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Litecoin Price Spikes 357% in 2019 and Momentum Isn’t Dead Yet

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By CCN Markets: Year-to-date, litecoin price has increased by 357 percent against the U.S. dollar, outperforming every top ten crypto asset in the global market including bitcoin, Ethereum, and EOS.

Litecoin

The litecoin price has increased by another eight percent in the past 24 hours (coinmarketcap.com)

The consistent increase in the value of the crypto asset is said to have been triggered by the anticipation of its block reward halving that is expected to occur in about two months.

Crypto assets based on proof-of-work (PoW) blockchain networks that involve mining in the likes of bitcoin and litecoin go through a mechanism called halving every four years, an event that reduces the rate of the production of the assets by miners.

Can halving continue to maintain the momentum of litecoin?

Litecoin is the only major crypto asset to match the performance of bitcoin since the 2017 bull market.

Subsequent to achieving an all-time high at $20,000, the bitcoin price has dropped to $8,000, recording a decline of around 60 percent. Litecoin, with its recent recovery, has minimized its loss from ATH to 61 percent, closely following the performance of bitcoin.

Other major crypto assets such as Ethereum, XRP, Bitcoin Cash, and EOS are down 72 to 88 percent against the U.S. dollar from their record highs, falling behind bitcoin and litecoin in terms of performance since all-time high.

Although fears of a correction have intensified in recent weeks following the showing of an extended period of stability by bitcoin and the large gain recorded by litecoin in the past several months, traders remain optimistic about the block reward halving.

Sasha Fleyshman, a trader at Arca, stated that investors should not underestimate the power of a block reward halving as a fundamental factor of a crypto asset’s long term trend.

“Never underestimate the power of a block halving. It is the most fundamentally sound event in Crypto history. See: 2012/2016 for BTC, and 2015/2019 for LTC,” he said.

Spencer Noon, an investor at DTCC Capital, cited the strong hash rate of the Litecoin blockchain network and extended periods of solid performance as catalysts of the asset’s momentum.

“Investors commonly deride LTC as being utterly worthless, but however you feel about its fundamental value, its track record as an altcoin is kinda unassailable: 1. Hash rate ATHs 2. 3rd hardest PoW coin to 51% attack 3. Many periods of strong performance. It refuses to die,” said Noon.

In early June, as reported by Franklyn Richards, an early team member of Litecoin, the hash rate of the Litecoin blockchain network achieved a new all-time high.

With the release of more sophisticated mining equipment and halving on the horizon, Richards suggested that the hash rate of the Litecoin blockchain network is likely to increase in the near to medium term.

“With the upcoming halving, mining rewards are set to halve for the second time in Litecoin’s history from Ł25 to Ł12.5 which will have a profound impact on the mining space. Logically it should result in a halving of the hashrate along with it, however if the L5 is released it would allow the network to recover quicker due to increased efficiency and reduced overheads assuming the market price doesn’t take a sharp decline during this time,” wrote Richards.

Driven by clear factors

Litecoin is being driven by clear fundamental factors rather than technical factors. Hence, while many investors expect the asset to endure a pullback considering its recent performance, the general sentiment around the asset remains overwhelmingly positive.

Click here for a real-time Litecoin price chart.

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Tron (TRX) Price Explodes 31% in 4-Day Blitz; What’s Next?

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By CCN Markets: Tron (TRX) has entered the list of top ten cryptocurrencies after rising exponentially four days in a row.

The TRX-to-dollar exchange rate established a weekly high of $0.0407 on Sunday, its best since June 4. That took the pair’s highest month-to-date gains to 42.5 percent, including a 31 percent gain noted across the last four daily sessions. At the same time, the Tron’s market capitalization surged to as high as $2.61 billion. At its highest, it was circa $16.752 billion.

