Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’
Litecoin retreats from the high close to $100 and gets stuck in a range. Sell Litecoin and buy Bitcoin, says Galaxy digital founder and CEO Mike Novogratz.
Billionaire Mike Novogratz Slams Litecoin: ‘Buy Bitcoin Instead’

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Source: CoinSpeaker

Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin

Galaxy Digital’s Michael Novogratz was in the news this week after he blasted Litecoin [LTC], calling it a ‘glorified testnet’ for Bitcoin [BTC]. Novogratz stated that the digital silver’s market cap was just 6.4% of BTC’s, mockingly claiming that actual silver was, at the very least, useful with respect to industrial production. Following this, Charlie Lee, the Creator of Litecoin, responded to Novogratz’s statements.
Lee refuted Novogratz’s statements, claiming that he couldn’t “be more wrong”. Lee also ridiculed the former hedge fund manager’s statement about Litecoin and Bitcoin’s Lightning Network. He had claimed that BTC’s Lightning Network made Litecoin useless. Charlie Lee’s full tweet read,
Source: Twitter
Charlie Lee also proposed a solution for the high BTC fees. Lee shared the news of Boltz’s alpha release, an instant, account-free, and non-custodial digital asset exchange built on top of Bitcoin’s Lightning Network. The creator of Litecoin suggested the use of Boltz for on-chain submarine swaps from LTC to BTC. Using Boltz costs pennies and guarantees a transaction speed of no more than two-and-a-half minutes, he claimed.
Charlie Lee’s response gained a lot of traction online, with many in the cryptocurrency community opining on the matter. Cobra, the co-owner of Bitcoin.org, commented,
“Replace “Litecoin” with “Bitcoin Cash” and “LTC” with “BCH” and this reads exactly like a Roger Ver tweet. Only difference is Roger believes his own bullshit and didn’t dump all his BCH on his followers at the top.”
Bull Bitcoin’s CEO, Francis Pouliot, commented,
“Suckers. Thanks for losing your money for the benefit of bitcoiners!”
There were some who defended Lee and Litecoin too. Twitter user, @JasonEbacher, responded,
“Cobra, you forgot the part about LTC having segwit first & having lightning network, atomic swaps & soon to have confidential transactions… @satoshilite is nothing like roger in any way, Especially he doesn’t say his coin is bitcoin and doesn’t claim babies are dying.”
Novogratz had previously requested everyone to forego their LTC holdings and buy BTC instead. His comments came at a time when Litecoin and the collective cryptocurrency market was seeing a surge in its fortunes.
At press time, the silver coin was trading at $87.51, with a market cap of $5.35 billion. It had a 24-hour trading volume of $3.9 billion. While the coin was falling by 0.47% at press time, it had registered a 43% surge over the past seven days.
The post Litecoin’s [LTC] Charlie Lee responds to Michael Novogratz’s comments on silver coin appeared first on AMBCrypto.
Source: AMB Crypto

Elon Musk Unveils His ‘Fav Cryptocurrency’

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Elon Musk Unveils His ‘Fav Cryptocurrency’
Tesla and Space X founder Elon Musk unveiled his favorite cryptocurrency, also being chosen as the best potential CEO of the project behind it.
Elon Musk Unveils His ‘Fav Cryptocurrency’

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Source: CoinSpeaker

Litecoin creator Charlie Lee becomes the Lightning Torchbearer; chain sits at $4200k Satoshi

