Litecoin, the silver to Bitcoin’s gold, has been a poster child for all cryptos owing to its massive rally since mid-December, 2018. In fact, it has risen by ~350% since December 2018. However, the price started to collapse in the second week of April.
Litecoin reached highs of $97.88 on April 10, 2019, but failed to hold. This led to a fall in prices which dropped LTC to a low of $79.48. At press time, and as seen in the chart below, the price was still forming a red candle, indicating that the dump was still underway and that the bears had more room to push through.
The prices will face a resistance range from approximately $80 to $75, which has been holding since it reached its peak in December 2017.
The chart from CoinMarketCap shows how the dump in the price of Litecoin has also caused its market cap to reduce. The sudden drop on April 11, 2019, was a huge blow to the Litecoin market.
The price of Litecoin was $80.60 and the market cap was at $2.913 billion, at press time. Most of the trading volume for Litecoin was coming from Coinall exchange via the trading pair LTC/BTC. Coinall exchange contributed a whopping $318 million in trading volume.
The upcoming halving for Litecoin has caused widespread FOMO, which the community speculates as one of the reasons for the pump in Litecoin’s price. The halving of Litecoin is set to take place on August 06, 2019 and this has led people to believe that Litecoin’s bottom was witnessed in December 2018 and that Litecoin has stepped out of the crypto-winter.
Developments around Litecoin have been more than optimal for Litecoin’s prices to be stable. The hashrate of Litecoin reached an all-time high on April 10, 2019, suggesting that Litecoin’s blockchain is fairly more secure due to the addition of more miners. Coinbase Card can now be used to spend Litecoin, Bitcoin and other cryptocurrencies, directly from Coinbase wallet. However, the price of Litecoin seemed to be dumping without a stop.
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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
Crypto News – 25 May – Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more
— AMBCrypto (@CryptoAmb) 25 May 2019
Daily Crypto News – May 25
1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.
Read more at https://bit.ly/2VRQwb0
2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.
Read more at https://bit.ly/2W40sTR
3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.
Read more at https://bit.ly/2X6fdlw
4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.
Read more at https://bit.ly/2McaTjE
5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.
Read more at https://bit.ly/2wmk4mJ
6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.
Read more at https://bit.ly/2HUEnNB
7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.
Read more at https://bit.ly/2W64KKj
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