why hasn t litecoin taken off
Still, several people believe that Litecoin could reach as high as $3,000 per token. Winners Who Won’t Take the W. For example, during the 2017 run up in LTC price, there were people working minimum wage (or … "In a market where altcoins have consistently underperformed Bitcoin for about 18 months and given that we have been consolidating for some time, the move is probably more than just traders taking profits and rotating into assets with historically better yields, but rather due to investors cutting losses while they have the chance," he stated. The demand for litecoin isn't there. Counterpoint: Most alt coins aren't supported by PayPal, Venmo, Visa, and Robinhood. Throughout 2020, the price of Litecoin hasn’t been easy to predict. After Lee disclosed this information, "people’s perspective of Litecoin changed," maintained Garcon. Litecoin has $0.30 average transaction fees. For cryptocurrencies, such as Litecoin, there are the true believers and the no coin folks. because everyone else says it is worth that price. This is mainly due to the worldwide coronavirus crash that occurred back in March. The value of Litecoin has struggled to recover since the February-March sell-off, which dragged essentially all financial assets to their lowest levels in years as investors hoarded cash amid the uncertainty related to the virus situation. As a result, litecoin "outperformed" at the start of the year, noted Mati Greenspan, senior market analyst for social trading platform eToro. One of such shortcomings is that Bitcoin takes time to process transactions which makes it difficult for it to be used as a means of payment. Litecoin is currently recovering from the strong bearish pressure it faced from 21-25 March. Press question mark to learn the rest of the keyboard shortcuts, Gold | QC: CC 71, ETH 26 | NANO 16 | r/WallStreetBets 39. Bitcoin = 21 million maximum coins at $51,000 each. Following is a transcript of the video. There’s your answer. Doesn't work on mobile. "Both of those currencies have large and devoted followings and developers, whereas LTC has...not much," claimed, Marouane Garcon, managing director of crypto-to-crypto derivatives platform. It has been bleeding a lot over the years compared to Bitcoin. © 2021 Forbes Media LLC. To potentially find CryptoWikis articles about the subject of this post, click here. Anyone considering it should be prepared to lose their entire investment.]. After all, blockchain solves many of the legacy problems of the gaming industry. Venmo only supports 4 cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Didn't Robinhood play a huge role in Dogecoin's popularity? ", Marouane Garcon, managing director of crypto-to-crypto derivatives platform Amulet, also weighed in, stating that litecoin's recent price decline "has more to due with the concerns about development and how they’re going to be funded going forward.". As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post halving. Not every cryptocurrency is supported on Coinbase (Example: Dogecoin). They are hardliners about crypto, either for or against. Resistance is a large concentration of sellers gathered at the same price. This is pure profit taking by people who are smart enough to know that LTC is neither bitcoin, nor is it ethereum," he stated. Lately I've been questioning why Litecoin hasn't taken off more among the cryptocurrency community. Bitcoin isn’t so highly valued because of its tech. LITECOIN bounced off that moving average, but unlike Bitcoin or Ethereum, it hasn’t been able to make new highs, which put the bullish trend in question. First Major Support Level: $220. "News of the halving pushed Litecoin prices" higher, said Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, after which traders booked profits. Litecoin started out at $3 and did more than a 100x to go to $375 at the all-time high. For projects similar to Bitcoin but different (and fix some of BTC's problems) look at Monero, Nano (the LTC founder owns some). Litecoin is Bitcoin without the institutional support and crypto without the best technology. So Why Hasn’t It Taken Off? The chart below helps illustrate the relationship between the digital currency's 30-day average tweet volume and its market capitalization: Litecoin's 30-day average tweet volume charted