Litecoin creator and Managing Director of the Litecoin Foundation, Charlie Lee became the latest figure in the cryptosphere to hold the Lightning torch. Litecoin.com announced the development on its official Twitter handle,
Source: Twitter
According to the post by Litecoin.com, the chain had accumulated 4200k Satoshis and the torch had been passed to Bill Barhydt, the CEO of Abra. Lightning Network [LN], Bitcoin’s [BTC] second-layer scaling protocol gained significant traction following the Lightning Torch experiment.
Each new link in the experiment has added 10k satoshis to show the value that can be transferred off-chain, cited the blog post. The experiment saw the participation of several famous people in the cryptosphere in the two months since its inception. Twitter’s Jack Dorsey, Lightning Labs’ Elizabeth Stark, Monero’s Ricardo Spagni, Binance’s Changpeng Zhao, Bitcoin pioneer Eric Voorh, and Anthony Pompliano, among others, had previously held the torch.
The hashtag, #LNTrustChain began trending on Twitter to facilitate communication in the Litecoin community involved in the experiment. It all began with a tweet from @Hodlonaut, which stated:
“Some LN fun.. I send 100k sats with http://tippin.me to the first person I choose to trust that replies to this. That person adds 10k sats and sends 110k to someone [Either from reply to a new tweet, or this thread] .. and so on. How many sats before it breaks?”
@Hodlonaut had earlier admitted that the way the entire chain played out completely blew his mind.
The post Litecoin creator Charlie Lee becomes the Lightning Torchbearer; chain sits at $4200k Satoshi appeared first on AMBCrypto.
Source: AMB Crypto

Exclusive: What Litecoin Founder Charlie Lee Thinks Will Drive Crypto Adoption

After Vitalik Buterin’s stellar keynote about Ethereum 2.0, NewsBTC got the rare chance to sit down with Charlie Lee, a Coinbase director of engineering-turned Litecoin founder. The crypto pioneer told us all about his thoughts on how this ecosystem is developing, along with Litecoin’s plans for global dominance.

Related Reading: Exclusive: Why Tron CEO Expects Bitcoin, Crypto Assets To Rally In 2020
Charlie Lee’s Crypto Insights
NewsBTC:  A few months ago, you told CNBC Fast Money that the downturn in the crypto market has allowed you and the Litecoin Foundation to properly build out your product. Does that still hold true today?
Charlie: Yeah. So my point there is that when prices aren’t going up like crazy, there are definitely fewer distractions. This means that it’s a good time for people to keep their heads down and start to work on getting other products live. Just recently, we’ve been working hard on trying to add more fungibility into the Litecoin protocol. So what we’re looking at now is doing a MimbleWimble extension block upgrade for Litecoin. So we’re doing a lot of research into that about how we could make such an implementation in a safe way. We want more fungibility and privacy in the Litecoin ecosystem.
NewsBTC: How has this crypto bear market compared to ones in the past?
Charlie: Well it’s been pretty similar. One thing about this bear market, even though it’s been over a year now, is that it hasn’t been as bad for people. The drop is similar percentage-wise. But during the last bear market, I remember it got to a point where people just didn’t think that it was going to come back. People just weren’t optimistic about the price at the time. Now, I think we haven’t gotten to that point yet, and maybe we might not go there this time, which will be great. But I wouldn’t be surprised if there are more sell-offs, or if it takes a lot longer to climb out of it. It could be another year or so. But who knows? It’s hard to predict these things.
NewsBTC: So you made crypto history when you purchased a stake in WEG Bank a few months back. How has that been playing out so far?
Charlie: It was actually like almost a year ago that that deal happened. We have a 9.9% stake in the bank, meaning we have some influence. The bank is kinda creating crypto products. So they’re kind of approaching it from a different direction of starting with a regulated bank, then pivoting to give us merchant processing and stuff like that. So the first step has been great. Next is supporting crypto companies with bank accounts. Then, lastly, you want to add crypto wallets, along with storing fiat in normal accounts for crypto companies. What would be cool is allowing people to store U.S. dollars at a bank and cryptocurrencies too.
But eventually, there will be merchant processing and other crypto solutions. It’s going slowly because banks move slowly due to regulations. That was to be expected, but it’s going well. I don’t have anything really to announce right now, but I’m excited about what is to come in the future.
NewsBTC: So you guys joined hands with Ben Askren from the UFC. Did you see values align between the UFC and cryptocurrencies?
Charlie: It wasn’t quite a partnership with Ben. He’s a huge proponent of cryptocurrency, and he also understood Litecoin very well. Ben understands the need for sound money. He also said he supports Litecoin, so members of our community actually donated to him over 100 LTC for his previous fight. And he was very thankful for that. And he wore a Litecoin t-shirt for a few of his interviews. We also had the Litecoin logo on the UFC mat there, which brought us a lot of exposure and drew a lot of new people into this space. I think there’s an intersection between the cryptocurrency community and combat sports fan. It’s a unique opportunity for us to expand the adoption of Litecoin through that.

