Most of the top cryptocurrencies by market capitalization have been able to outperform Litecoin since March’s Black Thursday.
Since then, Bitcoin and Ethereum are up by more than 130%. Even XRP has been able to recover most of the losses incurred during the marketwide meltdown as it rose by nearly 88%. Meanwhile, the seventh-largest crypto is up only 84%.
Such an upward advance is quite significant, but when compared to the rest of the market, it seems minuscule. Regardless, on-chain metrics reveal that Litecoin could be preparing for liftoff.
Litecoin’s Social Engagement Metrics Explode
Data from Santiment reveals that since mid-April, Litecoin’s social activity has been experiencing a series of spikes reaching levels not seen since the beginning fo the year.
Throughout the first quarter of 2020, the number of LTC mentions across 1,000 crypto social media channels hovered at an average value of 70. But as Q2 kicked off, Litecoin’s social volume exploded, reaching a score of 722 in late April.
Historically, this altcoin tends to enter an uptrend when social engagement metrics climb up, which could be what is currently happening.
Litecoin’s Social Volume. (Source: Santiment)
In addition to the social volume, the token age consume chart adds credence to the optimistic outlook. This fundamental indicator shows the ratio between the number of coins changing addresses at a given date and the time since they were last moved, according to Santiment.
While the movement of old coins does not necessarily mean that LTC’s price will go up, a correlation between the two has been developing over the past three months.
When the price of Litecoin dropped by a whopping 50% between March 12 and 13, for instance, more than 200 million idled LTC tokens were moved to different addresses. Subsequently, this cryptocurrency surged over 76%.
A similar event took place on Apr. 16. Following a 20% retracement, an important number of old tokens changed hands, leading to a 17% upswing.
Now that nearly 107 million idled LTC token were moved to different addresses on May 18, history could be about to repeat itself.
Litecoin’s Token Age Consumed. (Source: Santiment)
Strong Resistance Ahead of Litecoin
IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model reveals that Litecoin could find strong resistance ahead if the bulls were to step in. Approximately 75,000 addresses bought more than 1.24 million LTC between $47 and $48.4. Such a massive supply wall could put a stop to the bullish momentum.
But breaking through it could propel Litecoin towards $70. The IOMAP shows that there is not any significant barrier between these price points.
In/Out of the Money Around Price. (Source: IntoTheBlock)
Due to the unpredictability of the cryptocurrency market, it is always essential to take into consideration the other side of the coin. If the selling pressure behind Litecoin starts to pick up, one must pay close attention to the $43 support level since moving past it may push this altcoin down to $39.
Featured Image from Shutterstock origin »
As a result of the crypto market having grown at a staggering pace over the course of the last year or so, many individuals have been able to rake in handsome profits thanks to their digital currency investments.
Curv, a New-York-based startup, announced it was able to raise $6. 5 million to develop a platform that will tackle the problem of custody in crypto, as noted by Fortune on February 26, 2019. The company was able to gather the investment from Israeli cybersecurity group Team8 and crypto giant Digital Currency Group (DCG), to buildRead MoreRead More.
Caspian, which has been established as a full stack in crypto asset management platform that has been able to tie together one of the largest crypto exchange’s in just a single interface, has gone ahead to announce that the AK Jensen Group has selected them. They have been selected to ensure they are able to […]
Korean electronics manufacturer Samsung has appeared to expand its faith in cryptocurrency by adding wallet and storage features for its upcoming Galaxy S10 smartphone. Ex-Central Banker: Manufacturers Risk ‘Falling Behind’ Leaks of renders of the S10 circulating on social media this week show shots of the new feature, which Samsung has called ‘KeyStore.
If there is only a single aspect that crypto companies need to focus on during 2019 to be able to achieve better results is security. At least that’s our take after seeing what Hartej Sawhney has to say.
In a major move, Seed CX has announced on January 23, 2019, that it now offers bitcoin spot trading market. This spot trading option is open to their major investors and they will be able to trade through web API, a graphical user interface or the financial information exchange (FIX) protocol. Seed CX was founded […]
According to Elections Canada, the agency that runs federal elections in Canada, there has been “a growing interest” in cryptocurrency donations. This trend has prompted some political parties to ask for a ruling on how best to manage bitcoin and other cryptocurrency political donations and how to navigate the various reporting systems required by both Elections Canada and the parties so that they comply with the Canada Elections Act.
The past several days have been particularly volatile for the cryptocurrency markets, with Bitcoin (BTC) surging to highs of nearly $3,750 on Saturday before fully retracing to lows of $3,550. Despite this volatility, Bitcoin has been able to hold $3,550 as a level of support and has led the entire crypto markets to rise slightly.
Every blockchain technology and cryptocurrency enthusiast is awaiting the day they will be able to buy coffee, bread, toothpaste and other day-to-day essentials using cryptocurrencies. Furthermore, these investors look forward to online payment systems such as Amazon adopting Bitcoin as payment options.
