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Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network

Priyamvada Singh

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Litecoin [LTC] creator Charlie Lee shows support for Bitcoin [BTC] Lightning Network
Source: Pixabay

After advocating for SegWit’s activation on Litecoin and Bitcoin, Charlie Lee took to Twitter to display his enthusiasm for Bitcoin Art Gallery. It is a pixel art game powered by BTC Lightning Network that pays 1 Satoshi for changing 1 pixel on the board.

Charlie Lee's recent tweet

Charlie Lee’s recent tweet

Lightning is a decentralized, off-chain transaction network that follows a multi-hop hub and spoke model with potential to extend Bitcoin’s scalability to billions of transactions per day. The launch of Bitcoin Art Gallery has proved just how efficient the Lightning Network is. In addition to the listed benefits, this network will also enable instant, low-cost payments, and atomic cross-chain transactions.

Charlie Lee, on Bitcoin’s high transaction fee and confirmation period, says:

“Lightning Network solves both these problems for Bitcoin and SegWit solves a few more! i hope Litecoin can help Bitcoin get SegWit soon.”

How Lightning Network integrated with SegWit works

The security of BTC transactions depends on digital signatures as the prime identifiers. A blockchain ledger is immutable and alters signatures with every new message added to the ledger. In Lightning Network, the transaction is neither broadcasted or closed without the double-signed check approved by both the parties.

In this case, an attacker can change the identifier via signatures leading to an invalid transaction. SegWit’s most valuable feature is that it fixes the problem of transaction malleability. It excludes signatures as identifiers in the process.

The transactions are also confidential as a payment channel will exist only between the parties involved in the transaction.

Angelino Desmet, a crypto enthusiast tweeted:

“Last year I paid a €15 Bitcoin fee. Just now I paid a €0.00009 fee to send €0.03 worth of Bitcoin to rent 572 pixels.  is incredible.”

Deano, another Twitter user commented:

“This is the most brilliant thing I have ever seen. Finally a freaking usable platform!!!!”

Crptomon, a crypto follower tweeted:

“Seeing LN used for this kind of app makes me sad. Rather than empowering individual’s voices, this app encourages combative over powering of other’s artistic expressions via monetary means.”



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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.

Altcoins

Litecoin [LTC] Technical Analysis: Bearish market ensues as sideways movement persists

Namrata Shukla

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Litecoin [LTC] Technical Analysis: Bearish market ensues as sideways movement continues
Source: Pixabay

Litecoin [LTC], the ninth-largest coin on the CoinMarketCap list, has been under the attack of the bear for the past few weeks. With the market being constantly attacked by the bear, the coins don’t seem to have a safe haven.

According to CoinMarketCap, the coin was trading at $24.41 with a market cap $1.45 billion. The coin registered a 24-hour trade volume of $388 million, however, the coin plunged by 1.19% over the past seven days.

1-hour

Source: Trading view

Source: Trading view

According to the one-hour chart, the coin registered a downtrend from $31.68 to $23.69. The coin also noted a minimal uptrend from $23.30 to $25.14. There was an immediate resistance provided at $24.24 and a support at $22.77, which increased by $22.96.

Awesome Oscillator indicates a bullish market, but with a fading momentum.

MACD line is seen over the signal line, marking a bullish market.

Relative Strength Index indicates that the buying and selling pressure are evening each other out.

1-day

Source: Trading view

Source: Trading view

The one-day chart of the coin indicated a downtrend from $82.22 to $55.88 which further extends to $33.34. However, no significant uptrend was noticed. There was a strong resistance seen at $55.88 and a strong support was provided at $23.91.

Bollinger Bands appear to diverge, meaning the price volatility will increase. The moving average line appears to be above the candlesticks, indicating a bearish market.

Parabolic SAR too, marks a bearish market as the marker lines are above the candles.

Chaikin Money Flow is in line with other indicators in pointing towards a bearish trend.

Conclusion

According to indicators Bollinger bands and CMF, the bear has a firm hold on the market. However, with the constant rise and falls in the market, this could change anytime.

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Altcoins

Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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