Pumped for @LTCFoundation to sponsor me for UFC 235! @SatoshiLite @johnkim77 #ltcwestcoast #ltceastcoast pic.twitter.com/oV0bzey2XA
— Ben Askren (@Benaskren) January 15, 2019

NewsBTC: What is one thing holding back crypto adoption as it stands?
Charlie: I’ll tell you two things. One thing is volatility. Because crypto prices are so volatile, it’s hard for people to actually use it, meaning adoption is hampered. Volatility is kind of a chicken and the egg type scenario. Once there is adoption, volatility will decrease, meaning more adoption. So it’s a slow process for that to work for us to overcome that. The second thing that’s kind of preventing us from getting a lot of adoption is user experience of storing your own money.
Securing your own money is hard. There’s always a tradeoff between security and usability. So people are using exchanges to store their coins because they can’t do it themselves. It’s easy, but then you hear all the stories about exchanges getting hacked. And that really hurts adoption. So probably, we just need to work on having better, easier solutions that allow people to store their own money. That’s the whole problem really. So I think usability and user experience is really important, albeit it’s something that is hard to solve.
Featured Image from Shutterstock
The post Exclusive: What Litecoin Founder Charlie Lee Thinks Will Drive Crypto Adoption appeared first on NewsBTC.
Source: New feedNewsBTC.com

Mike Novogratz: Another BTC Value Surge is About to Happen

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Mike Novogratz: Another BTC Value Surge is About to Happen
As Bitcoin (BTC) is clinging on to its $4,000 price tag, major crypto figures are betting big on a potential bull run. However, it doesn’t necessarily mean that cryptocurrency investors should get too carried away by the recent price uptick.
Mike Novogratz: Another BTC Value Surge is About to Happen

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Source: CoinSpeaker

Litecoin [LTC] creator Charlie Lee: People deleting Coinbase don’t actually use it

Charlie Lee, the creator of Litecoin, spoke about the recent events surrounding Coinbase, in the seventeenth episode of Magical Crypto Friends. The podcast also included Riccardo Spagni aka Fluffypony, Samson Mow, and WhalePanda, the rest three members of Magical Crypto Friends.
Coinbase, one of the biggest exchanges in the U.S., has been in the headlines since the announcement of XRP listing, however, the negative news outweighed the positive ones. The negative fame started with rumors over insider trading, which broke out days after the platform listed the third-largest cryptocurrency by market cap. This gained momentum with the acquisition of a blockchain analytics firm, Neutrino, as it was revealed that the firm had an association with Hacking Team. This report led to the start of the #DeleteCoinbase movement.
Furthermore, the Director of Institutional Sales, Christine Sandler, stated that they were aware of the Neutrino-HackingTeam association, in an interview with Cheddar. To make things worse, she stated that they acquired the blockchain analytics firm because their “current clients were selling client data to outside sources”.
The controversy surrounding Coinbase-Hacking Team was soon addressed by Brian Armstrong, the CEO of Coinbase. In a blog post, he stated that the firm decided to let go of all the members previously associated with Hacking Team.
Charlie Lee said on #DeleteCoinbase,
“I thought like people have been deleting Coinbase for a while now right. I guess this Neutrino thing really brought this back out and people are like more upset about Coinbase and actually going out and deleting their accounts. But, you know, from my point of view, people who actually delete Coinbase, don’t actually use it anyways, right. So, its not really going to affect anything.”
This was followed with Riccardo Spagni, the lead maintainer of Monero, speaking about the topic. He said:
“I don’t think that the people that are deleting Coinbase are going to have more than a very minimal impact on the bottom line. […] I do think that there would be a trickle-down effect from the people that are deleting Coinbase […] So it is atleast going to provide a slow shift away from Coinbase as a first point of Contact for people wanting to get into Bitcoin.”
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Source: AMB Crypto

