A Brief of Bitcoin and Litecoin

It’s no secret that cryptocurrency has long been a contentious topic – and current discussions about how it should be controlled have further heightened concerns about the validity of cryptocurrency.

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However, given the popularity and alleged promise of cryptocurrencies such as Bitcoin and Litecoin, it’s essential to understand what you’re talking about before dismissing it. It’s certainly worth checking at Litecoin, which is the quicker transaction version of Bitcoin that has a more significant limit on the number of coins produced than Bitcoin itself.

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Litecoin
Litecoin, like other cryptocurrencies, is a worldwide digital payment mechanism that transfers and trades “coins” via the use of blockchain technology, similar to other cryptocurrencies. However, because Bitcoin’s code was made public by its inventor, Litecoin may be considered an extension or variant of Bitcoin in many respects. In addition, because the code was made public, it is also subject to change.

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Litecoin, on the other hand, makes use of a separate blockchain, which enables it to process transactions and transfers at a quicker rate. Litecoin is a decentralized cryptocurrency that is created and transferred via the use of open-source software. Even while the future of Litecoin, like the future of other cryptocurrencies, is very much in doubt, these digital “currencies” are beginning to be accepted as payment in a broader range of situations.

Bitcoin
Bitcoin is considered by many to be the first cryptocurrency, and it has retained its position as the most widely used. Bitcoin was proposed as an alternative cryptocurrency using Blockchain technology to enhance money transfer protection across the entire network.

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Bitcoin was the first cryptocurrency since it allowed Bitcoin miners to mine coins and upload them to the public blockchain network, which served as the industry’s starting point. Bitcoin may now be purchased via exchanges, much like a stock, in the same way, that it used to be. While Bitcoin is fundamentally money, it also functions somewhat like a stock in specific ways.

Buying Bitcoin And Litecoin
If you want to purchase or sell Litecoin or Bitcoin, there are several exchanges and wallets to choose from.

Popular cryptocurrency exchanges for Litecoin include Binance, which enables you to purchase and sell the cryptocurrency. In addition, Bitcoin may be bought and sold via various wallets and sales, the most prominent of Coinbase and Binance. However, while purchasing or selling Bitcoin or Litecoin, it is essential to be vigilant to avoid falling victim to cryptocurrency scams.

Distinctions
The digital currencies Litecoin and Bitcoin have a similar fundamental structure and depend on cryptographic networks, but what are the distinctions between the two?

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One of the most significant distinctions between Litecoin and Bitcoin is the cryptographic proof-of-work algorithms used by the two currencies. The algorithm used by Litecoin is intended to generate about four times as many coins as the algorithm used by Bitcoin.

Both Litecoin and Bitcoin, on the other hand, make use of algorithms that make use of computer power to execute transactions. However, the pace at which these transactions take place differs significantly between the algorithms used by Litecoin and Bitcoin, respectively.

Bitcoin’s algorithm makes use of hardware devices that may be tailored specifically for Bitcoin mining. As a result, the Bitcoin algorithm places a high demand on processing power. Although the Bitcoin algorithm was criticized, one of the major complaints was that regular people find it more difficult to mine Bitcoin owing to its difficulty.

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However, the Litecoin algorithm is usually considered a more efficient method for cryptocurrency mining, owing to how it is intended to avoid excessive customization of hardware solutions throughout the mining process. Even yet, Bitcoin’s meteoric growth can be seen in its market valuation, which has increased by orders of magnitude in recent years.

Although Bitcoin’s market capitalization has varied throughout the years, other currencies such as Litecoin have steadily gained ground on the crypto-giant.

Litecoin and Bitcoin Cash make the cut

Every cryptocurrency asset in the top 10 had an average trading volume above $1 billion/daily except Polkadot at press time. The importance of trading volume is evident during recovery since it indicates the level of activity associated with an asset. Polkadot’s lower volumes on average could be one of the reasons DOT hasn’t picked up significant recoveries compared to other top assets.

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Bitcoin Cash, Ethereum Classic, and Litecoin all registered higher than $1 billion/daily trading volumes, with BCH, ETC recording more than $3.5 billion. This article will try to analyze if these highly active assets are undervalued or whether their rankings are justified.

Ethereum Classic: rising with time?
A stop-start bullish rally in 2021, Ethereum Classic rallied strongly during the end of April, reaching ~$180 from $29 within a few weeks. However, ETC’s rally was backed by more than just collective bullish momentum.

Over the past few months, the ETC community has been working towards a major blockchain upgrade, which the network will undergo in July. On June 10th, Stevan Lohja, lead developer of Mantis IOHK announced the Magneto upgrade, which will be inclusive of ETH’s Berlin upgrade features.

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Higher trading volumes at the moment might be also due to the fact that Digital Currency Group announced its plans to buy shares of Grayscale Ethereum Classic Trust.

So Ethereum Classics’ high trading volume is possibly justified as it accompanied by high development activity as well, which should eventually push the coin in the top 10 rankings.

Bitcoin Cash and Litecoin: riding the old legacy tag?