Only the fittest will survive, or so the saying goes. This mantra does not only apply to the animal kingdom, it works in the business world also and surviving is what a lot of crypto exchanges and companies are struggling to do as the bear market enters its second year.
The crypto market this week was in a swing movement after a whole weekend of being in red, most of the cryptos were able to pick up. On Monday 14th, about 79 of the top 100 increased in value including BTC, BCH, ETH, TRX, USDT, and XRP.
The crypto markets are in the process of wrapping up a volatile week on a positive note, as virtually all major altcoins have surged today after Bitcoin jumped nearly 3% into the mid-$3,700 price region.
This is the fourth instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier on Day 1 , on Day 2 and on Day 3.
Owing to the ongoing US govt. shutdown, the nation’s SEC has not been able to carry out its operations as usual. In relation to the matter, Jake Chervinsky who works as a lawyer for Kobre and Kim tweeted out the following message just a few hours back: Due to the shutdown, the SEC issued an […]
Huobi is back in Japan, this time as a fully regulated exchange under Japan's Financial Services Agency (FSA). Following its merger with BitTrade, Huobi Japan Holding Ltd.
CoinSpeaker
Researches from MIT, Stanford Set to Replace Bitcoin with Their Groundbreaking Crypto Project
The so-called Unit-e, developed by the researchers, is cryptocurrency able to process 10,000 transactions per second.
This is the third instalment of reporter Colin Harper's "Living on Bitcoin" experience in San Francisco. Find out what happened to him earlier on Day 1 and on Day 2.
Blockchain payment platform BitPay has announced that 2018 has been their most profitable year, having “processed over a $1 Billion again in payments and set a new record for transaction fee revenue.
Animoca Brands And The WAX Platform Have Collaborated To Accelerate Collectible Crypto Trading And Virtual Items On The Blockchain The Animoca Brands is one of the leading developers of the gamification, artificial intelligence and blockchain technology.
Thailand is making a considerable effort to become a crypto friendly country. In fact, the country has been able to become one of the most friendly nations to crypto in its region lately due to its legislation.
Cryptocurrency payroll service Bitwage has partnered with Texas-based payroll and Human Relations firm Simply Efficient HR to help companies fund W2 Employees and payroll tax payments using crypto.
The FXCM Group, which is a global FX brokerage has gone ahead to expand its range of the crypto instruments that they have, and now it will be able to offer its users the CFDs on the second most popular coin that is available in the market, the Ethereum, this is all for its trading […]
Just two months after the recent launch of the NEXUS platform, which is a liquidity provider has already been able to attract partners in such a short time. On Monday the firm went ahead to announce that they will be working together with a trading technology company that has been referred to as the TradAir. […]
As the Ethereum community prepares for a network-wide upgrade tomorrow night, not everyone is celebrating. Charles Hoskinson, CEO of IOHK and the public face of the Cardano community, seems to have taken the fork as an opportunity to flaunt something the larger dApp platform has not yet been able to achieve: a workable implementation of proof-of-stake […]
The post Upgrade Shade: Cardano Founder Appears To Taunt Ethereum appeared first on Crypto Briefing.
The cryptocurrency company TrustToken has launched a new technology called AutoSweep that would improve the efficiency of smaller exchanges using the TrueUSD stablecoin. The technology has been integrated into a TrueUSD smart contract that would allow platforms to easily manage crypto wallets.
The crypto market has been experiencing drag in the movement of price under a bearish condition. While some cryptos are weighed down by the present condition, some have been able to break out. Some cryptos are still struggling to break out, but Tron TRX seems to have gathered enough strength to break off the bearish […]
The post Tron (TRX) Bullishly Exploding, Soaring Higher Than Other Cryptos appeared first on ZyCrypto.
According to some news that reached different crypto news sites, the DX. Exchange experienced serious security weaknesses that could have affected users’ funds. The DX. Exchange was launched just a few days ago.
Technology lawyer Addison Cameron-Huff launched his new, Toronto-based, all-crypto legal firm on January 3, 2019, Bitcoin’s 10th anniversary, as a statement of his commitment to working for and promoting Bitcoin and cryptocurrency-based businesses.
The recent 51% hack suffered by Ethereum classic known as the brother of ethereum the second rated Cryptocurrency on the 5th of January has thrown the crypto market into speculation of more 51% attack taking place.
When looking at monthly market performance, 2018 was the bloodiest year in the history of the cryptocurrency markets. Of the seven largest cryptocurrencies by market cap, only three were able to produce more than two green monthly candles during 2018.
Decentralized exchange Bisq has upgraded its software with an entirely new User Interface (UI) design and the launch of the Bisq Decentralized Autonomous Organization (DAO) on testnet.