Litecoin Outperforms Top Crypto Assets Again, What Could Breakout of Crucial $50 Level Lead to?

Litecoin has become the darling of the cryptocurrencies again as it out performs the majority of the top coins including its big brother, Bitcoin. Breaking a psychological resistance level of $50 a few hours ago, Litecoin is one of the day’s best performing crypto assets once again. The question is, how far can it go this time?
Litecoin Lifted During Asian Trading
Over the past 24 hours, LTC volume has surpassed $1.5 billion which is over double that of XRP two places ahead of it in the market cap charts. The momentum has taken its price from below $48 to just over $51 where it currently trades. This represents a 6.5% gain on the day which has taken Litecoin market cap back over $3 billion.
Source: Coinmarketcap.com
Since its mid-December low of $23, Litecoin has made a staggering 120% recovery to its current level. In comparison Bitcoin has only managed 24% recovery, but Ethereum has done better with around 75%. This is quite remarkable for an altcoin that everyone gave up one when creator, Charlie Lee, sold his stash at the peak. Granted, LTC is still a long way down from those lofty heights but a recovery of 120% in just two months is staggering for any crypto asset in the depths of a bear market.
Litecoin, often dubbed the ‘sliver’ to Bitcoin’s ‘gold’, has been a stalwart of the crypto world having hung around since its inception in 2011 when it was forked from Bitcoin to provide a ‘lighter’, faster version of the digital currency.  In 2017 Litecoin broke and stayed above $50 for around three months before it lifted off and surged 250% in just two weeks in December. Lee, as usual, has been talking it up;

Litecoin trying its best to lead all of cryptocurrencies out of this bear market. #UFC #MammothFilm #ConfidentialTransaction #MimbleWimble #LightningNetwork #Flappening pic.twitter.com/B4h6L2rsgl
— Charlie Lee [LTC] (@SatoshiLite) February 8, 2019

Where Next For Litecoin
This shows that Litecoin still has monumental potential when the fomo train gets going again. This time, however, is likely to be different though as investment will be slow and steady but $100 LTC this year does not seem that incredulous any longer considering its recent performance.
Traders, analysts and crypto tweeters have been observing the stellar performance of LTC recently;

Wow litecoin is breaking out! #ltc #litecoin #bitcoin #btc
FOMO time
We brok the 200ma, we broke 48 now it’s time to hit 50-75@tradingroomapp pic.twitter.com/pS4HBrfUw0
— Bitcoin Litecoin Master (@xtdisnkfe) February 18, 2019

Just like Bitcoin, Litecoin will also be halving and it will be happening much sooner, August 19 according to this counter. This reduces the block reward from 25 to 12.5 LTC and decreases the inflation rate by over half and reinforces its scarcity. This is an extremely bullish event for a cryptocurrency and according to Chinese media a local crypto mining pool called Poolin.com has found a WeChat group named “Litecoin Halving Warm-up” to attract LTC investors and miners. Cheap Litecoin has been hard to resist for those that have known it for the past 8 years.
Image from Shutterstock
The post Litecoin Outperforms Top Crypto Assets Again, What Could Breakout of Crucial $50 Level Lead to? appeared first on NewsBTC.
Source: New feedNewsBTC.com

Litecoin [LTC] creator Charlie Lee elucidates on the fungibility of Bitcoin and Litecoin

