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Litecoin [LTC]: CT and impending halving could push value of LTC over $50, say noted crypto-traders

Jibin M George



Litecoin [LTC]: Confidential Transactions and impending Halving could push LTC over $50, say Crypto-traders
Source: Pixabay

Litecoin has been one of the better performing coins over the past few weeks, with LTC recovering slowly from its early January slumps to post some encouraging gains, especially in February. The fact that its forecasts are in sharp contrast to that of other coins in the cryptocurrency market may, however, be due to a set of developments that may have a significant impact on LTC.

Litecoin [LTC] has cryptocurrency traders and analysts optimistic, with many expecting a surge in prices soon. In fact, until the morning of February 6, LTC had been posting good gains consistently. At the time of press, the value of LTC sits at $32.75, with a fall of 4.20% in the last 24 hours. However, the bear attack hasn’t dampened optimism about the future of Litecoin among many.

This optimism was echoed by noted crypto-traders in the Twittersphere, @Moonoverlord, and @CryptoDonAlt who suggest that a significant bullish run may be in the offing soon. The latter, while pointing to the fact that LTC has consistently breached resistance points, optimistically suggests that Litecoin may be its way to become #2 on CMC again.

Source: Twitter

On the other hand, @Moonoverlord has suggested that over a higher time frame, the value of LTC could touch $50.

Source: Twitter

However, there may be some reasons why such bullish movement is expected by many from Litecoin, the silver to Bitcoin’s gold. Charlie Lee of the Litecoin Foundation only recently announced that Litecoin will be pursuing confidential transaction features to upgrade the safety, security and anonymity feature LTC provides its users. In this pursuit, LTC is exploring the implementation of bulletproof MimbleWimble extension blocks, a characteristic of other privacy coins in the market.

This solution to Litecoin’s fungibility problems and its corresponding promise of added security and anonymity has thus, supported the bullish prospect of the LTC market. In fact, it was this bullish movement that briefly had Litecoin overtake Tether as the sixth-largest cryptocurrency in the world on 5 February in terms of market cap.

Another reason that may have contributed to the bullish expectation associated with LTC’s performance has to do with the Halving the Litecoin community is expecting in six months. With the mining reward set to be cut by half post the Halving, bullish prospects would push the price upwards while a higher reward can be received. And although there is no evidence to suggest halving itself will have any effect of price [a statement corroborated by Charlie Lee himself], the expectation for one can however, encourage the bulls to push the price of a coin like LTC upwards.

Despite the optimism, however, instances such as the fall on 6 February continue to hamper any possibility of Litecoin posting significant gains and breaching the $50 mark anytime soon.

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WAVES/BTC sees dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order




WAVES/BTC hits a dramatic drop to reach 1 Satoshi on Binance exchange due to a massive sell order
Source: Pixabay

Waves, the 29th largest cryptocurrency, hit lows against BTC on April 17, and users speculated that this could have been due to a massive sell order.

Waves, at press time, was trading a $2.71 with a market cap of $270 million and had a trading volume of $15 million. However, on April 17, the price of Waves hit rock bottom due to a massive sell-off similar to one that Ethereum witnessed a few years back.

Source: TradingView

As seen in the above chart, the price of Waves against BTC hit exactly 0.0000001 BTC, which amounts to 1 Satoshi. The volume for the said candle is also massive, further confirming a sell order of massive amounts. The coin has since increased by approximately 3% against Bitcoin in under 24 hours.

Crypto enthusiasts on Twitter couldn’t hold back their opinions as one user, @BitBitCrypto tweeted

“- $WAVES did not trade at 1sat, it traded at 10sat
– It is still a great project and with a huge potential
– This sell order has nothing to do with WAVES (the project)
– This trade wasn’t done on Binance web cause you can’t place this low, it was API
– I didn’t buy it at 10 sat”

Another user @BITCVIX tweeted:

TradingView commented on this matter saying:

“Something strange is always happening in the #crypto market”

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