 0.10 before $ 0.15. Cardano currently has a market capitalization of $ 2.28 billion, but is net of Litecoin's $ 3.75 billion in seventh place and Cardano has a significantly larger amount of coins with 25 billion coins in circulation compared to 58 million of Litecoin.
Quantum trading at $ 3.89 and is looking to take a step toward the resistance level at $ 5.00. If QTUM can hold over that level, a rally at successive key levels should reach the $ 9-10 limit.
The Kraken exchange has announced that it will list both Cardano and QTUM starting today, September 28th and this could bring some added volume to both currencies. QTUM is also listed on the Circle platform that was discussed earlier in this article.
Disclaimer: the information contained in this document is provided without considering personal circumstances, therefore it should not be interpreted as financial advice, investment or offer recommendation or solicitation for cryptocurrency transactions.