Charlie Lee, the creator of Litecoin, elucidated on Fungibility, during the thirteenth episode of Magical Crypto Friends. Here, even Samson Mow, the CSO of Blockstream, opined on the same topic by adding the concept of tainted coins.
Prior to speaking about Fungibility, the creator of one of the world’s largest cryptocurrencies emphasized on the importance of privacy and fungibility and added that they are the next battleground for the currency. Moreover, Litecoin is currently looking into Confidential Transactions, in order to ensure that the coin is fungible, according to the announcement made by Charlie Lee earlier this month on Twitter.
During the discussion, Lee explained Fungibility as,
“So, fungibility basically means that each unit of the coin or money whatever it is is indistinguishable and cannot be discriminated against. Right, so if you, for example, I like give you go to a store and need to pay like $5 for a cup of coffee and you pick up a $20 bill from there from wallet you don’t really care which one you take out it they’re exactly the same to the recipient.”
However on the contrary, this is not the same case with Bitcoin and Litecoin, implied Charlie. He added that a person’s account is shut down if Bitcoin or Litecoin is being sent from a darknet marketplace or a gambling site or any place that is not approved by regulations. He said,
“So, the coins that you spend are not fungible so a lot of times even myself when I’m spending coins I have to like decide which output to you use right if I just buy the coins for an exchange I may not know may not want someone to know how many coins I have or link to my other coins and I choose an output that came from somewhere else”
He went on to say,
“And that’s just not a very good way not very good money when you have to do that so something like confidential transactional will help right it will make amounts blind it so you don’t know how much you’re spending how much people won’t be able to see how many coins you’re actually spending that helps a lot with privacy but it’s not it’s not a perfect solution like you need some route privacy also so you can’t track coins.”
This was followed with Samson Mow speaking about Fungibility and tainted coins. He said,
“The whole idea of taint also comes into play. So the idea that some coins are dirty some are clean because some might have been used for you know on Silk Road or whatever so they’re dirty coins and some coins are cleaner. So you might want like straight off the coin base from from a mining or maybe one hop away from mining mining pools wallet or something like that but having this kind of differentiation between different coins at least theoretically is bad for the ecosystem because then your money is not sound money it’s not really good.”
The post Litecoin [LTC] creator Charlie Lee elucidates on the fungibility of Bitcoin and Litecoin appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling

Recently, a cryptocurrency known as Grin was launched in the cryptocurrency space. The coin grew to be one of the most controversial cryptocurrencies in the space within hours of its launch. The credit directly goes to the protocol the coin is based on, MimbleWimble.
The protocol was initially introduced to solve the scaling and privacy problems in Bitcoin, by an anonymous developer Tom Elvis Jedusor. Interestingly, both the pen name and the name of the technology are an inspiration from Harry Potter. The developer ensured that privacy would be the core of this technology.
More so, the protocol makes sure that apart from the information that is absolutely required to confirm a transaction, no other information is revealed, including the addresses involved in the transaction and the amount of cryptocurrency involved in the transaction.
During the sixteenth episode of Magical Crypto Friends, Charlie Lee, the creator of Litecoin, Riccardo Spagni, the lead developer of Monero, Samson Mow, the CSO of Blockstream, and Whale Panda, discussed the new privacy-oriented coin. Here, Lee opined about the technology that made the coin one of the most controversial ones in the space. He said:
“I think MimbleWimble technology is actually pretty cool. So when I first learned about it, seems like a good way to get both privacy and scaling and privacy that doesn’t make scaling hard or much worse which is very cool. So I’m yeah happy to see where where this technology goes”
This was followed by Riccardo Spagni aka FluffyPony speaking about Grin’s mining, which drew the attention of even the VCs. Spagni said:
“If you look at at Grin’s economic design it’s clearly designed to be currency. It’s designed to have this crushing inflation so that you’re forced to spend it so hodling is not really part of the economic design. So, they’re throwing money at it because they know that there’s be hype and that, you know, the moms and the pops would eventually go in to buy it.
The post Litecoin [LTC]’s Charlie Lee: MimbleWimble is a good way to get privacy and scaling appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin [LTC]’s Charlie Lee says Confidential Transactions seems like the right thing to add fungibility

