Litecoin reached its maximum values on 4 Septemberth, when an LTC could have been purchased for $ 68.34. From there it fell pretty sharply towards the monthly lows of $ 47.67 before recording a slight recovery trend that saw the currency peak at $ 62.77 out of 23rd. It has been a fairly constant run for the currency since it has never gone above $ 5 over $ 60. Interestingly, currency trading volumes have increased recently, reaching a peak of $ 714,985,892 September 28thth before correcting to low $ 500 million levels.
A single Litecoin can now be purchased for $ 58.99 USD (2.33% increase over the last 24 hours) / 0.00894457 BTC (0.29% increase over the last 24 hours). This value is less than 84.45% compared to the historical maximum of 379.60 dollars. Litecoin is fairly well traded at the moment with a daily trading volume of 63,220 BTC, most of which comes from ZB.COM (19%) DOBI trade (18%) and Bibox (12%). With a market capitalization of $ 3,455,031,711, Litecoin is 7th most valuable cryptocurrency on the market.
We looked at what easyMarkets he had to say about the current technical aspects of Litecoin:
"LTCUSD is approaching our first support at 56.70 (low horizontal oscillating support, upward channel support, Fibonacci retracement 78.6%, Fibonacci extension 100%) and a strong rebound could occur above this level pushing the price up to our greater resistance to 67.37 (100% Fibonacci Extension).
Stochastic (89.5,3) is getting closer to support and we could see a corresponding rebound in the price if it were to react to this level. "
The complete technical analysis can be found here.
Litecoin has recently released a 0.16.3 update to the Litecoin Core software and, as it turns out, is quite important. The update fixes a bug that v0.16.2 tried to resolve earlier and the node operators were asked to switch to the latest version as soon as possible. The error, if exploited, could allow a miner to inflate the Bitcoin supply as it would be able to execute double expense attacks on the network. Currently the shutdown nodes should not be immediately updated, but only before a future launch. The project made a point to convince the node operators who stored the funds they have never been at risk but there seems to be a tiny risk of a chain event occurring. Further details are available in the official Reddit thread announcement.
Meanwhile, Litecec futecs seem to come to trade near you. TD Ameritrade, the first brokerage company to launch online trading for traditional resources, has recently announced its intention to enter the world of cryptocurrency trading by investing in ErisX, a new regulated cryptocurrency exchange for spot trades and open futures by Eris Exchange, based in the Chicago derivatives market. Apparently, ErisX will be a market in which investors will be able to trade Bitcoin, Ethereum, Bitcoin Cash and Litecoin, and futures contracts should be an important part of that volume of trade.
You know what Litecoin Cash is all up?
Recently Charlie Lee, the creator of the cryptocurrency and a man who sold his entire Litecoin stack just before the market entered its annual downtrend, faced what he believed to be FUD written in an article published by Multicoin Capital. While the community itself believed that the main purpose of the article was to determine the price of a coin that MC had developed at that time, Charlie Lee deepened and addressed the points presented in the article.
1 / Recently, there has been a concerted effort to suppress Litecoin's price from people / funds that are surrendering to LTC and from groups that see Litecoin as a threat. I will clarify this FUD and show why Litecoin has enormous value.
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 September 2018
In a long thread on Twitter that we posted above, Lee has dispelled the voices of Litecoin losing its advantage and its differentiation, lack of mining incentives, lack of acceptance by traders, lack of volume, etc. Just a couple of days before we wrote this article, said Lee who successfully purchased an Amazon gift card using Litecoin through the Bitrefill platform. The announcement was welcomed with adoration by the community as it shows the usability of the real world of Litecoin.
I just bought an Amazon gift card using LN on Litecoin. The payment went immediately and I immediately received the gift card. Good work on the excellent user experience @bitrefill! 👏 #PayWithLitecoin #PayWithLightninghttps://t.co/dJYLksVVCD
– Charlie Lee [LTC⚡] (@SatoshiLite) 3 October 2018
Finally, an interesting discussion was developed in another Reddit thread in which the user T0pher 90 revealed two bullish rumors / conspiracy theories on Litecoin. The first indiscretion implies that this last bear market is a complete invention designed to intentionally restructure the market, shake up competition and suck the fiat of the coins and turn them into "quality". Apparently Litecoin was chosen as one of the projects that will survive.
The second indiscretion goes even deeper, arguing that Litecoin will be the de facto exchange medium for the entire planet, allowing instant transactions with Bitcoin as a settlement layer. Only time will tell if there is any truth about these rumors and if Litecoin has what it takes to become the cryptocurrency of the future.
However, the prospects for Litecoin do not seem too bright. At this time, its main role seems to be a bitcoin testnet and an expensive one for that matter. Whatever LTC does, BTC does it and there seems to be little added value from LTC to the encrypted market in general.
The writers and authors of CapitanAltcoin may or may not have a personal interest in any of the projects and activities mentioned. None of the contents on CaptainAltcoin is an investment advice, nor does it replace the advice of a certified financial planner.