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Analysis

Litecoin [LTC] bought at $100k on Binance when coin was trading at $90

Priya

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Litecoin [LTC] bought at $100k on Binance when coin was trading at $90
Source: Unsplash

Litecoin [LTC], popularly known as the silver coin of cryptoverse, rose in the market along with Bitcoin [BTC]. Amid the rise of the market, the fifth largest cryptocurrency stole the spotlight as someone made a buy order at around $100k on Binance, one of the largest exchanges in terms of trade volume. The order was executed at around 08:15 UTC on 14th May 2019, with the coin being pegged against PAX, a stablecoin.

According to the data present on Trading View, the coin’s opening price during that particular timeframe was $90.48 and the closing price was $90.04, indicating that this price shift lasted for a brief moment.

Source: Trading View

Source: Trading View

The Great Batsby said on Twitter,

“Someone just paid $100,000 for LTC, seriously, $100k….yes….what the fuck….someone is having a bad night.”

Joshua Davis, a Twitter user said,

“Fat fingers and thin order books cause cascading fills. These exchanges don’t have safeguards against user errors and enable SFYL”

Bitsplainer, another Twitter user said,

“Ha well the person on the other side of that trade is probably feeling pretty pleased”

This was not the first time that a cryptocurrency was sold/ bought a price that was more/less than the actual price. This trading error was witnessed in both Bitcoin [BTC] and Ethereum [ETH]. Notably, this was the second time for this to occur for Litecoin/ PAX. Earlier this month, Litecoin’s price against the stablecoin peaked around $106, when the coin’s aggregated market value was around $70.



In December 2018, when the entire cryptocurrency market was taking a deep dive into the bear’s realm, Ethereum price plunged on Coinbase Pro for a brief moment as someone sold their holding for $13 on Coinbase Pro, when the coin’s aggregated value was around $100.

According to CoinMarketCap, at press time, Litecoin was trading at $88.69 with a market cap of around $5 billion. The coin’s trading volume was recorded to be over $4 billion and the coin has dropped by 2 percent in the last 24-hours.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

Analysis

Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin to recover from fall, LTC could follow suit

Rishi Raj

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Bitcoin[BTC] and Litecoin[LTC] Price Analysis: King coin recovers from the fall, LTC follows the suit
Source: Pixabay

Following a massive sell order on BitStamp exchange on 16 May 2019, Bitcoin saw a drastic fall to a low of $6,192. The king coin regained its momentum from the fall and was priced at $7,419, with a market cap of $131 billion. The 24-hour trade volume came up to $27 billion, out of which BitMex contributed 12.70% via the XBT/USD pair.

Litecoin, the silver to Bitcoin’s gold, was priced at $88.72 with a market cap of $5.48 billion. The 24-hour trade volume came up to  $4.8 billion, out of which, Coineal contributed 10.56% via LTC/BTC pair.

1-Day BTC

Source: TradingView

The one-day chart of BTC showed an uptrend from $4272.43 to $8107.83. The support points were seen at $3,159.65 and 5,004.95 and resistance was at $8206.27

The Relative Strength Index showed a bullish trend as it was exhibiting tremendous buying pressure.

The Chaikin Money Flow displayed the massive inflow of capital into the market.

The MACD indicator showed a bullish crossover.

1-Day LTC

Source: TradingView

The one-day chart of LTC showed an uptrend from $42.27 to $92.92. The support points were at $22.67 and $29.94 and the resistance points were at $102.15 and $92.39.

The Parabolic SAR showed a bullish trend as the dotted markers were under the candles.

The MACD indicator showed a bullish crossover.

The Chaikin Money Flow was seen to be at zero, indicating an equilibrium between money inflow and outflow.



Conclusion

The one-day chart of BTC showed a bullish trend as indicated by the aforementioned indicators. The same can be said about LTC.





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