Tron (TRX) Price Up 31 Percent in Last 4 Days | Source: TradingView.com, Binance

On a 24-hour adjusted timeframe, Tron outperformed its peers, including ether, XRP, litecoin, and bitcoin cash, by rising more than 6 percent. Only bitcoin, the world’s leading cryptocurrency by market capitalization and adoption, managed to come closer to Tron with 2.36 percent gains. At the same time, the Tron-to-bitcoin exchange rate witnessed a 4 percent jump, suggesting that Tron is stronger against bitcoin on an intraday basis.

What Drove Tron Higher?

While TRX appears to be merely tailing the bitcoin price rally like any other altcoins, its surge in the last four days looks different.

The past week saw the TRX market bombarded with a string of mildly optimistic events. First, the Tron Foundation released an upgraded mainnet to introduce “a more lightweight built-in event server with added protocol data check.” Second, the Tron blockchain reported growth in its decentralized application ecosystem by posting higher daily volumes than its close competitors EOS and Ethereum. And third, a New York-based FinTech startup, dubbed as Carbon, recently launched its stablecoin atop its blockchain.

New York Startup Carbon Launches Stablecoin Atop Tron Blockchain | Source: Twitter

Also, with bitcoin lately hitting the $11,000 level and showing signs of retracements, TRX appeared like an ideal asset for intraday hedging, with its set of positive fundamentals.

Opportunities

Tron Price Trending Inside Rising Wedge | Source: TradingView.com, Binance

The TRX price is currently trending higher inside a Rising Wedge, confirmed by at least five reaction highs as resistance and eight similar lows as support. It is likely for the price to extend its upside towards the Wedge Resistance and — then — to pull back towards the Support, thereby creating adequate long/short opportunities in the near-term.

As of now, the Tron rate is testing $0.0414 as an interim resistance level, while eyeing $0.0443 as its upside target. Conversely, a pullback from $0.0414 or below creates a decent short opportunity towards the Wedge Support in red. A breakdown below support, at the same time, brings $0.0268-0.0294 range in view as a downside target area.

Click here for a real-time Tron (TRX) price chart.

This post was last modified on (Eastern Time): 24/06/2019 07:15

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Maker (MKR) Standing Above $600.00 Withstanding Sellers

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Implemented on the second largest blockchain Ethereum (ETH) network while depended on the concept of smart contracts, Maker [native token MKR] is a case when the much criticized crypo-volatility is overcome to an extend being backed by Ether.

Despite that Tether is one of the most popular stablecoins, much doubt surrounds the coin. Lack of decentralization and transparency, emerged proof that it is backed by the dollar and the rumours that it was used to move Bitcoin’s BTC price for one’s [group] benefit could possibly make it unworthy of its fame.

On the other hand, with the use of its MKR token, the Maker balances its DAI [stablecoin planned along fractional reserve banking ideals] which is linked close to the aforementioned tokens. The dual token concept is based on the idea that MKR can not be mined but is created or the contrary as a reply to DAI price movement so it is floating approximately $1.00 against the US Dollar.

Against the US Dollar – MKR is standing strongly having one of the most positive second-month of 2019 performances out of the leading cryptocoins in the market. Going by market capitalization the 16th largest cryptocurrency – is in the green at 4.79% for the last 24-hours leading the BTC market for 4.11% making sure to position itself far upward the declining trend that has been taking place since Jan 2018.

MKR

Source: coinmarketcap

Just recently – MakerDAO decided to raise the stability fee from 0.5 to 1 with the target to decline and easier-flow fluctuations in DAI’s price peg of the US Dollar. Many appreciated and welcomed the plan set in motion as an advancement towards better economic assurances and stability by the team. Additionally, the automated ETH exchange protocol – Uniswap, took over Ethfinex exchange platform as in the first place by trading MKR against ETH.

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Original #DeleteFacebook Organizer Backs Crypto Libra in Plot Twist

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By CCN Markets: The original organizer of the #DeleteFacebook movement Jaron Lanier has offered the social media giant rare praise with regards to its cryptocurrency effort, Libra.

Speaking to CNBC the author of Ten Arguments for Deleting your Social Media Accounts Right Now said that Libra ‘could turn out to be a good thing’.

