Litecoin [LTC]’s value saw a slight uptick today, with a gradual recovery in price. With an 18.65% decline in price over the past week, Litecoin began flashing green with a progress in its price over the past 24 hours.
The coin is reflecting the bearish trend in the market, as every coin in the top 15 coins by overall market capitalization reflected a loss of more than 10%.
Litecoin started last week at $172.13, after a drop from its monthly high of $180 on May 6th. This signaled the series of drops that were to follow. The drops eroded the price of the coin, as it fell to $167 soon after on May 7th and the value continued to decline.
The next significant drop came from a value of $158 to $154 on May 9th. Further, the price increased gradually, and the leading holders of the cryptocurrency believed that the coin might be able to reach its high of $240 as seen in February. However, it failed to break the $160 resistance, with a high of $159 on May 10th before another series of drops down to $133 on May 12th.
LTC began its rally earlier today from $134 to $142. It continued to hover around the $140 mark. It is currently trading at $141, with a 0.36% hike in 24 hours. LTC is currently at the 6th position, with a market cap of $8 billion. Cardano [ADA] is close behind, with the market cap of around $7 billion.
Litecoin aimed to expand its social media game with the #PayWithLitecoin campaign. The team of Litecoin has been encouraging its users to find all the potential users. Adoption on this scale would then allow its trading volume to go up and influence the price.
This infused hope into disgruntled investors, with the Twittersphere responding in kind.
User Litecoin Yoda said:
“$LTC Be proud you had the balls to enter this market when you did. Regardless if you are down Litecoin value or USD since ATH, we will have thousands of good days ahead to make up for small losses!”
User Crypto Capital Venture said:
” Yo Łitecoin! Step on the gas, will ya?!”
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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