The cryptocurrency markets have been able to maintain their upwards momentum and Bitcoin has now broken above its resistance level that was previously set around $3,900. Bitcoin’s upwards move has sent the overall markets surging.
Investors seem to be very optimistic about virtual currencies after Fortnite started to accept Monero (XMR) on its merch store. Monero is one of the so-called privacy coins that allow users to preserve their data and private information.
At the end of 2017 and the beginning of 2018, several Initial Coin Offerings (ICOs) have been launched to the market. However, not all of them were able to survive. After a whole year in which digital asses fell more than 80% and some of them even disappeared, ICOs have retreated. According to data provided […]
Bitcoin experienced a very negative year in 2018. After reaching $20,000 at the end of 2017, the virtual currency was not able to sustain its value. Indeed, it dropped down to $3,200 just a month ago.
One of the biggest criticisms of crypto-based businesses has been weak AML procedures. Ironically, the ones who raise these concerns, large financial organizations are the ones who have been lax in doing the same.
XRP /USD Price Long-term Trend: Ranging Supply levels: $0. 56, $0. 58, $ 0. 60 Demand levels: $0. 37, $0. 35, $0. 33 The XRP/USD pair was in a sideways trend in the last ten days. The crypto’s price was fluctuating between the levels of $0.
Facebook has not yet dived into crypto officially, but you might soon be able to own Facebook stock—as a security token. The DX. Exchange, a new marketplace for digital currencies, has announced trading for tokenized securities; allowing trades of Google, Facebook and Amazon shares as easily as any ERC-20 token.
The Bitcoin price was able to gain some momentum. In the meantime, Ethereum or the Ether token overtook Ripple and its XRP token and climbed back to second place among the crypto currencies with the highest market capitalization.
As tax season is rapidly approaching, some states, like Ohio, have decided to set a new standard for the rest of the country to follow. Back in November, Ohio became the first state in the U.
In the time-honored tradition of goal setting for the new year, Bitcoin Magazine has compiled a short list of seven possible New Year’s Resolutions for Bitcoiners as we head into 2019.
Ethereum is an open-source blockchain platform which lets anyone create and deploy decentralized applications (DApps). The project was first proposed in a white paper in 2013 by a 19 years old Vitalik Buterin.
Mark Dow, a Bitcoin trader, has recently affirmed that Bitcoin could be in trouble if its prices do not go up soon again. According to him, it is critical that the token is able to escape the $5,000 to $6,000 USD range in the short-term or it may face some dire consequences if it does […]
Earlier this week, the crypto markets rose slightly and were able to regain much of their recent losses. This relatively small pump got many investors who viewed it as the “Christmas rally” excited for what was to come, although the bears pushed the markets back down on December 24th.
At a time when cryptocurrency was synonymous with blockchain technology, IOTA proposed a modification. IOTA, as its name would suggest, aspired to be a cryptocurrency for the future of Internet of Things (IoT).
A new cryptocurrency portfolio tracker app called Spot has just launched. The well-designed app displays your cryptocurrency holdings in a colorful and clear way – and in the future, you’ll be able to manage your crypto holdings directly from the app.
IOTA/USD Medium-term Trend: Bullish Resistance levels: $0. 45, $0. 50, $0. 55 Support levels: $0. 30, 0. 25, $0. 20 IOTA has been able to make a significant push northwards against the US dollar out of $0.
Litecoin (LTC) could be heading the bearish route. According to CoinMarketCap, LTC has nosedived by 0. 52% or trading at $56. 50 as of press time. Litecoin going the bearish track LTC down by 0. 52%, trading at $56.
After a multi-year bear market, Litecoin (LTC) has finally begun to move higher over recent days. The asset has gained around 20% since the lows of last week at approximately $55. While there are many arguing that LTC has momentum, one analyst says that Litecoin is one of the “better bearish plays” in the crypto […]
Against Bitcoin, Litecoin has not performed well since the highs of 2017 and 2018. As of this article’s writing, the price of LTC in Bitcoin terms is 0. 0053 BTC — again, far from all-time highs.
Litecoin (LTC) has surged 42 percent in a three-week winning streak. But the rally showed signs of exhaustion upon testing a “huge falling resistance” for a breakout. LTC printed a so-called “bearish engulfing candle,” which, according to financial analyst Vince Prince, spells downside risks for the cryptocurrency.
2020 has been a particularly rough year for Litecoin, with the crypto closely tracking Bitcoin’s price action and trading right around where it started the year at. Although LTC has been able to avoid declining over a year-to-date period, it has severely underperformed Bitcoin in the time following its capitulatory decline from its mid-February highs....
While Litecoin started 2019 with a massive rally leading up to the asset’s hard-coded halving, the fifth-largest cryptocurrency by market cap later retraced almost the entire rally. It also led the way for a massive altcoin run, just before Bitcoin began to skyrocket and caused the alt market to correct.