Why libra might be a good thing

According to the virtual reality pioneer and Microsoft scientist, this is because Libra will require a new business model. Instead of catering to advertisers, Facebook will treat Libra users as the ‘party they have to please’:

You know it could turn out to be a good thing. ‘Cause it’s the first time Facebook has said that ‘hey you know what we want to do in the future is make money by offering goods and services to our users instead of the third parties’. ‘Cause that’s always been the problem with Facebook…

Ever the social media cynic (Lanier is not on any social media platform), the VR pioneer also expressed apprehension. Stating that Facebook’s crypto efforts could go ‘terribly terribly badly’, Lanier warned that the currencies of developing countries were endangered.

Poor countries of the world, watch out

Per Lanier, Libra’s effect on the national currencies of economically-disadvantaged might turn out to be the same as that of Facebook on small newspapers where it destroyed their business model:

[Libra] might first expand the number of people who have financial services. It might grow economies. But it will quickly overwhelm the smaller developing economies. And this could really not end well.

The VR pioneer also expressed concerns about Facebook’s transparency with regards to its cryptocurrency. Per Lanier, one of the things he disliked about Libra was that it isn’t being presented with ‘complete honesty’.

Lanier also joined economics professor Nouriel Roubini and Bitcoin evangelist Andreas Antonopoulos in questioning whether Libra was a real cryptocurrency. Per Lanier, Libra is lacking ‘all the special qualities of cryptocurrencies’. Facebook has said that some of these features will be rolled out in future though a specific date wasn’t given.

Can facebook be trusted to keep its promises on libra?

Indeed, Libra’s white paper admits that from the outset it will be a permissioned blockchain. However, it aims to become permissionless in future though no specific timelines were provided. Experts have speculated that Libra will probably adopt a ‘Proof of Stake’ consensus mechanism when and if that time comes.

With the admission that it aims to become permissionless in future, the question that arises is why Libra launch in that mode from the onset.

According to the white paper, this is due to technical challenges. Specifically, Facebook bemoans the fact that with permissionless networks there currently lacks a ‘proven solution’ which is capable of delivering the ‘scale, stability, and security’ required to support billions of users spread all over the world.

Time will tell whether this solution will be found or whether in future the technical challenge will conveniently serve as an excuse to keep Libra on a permissioned blockchain.

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Facebook Secretly Talking with Bitcoin Exchanges about Listing its WhatsApp Cryptocurrency

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Facebook’s blockchain team has made a significant amount of progress on its secretive cryptocurrency project since Bloomberg first reported that the company was building a dollar-pegged stablecoin. So much progress, in fact, that you may soon find the WhatsApp-focused cryptocurrency listed on a bitcoin exchange near you.

Facebook Has Already Met with Bitcoin Exchanges to Discuss its WhatsApp Token

According to The New York Times, Facebook has already quietly met with multiple bitcoin exchanges to discuss using their platforms to issue the token to consumers.

From the report, which was authored by Nathaniel Popper and Mike Isaac:

“The Facebook project is far enough along that the social networking giant has held conversations with cryptocurrency exchanges about selling the Facebook coin to consumers, said four people briefed on the negotiations.”

Confirming previous reports, Popper and Isaac cite five anonymous sources who say that the cryptocurrency will be integrated directly into WhatsApp, which had more than 1.5 billion monthly active users as of December 2017.

whatsapp monthly users

WhatsApp’s 1.5 billion active users could soon have access to Facebook’s cryptocurrency. | Source: Statista

Given that Facebook already announced plans to unite the back-end system that runs WhatsApp, Instagram, and Messenger, the cryptocurrency could soon be available to as many as 2.7 billion consumers – roughly 35 percent of the world’s population.

The cryptocurrency would be pegged to the value of the US dollar, providing users with an easy – and cheap – way to send money across international borders.

Alongside its cryptocurrency – which has not been confirmed publicly – CEO Mark Zuckerberg has said that the company might use blockchain technology to overhaul its identity and data-sharing systems.