Source: Santiment

Bitcoin Cash and Litecoin had $3.6 billion and $1.87 billion trading volumes, respectively over the past 24-hours. However, comparing both the assets’ active addresses presented a completely opposite picture.

Litecoin managed to maintain strong active addresses over the past few months in spite of the price drop but BCH registered low active addresses last witnessed during the beginning of January 2021.

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Source: Santiment

Comparing the market velocity of Bitcoin Cash, and Litecoin as well, Bitcoin Cash had extremely turbulent velocity which indicated that there was a lack of consistency in the direction of both buyers and sellers. Litecoin’s velocity was much more linear, indicative of the better distribution of the token between transactions.

Hence, it can be inferred that Ethereum Classic and Litecoin are probably justifying higher trading volumes at press time which may allow the asset to scale higher, whereas BCH’s volumes could be a false alarm, as its market remained in an uncertain loop.

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Ethereum recorded an 8.6% rise in prices over the last day, however, with the EIP 1559 upgrade nearing, the price action for ETH could see interesting changes in the upcoming weeks. In June, the broader sell-off experienced by the crypto market pushed UNI’s price down, while Litecoin showed signs of moving away from its consolidation phase.

Ethereum recorded an 8.6% rise in prices over the last day, however, with the EIP 1559 upgrade nearing, the price action for ETH could see interesting changes in the upcoming weeks. In June, the broader sell-off experienced by the crypto market pushed UNI’s price down, while Litecoin showed signs of moving away from its consolidation phase.

Ethereum

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Ethereum, Uniswap and Litecoin Price Analysis: July 4
ETH/USD, TradingView

As seen on the daily charts, the crypto asset’s volatility has been choppy lately. At press time, the coin has been in the green, trading at $2333 reflecting a gain of 8.6% over the period of 24 hours. Ethereum’s market dominance was 18.44%.

After a low of $1740 at the end of the last month, the coin rallied almost 28.3%, since the beginning of July, the coin has not tested the $2000 level.

Crypto asset manager Valkyrie raises $10M in Series A round

Digital asset manager and Bitcoin (BTC) ETF proponent Valkyrie Investments recently concluded a $10 million Series A funding round, once again highlighting growing investor interest in crypto-focused firms.

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In addition to Charlie Lee, who is a well-known entrepreneur in the cryptocurrency industry, the funding round also saw participation from XBTO, BTC Media, UTXO Management, Consolidated Trading and 10X Capital. Interestingly, former Major League Baseball pitcher CJ Wilson was also among the investors, as was Tron founder Justin Sun.

Valkyrie CEO and World Bank veteran Leah Wald said her firm is focused on broadening investor access to cryptocurrencies in a “managed, research-driven manner that ultimately provides best-in-class products to all kinds of investors.”

Referencing Wald and Steven McClurg, Valkyrie’s chief investment officer, Litecoin founder Charlie Lee said:

“Leah and Steven have a great vision for how they want to bring investment opportunities to market, and I couldn’t be happier to support them on this journey.”
The asset manager currently offers three crypto-focused funds providing exposure to Bitcoin, Polkadot and Algorand. In January 2021, Valkyrie filed an application with the United States Securities and Exchange Commission, or SEC, to list a Bitcoin exchange-traded fund. However, unsurprisingly, the SEC has delayed its ruling on the proposed fund.

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Related: World’s first Bitcoin ETF adds $3M per day throughout BTC price dip

As Valkyrie’s latest investment round demonstrates, venture funds continue to back crypto startups with ever-growing conviction. This comes even as Bitcoin and the broader cryptocurrency market met the technical definitions of a bear market in the second quarter. While analysts remain divided about the overarching market theme of Bitcoin, the more than 50% drop from peak to trough met the technical threshold of a bear trend.

Every cryptocurrency asset in the top 10 had an average trading volume above $1 billion/daily except Polkadot at press time. The importance of trading volume is evident during recovery since it indicates the level of activity associated with an asset. Polkadot’s lower volumes on average could be one of the reasons DOT hasn’t picked up significant recoveries compared to other top assets.

Bitcoin Cash, Ethereum Classic, and Litecoin all registered higher than $1 billion/daily trading volumes, with BCH, ETC recording more than $3.5 billion. This article will try to analyze if these highly active assets are undervalued or whether their rankings are justified.

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Ethereum Classic: rising with time?
A stop-start bullish rally in 2021, Ethereum Classic rallied strongly during the end of April, reaching ~$180 from $29 within a few weeks. However, ETC’s rally was backed by more than just collective bullish momentum.

Over the past few months, the ETC community has been working towards a major blockchain upgrade, which the network will undergo in July. On June 10th, Stevan Lohja, lead developer of Mantis IOHK announced the Magneto upgrade, which will be inclusive of ETH’s Berlin upgrade features.

ระบบจัดการภายใน

Higher trading volumes at the moment might be also due to the fact that Digital Currency Group announced its plans to buy shares of Grayscale Ethereum Classic Trust.

So Ethereum Classics’ high trading volume is possibly justified as it accompanied by high development activity as well, which should eventually push the coin in the top 10 rankings.