In the latest episode of Magical Crypto Friends, WhalePanda, Charlie Lee – the creator of Litecoin, Riccardo Spagni – the lead developer of Monero and Samson Mow – the CSO of Blockstream, discussed confidential transactions with Litecoin. Here, Lee spoke about the feature that is missing in both Bitcoin [BTC] and Litecoin [LTC].
This topic was discussed in light of the latest announcement made by Lee on his official Twitter handle. He had stated that the developer team of Litecoin had “spent hours” discussing about how to add Confidential transactions in the silver digital currency. He also revealed that the team is looking into doing bulletproof MimbleWimble without extension blocks.
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
Charlie Lee on MimbleWimble and extension blocks | Source: Twitter
During the discussion, Lee stated that the one property of money that is currently missing in both Bitcoin and Litecoin is fungibility. He went on to say that privacy and fungibility were very important factors and that this is going to be next “battleground” for the cryptocurrencies after Segregated Witness [SegWit]. He said:
“So one thing I want to add to litecoin is just more fungibility and confidential transaction seems like the right thing to do”
Confidential Transactions aka CT is one of the well-known privacy features in the space that enables the sending and receiving addresses involved in a transaction to stay hidden. This feature was created by a former Bitcoin developer, Adam Back.
Chester Copperpot, a Youtube user said:
“Efff the institutions its FUN-gibility time! Time to put the last piece of the money puzzle together. The “institutions” should be transparent and the people deserve privacy. Anyone with their head out of their A$$ understands why.”
The post Litecoin [LTC]’s Charlie Lee says Confidential Transactions seems like the right thing to add fungibility appeared first on AMBCrypto.
Source: AMB Crypto

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

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Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

Many prominent personalities and Bitcoin enthusiasts have recently proposed Elon Musk to take keep the fire going for the ongoing Lightning Torch experiment. Musk has yet to respond.

Binance CEO Advocates Elon Musk’s Name to Take the Bitcoin Lightning Torch

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Source: CoinSpeaker

Litecoin [LTC] vs Bitcoin Cash [BCH]: BCH claims to be most viable transaction option

Cryptocurrency ecosystem has always been competitive as tokens look to solidify their legitimacy and reach worldwide adoption. At press time, the total market capitalization of cryptocurrencies stood at $121 billion and the market volume over the past 24 hours has been about $25 million, after witnessing a large price valuation pump this year.
However, this hasn’t stopped the constant difference surfacing between the digital assets and a twitter account name Bitcoin recently tweeted comparing the transaction fees of Litecoin and Bitcoin Cash.
Bitcoin tweeted:
Source: Twitter
Bitcoin Cash was a result of a hardfork which took effect in August 2017, when a group of developers wanted to increase the block size limit of Bitcoin and developed a code for it. This caused a case of conflict and as a result, the Bitcoin blockchain was split into two.
The group of developers also included Roger Ver, who is one of the current lead proponent of BCH. Roger Ver recently tweeted regarding the Bitcoin block size limit and stated:
Source: Twitter
The Bitcoin tweet mentioned the difference in transaction rates of Litecoin and Bitcoin Cash, driving home the fact that Bitcoin Cash is a more viable and cheaper option than Litecoin, which is supposedly the cheapest alternative in the cryptocurrency market.
According to bitinfocharts, it can be clearly seen that the average transaction fee for Litecoin is 0.0259 USD as compared to Bitcoin Cash average transaction fee, which is only 0.0004 as of on February 8, 2019. This chart also validates the tweet and further solidifies BCH’s claim of being the cheapest option.
Source: Twitter
However, if we observe the transactions per day chart, we can notice that Litecoin is still the preferred option for transactions than Bitcoin Cash as it recorded a total number of 31.023K transactions to BCH’s 10.038K.
Source: Twitter
A Redditor named lubokkanev commented on the tweet and stated that:
“That’s an absurd comparison. A chain either has full blocks or not. BCH won’t have full blocks until a lot of people use it, hopefully never. LTC currently doesn’t have full blocks but it doesn’t want to have big blocks, thus it’s not suited for a global cash system on chain.”
The primary Redditor named OlavOlsm who posted the tweet replied:
“Thats the point. The blocks are more full on LTC than on BCH so the fees are higher. This was way worse 1 year back. Bitcoin had way more fee than Litecoin at that time but Litecoin also had way more fee than Bitcoin Cash. Bitcoin Cash never had full blocks and experience the so called fee market and to avoid a fee market is the goal because the fees always have to be as small as possible. When the price go up enough the minimum fee per byte will be reduced I am sure. But for Litecoin, that is not the case.”
The post Litecoin [LTC] vs Bitcoin Cash [BCH]: BCH claims to be most viable transaction option appeared first on AMBCrypto.
Source: AMB Crypto

Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

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Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

LTC price surges as the Litecoin Foundation and Beam enter cooperation to implement the Mimblewimble privacy protocol on the Litecoin network through Extension Blocks.

Litecoin Breaks Into Top Five Crypto Ranks Jumping 30% in Single Day

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Source: CoinSpeaker

Flash Hike: Litecoin [LTC] is now the fourth largest cryptocurrency; price pumps by 17% in 7 hours

Litecoin often referred to as the silver to Bitcoin’s gold by its creator Charlie Lee has become the fourth largest cryptocurrency in the world in terms of market cap as per data obtained from CoinMarketCap.
As per the below chart, the prices of Litecoin started their rally on February 08, 2019, 02:00 UTC and is still pumping at the time of writing.
Source: TradingView
The prices at the start of the rally opened at $32.65, closed a few pennies later, but the rally didn’t stop at this candle. The subsequent candles increased in height and so did the volume.
The on the same day at 08:00 hit a home run as the candle opened at $33.45 and closed at $35.94, which is a percentage increase of 7.44% in a single candle.
However, the total increase in the price happened from $32.52 to $37.98, which is an increase of 16.79% within a span of 6 hours. The next candle formed is currently above the previous candle.
The market cap of Litecoin at the time of writing was $2.22 billion and the trading volume was $200 million shy of reaching $1 billion.
A massive amount of trade volume is coming from Coineal Exchange, which is contributed a whopping $64 million in trade volume via LTC/BTC pair.
In addition, OKEx contributes $55 million trade volume via the same pair but contributes $35 million LTC/USDT pair. DigiFinex contributes a total of $50 million via LTC/BTC pair.
The community is baffled by the sudden increase in prices and speculates that it could be due two reasons, the first being that Charlie Lee’s tweets about implementing privacy to Litecoin blockchain via implementation of Taproot.
The second reason being that Litecoin’s block halving is just a few months away, i.e., August 08, 2019, where the block rewards for miners will effectively be reduced from 25 LTC per block to 12.5 LTC per block.
The sudden increase in prices has caused LTC to run up the ladder and take a shot at top 5 coins like Bitcoin Cash [BCH], Tether [USDT] etc.
Litecoin currently sits as the fourth largest cryptocurrency, just below Ethereum [ETH], pushing Bitcoin Cash, EOS and Tether down to lower ranks. Litecoin was earlier the seventh largest cryptocurrency.
@cryptotic tweeted:
“yes. the imminent halving around the corner.. #litecoin #bitcoin #cryptocurrency”
The post Flash Hike: Litecoin [LTC] is now the fourth largest cryptocurrency; price pumps by 17% in 7 hours appeared first on AMBCrypto.
Source: AMB Crypto