Facebook Goes to Great Lengths to Keep Crypto Efforts Secret

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Facebook’s crypto division has already made at least one acquisition, smart contract development firm Chainspace. The Information reports that the company also met with Algorand, Keybase, and the now-shuttered stablecoin project Basis.

Including the former Chainspace employees, Facebook’s cryptocurrency division now has more than 50 dedicated engineers. The project is led by David Marcus, a former president of PayPal who more recently led the company’s Messenger team. Notably, he also sat on the board of US crypto exchange giant Coinbase before resigning around the same time he took control of the social media giant’s blockchain efforts.

Marcus and Facebook are keeping a tight lid on the operation. Per The New York Times, the crypto engineers are sequestered in an office inaccessible to other company employees.

CCN reached out to Facebook for comment and will update this article upon receiving a reply.

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Pundi X (NPXS) Has A 3 Month-long Airdrop That Starts April 1st

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Keen crypto traders and enthusiasts have been musing the market effects of a 3 month long NPXS airdrop that will be initiated by the team at  Pundi X. This airdrop is a compressed version of an earlier plan to have an NPXS airdrop every month till 2021.

Initial Airdrop Plan till 2021

The initial monthly airdrop plan started on March 20th, 2018. The airdrops would be ‘funded’ from locked NPXS that would be gradually released till 2021. From March 2018 till December 2018, 7.316% of the tokens will be unlocked each month to be airdropped to NPXS holders. In 2019, 2.11637% of the locked up tokens will be airdropped per month and 0.88187% in 2020. The last airdrop was scheduled for January 31, 2021.

The three year release program was described as follows in the NPXS whitepaper. (PXS was later swapped for NPXS)

We accept Ethereum (ETH) during the ICO and the basic exchange rate between ETH and PXS is 1 ETH = 1666.67 PXS subject to holding for Three (3) years (36 months) and fulfill the KYC requirement. However, purchaser will only receive 500 PXS (30%) at the moment, the rest of the 1166.67 PXS (70%) will be entitled only if the Purchaser holds for 3 years (36 months).
We will release the rest of the 70% of the PXS token on a monthly basis. Therefore, purchaser who does not hold PXS for 36 months shall be penalized getting lesser PXS token.

New Airdrop Plan that Will Last 3 Months 


In a move to accelerate the the 3 year program of unlocking NPXS tokens, the team at Pundi X have announced a shorter release program that will happen between April 1st and June 30th this year. The team at Pundi X explained that they had to adjust the program due to the ever changing regulatory climate surrounding digital assets.

To better comply with ever-changing regulatory requirements, our legal team has advised the company to release the remaining unlocked tokens, starting from April 1, 2019, and to complete the program early by the end of June, 2019.

Given the shortened period, we will increase the unlocked-token rate over the next three months. Please note that the total distributed amount of the tokens will remain the same as stated in the whitepaper.

The time base for calculating the remaining unlocked tokens is as follows.

  • Start: 00:00:00 GMT+8 on March 1, 2019
  • End: 23:59:59 GMT+8 on May 31, 2019
  • Unlocked token rate: 11.063%

For maximum results of the airdrop, Pundi X advises users to keep their NPXS/NPXSXEM tokens in their private wallets and not on exchanges. However, exchanges that already support the monthly program will continue doing so during the 4 month period.

Possible Effect on the Value of NPXS

Many crypto traders and enthusiasts view airdrops as events that will drive up demand for a digital asset as investors attempt to cash in on the free coins. We saw this with the first airdrop of BitTorrent (BTT) on the 11th of February. Due to the airdrop, BTT increased from $0.000743 on the day before the airdrop, to $0.001119 on the day right after. This was a 50% increment in value over 3 days.

This then sets a scenario where we might see the value of NPXS gradually increase as we approach the month of April. Further checking the crypto markets, the token is currently up 20% in the last 24 hours with one month till the airdrops begin.

What are your thoughts on the new NPXS airdrop program that will last only three months? Will it have a positive effect on the value of the token? Please let us know in the comment section below. 

[Feature image courtesy of Unsplash.com]

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.

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