Bitcoin Cash and Litecoin had $3.6 billion and $1.87 billion trading volumes, respectively over the past 24-hours. However, comparing both the assets’ active addresses presented a completely opposite picture.

Litecoin managed to maintain strong active addresses over the past few months in spite of the price drop but BCH registered low active addresses last witnessed during the beginning of January 2021.

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Comparing the market velocity of Bitcoin Cash, and Litecoin as well, Bitcoin Cash had extremely turbulent velocity which indicated that there was a lack of consistency in the direction of both buyers and sellers. Litecoin’s velocity was much more linear, indicative of the better distribution of the token between transactions.

Hence, it can be inferred that Ethereum Classic and Litecoin are probably justifying higher trading volumes at press time which may allow the asset to scale higher, whereas BCH’s volumes could be a false alarm, as its market remained in an uncertain loop.

LTC/USD Ready to Reclaim $150

Despite the rapid decline early this month, the Litecoin price prediction shows that the short-term bullish structure for the coin is still intact.

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LTC/USD Market
Key Levels:

Resistance levels: $175, $195, $215

Support levels: $110, $90, $70

Litecoin Price Prediction
LTCUSD – Daily Chart
Buy Litecoin Now
LTC/USD is still moving sideways around the 9-day moving average within the channel. However, the Litecoin price is currently hovering at $139.98 after the bears took over from the bulls early this month. Today, an early trading session towards the $150 level failed to generate sustainable gains, with the Litecoin price slipping back below the daily high at the $141.41 level.

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Litecoin Price Prediction: Litecoin (LTC) Not Ready for Uptrend
According to the daily chart, the longer the pair fails to rally from current trading levels, the greater the chance that we may see the cryptocurrency falling below the 9-day moving average. A break below the $135 support level may provoke the Litecoin price to decline towards the $110, $90, and $70 support levels.

However, the current market movement reveals that the Litecoin price may continue the bullish movement if the 9-day MA crosses above the 21-day MA. Meanwhile, the daily chart reveals that LTC/USD needs to break the technical region of the $150 level which is above the upper boundary of the channel which may cause the coin to reach the potential resistance levels of $175, $195, and $215. Nevertheless, the technical indicator Relative Strength Index (14) is moving above 40-level, which shows that the market may follow an uptrend.

Against Bitcoin, the Litecoin price is currently facing the downside. The market price is seen within the 9-day and 21-day moving averages. However, the bullish structure may not come to play now but the price has been following a descending support line since a couple of days ago.

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LTCBTC – Daily Chart
Meanwhile, the technical indicator Relative Strength Index (14) is likely to cross below 40-level, which may add more bearish signals into the market. Therefore, until the price either break out above the resistance level or break down below the 9-day MA, the direction of the trend is yet to be known. Moreover, if the coin breaks above the upper boundary of the channel, it coin reaches the potential resistance level of 4500 SAT and above while the supports remain at 3700 SAT and below.

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Weekly Walmart shoppers (21% yes/78% no) and weekly Amazon shoppers (29% yes/69% no) were more likely to invest in altcoins compared to those that never shop at the mega-retailers (8% yes/87% no and 3% yes/93% no, respectively). Not surprisingly, urban men (32% yes/65% no) were more than two times more likely, respectively, to purchase cryptocurrencies than their male and female counterparts-suburban men (12% yes/86% no), suburban women (3% yes/95% no), rural women (4% yes/92% no), and rural men (10% yes/89% no).

Cryptocurrencies are more than a fad! Even after the beating they have taken in the last month (we have been down this road before in the last few years) and the threat of SEC and IRS intervention, cryptocurrencies, such as, Bitcoin, Ethereum and even Dogecoin are bigger in value than some of the most recognized companies listed on the S&P 500. The blockchain technology and DeFi network that will be adopted by companies and individuals to create more secure, efficient, and faster transactions and contracts will change the world, no doubt. The big question is if the first examples (Bitcoin, Ripple, Ethereum, etc.) of this new technology will end up like Beenie Babies or become the new gold-a true store of value and counter to price inflation?

Zogby Analytics Poll Methodology
US Likely Voters
1/18/21 – 1/19/21

Zogby Analytics conducted an online survey of 873 likely voters in the US.

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Using internal and trusted interactive partner resources, thousands of adults were randomly invited to participate in this interactive survey. Each invitation is password coded and secure so that one respondent can only access the survey one time.

Using information based on census data, voter registration figures, CIA fact books and exit polls, we use complex weighting techniques to best represent the demographics of the population being surveyed. Weighted variables may include age, race, gender, region, party, education, and religion. The party breakdown for this survey is as follows: 37% Democrat, 35% Republican and 28% Independent/unaffiliated.

Based on a confidence interval of 95%, the margin of error for 873 is +/- 3.3 percentage points. This means that all other things being equal, the identical survey repeated will have results within the margin of error 95 times out of 100.

Subsets of the data have a larger margin of error than the whole data set. As a rule we do not rely on the validity of very small subsets of the data especially sets smaller than 50-75 respondents. At that subset we can make estimations based on the data, but in these cases the data is more qualitative than quantitative.