against its market cap. Looking at the Technical Indicators. Because is boring and old, no innovation, the founder checked out of the project...... Why buy litecoin when you can buy ETH or ADA or coins with a future? [ May 3, 2021 ] Litecoin Soars But Approaches Resistance Litecoin [ May 3, 2021 ] ‘PreMarket Prep’ Highlights Technical Level To Watch For Coinbase – Converted Organics (COIN) Coinbase [ May 3, 2021 ] Blockchain and Gaming Offer Vast Potential. He also spoke to litecoin's long-term sentiment score, emphasizing that it was the lowest of the five major digital currencies. LTC just feels like old tech there are so many other coins that do what LTC does faster and cheaper now like Algo, XLM. Frank added that "LTC is also experiencing the largest drop in long-term sentiment among any of the largest coins.". Being supported by Robinhood isn't exactly a point in its favor. I am a financial writer and editor who focuses on investments. They could even port them between different games, opening up new […] Fact 2: The next Litecoin block halving event is in two years, on August 5th, 2023 . Bitcoin = 21 million maximum coins at $51,000 each. Press J to jump to the feed. Previously, I created all the industrial finance training for a company with more than 300 people. Litecoin is already off to a strong start in 2021, setting a new high over the 2020 peak. Please contact the moderators of this subreddit if you have any questions or concerns. It would take substantial capital to take Litecoin to the price per Bitcoin, and Bitcoin would likely rise with it and absorb any chance of becoming bigger. How to Pay Off Credit Card Debt ... that haven’t quite kept up. "Now that the alt markets are sluggish, they're taking some profits off the table.". Only 7 cryptocurrencies are supported by Robinhood. Bitcoin has $27 average transaction fees. Since each transaction takes so much calculation, BTC transactions take … Dipasquale summed this up nicely, stating that: "Litecoin's price action has historically followed Bitcoin's, but currently LTC is facing negativity on multiple fronts.". By 2030, Litecoin might reach a … Hello r/CryptoCurrency readers. I am a financial writer and editor with strong knowledge of asset markets and investing concepts. Just wait and see when soon there will be a Litecoim craze then EVERYONE will wanna jump in and it’ll rise like Bitcoin did. Dogecoin mining is now linked with Litecoin mining. Please try out the following links: To sort comments by controversial first, click here. Stable coins have also impacted LTCs use case as well. Pushing beyond the current resistance level (red) on the USD pair, would also trigger the confirmation of an Adam and Eve bottoming pattern (blue). In proof-of-work cryptocurrencies like bitcoin and litecoin, mining is the process by … Litecoin outperformed the broader market, which climbed more than 200% in less than six months. Even after bouncing back, the digital currency is still far below its 2019 high. Fact #1: Litecoin is a deflationary coin, with four times the supply of Bitcoin, but the prices are significantly cheaper. Future of Work | Presented by Microsoft Teams, The Next Step | Small Business Video Series. So Why Hasn’t It Taken Off? The current market cycle, where Litecoin has been left far behind for too long now, and is ready for an explosive move. What Is Mining? The sentiment surrounding litecoin has grown weak lately, according to data provided by TheTIE.io, which analyzes social media activity. Fact #3: Litecoin is supported by Robinhood, Coinbase, and Binance. Litecoin price prediction 2021: a positive backdrop is setting the stage for a reversal. So Why Hasn’t It Taken Off? The coin was valued at $176 and has a market cap of over $11 billion. Ethereum $ 3,397.21 ETH 13.44 % The altcoin enjoyed these sharp gains ahead of the halving, which took place on August 5. Bison Trails Publishes A Research Report On Central Bank Digital Currencies, BlockFi Mistakenly Deposits Outsized Bitcoin Payments, Crypto Price Crash: Fear Sends Bitcoin Under $40,000 As Ethereum, Binance’s BNB, Cardano And Dogecoin Suddenly Collapse, ‘I Don’t Care What Elon Musk Says’—Bitcoin ‘Baron’ Dave Portnoy Reveals He’s Backing A Radical New Cryptocurrency Over Dogecoin Amid $500 Billion Price Crash, How Crypto Investors Should Trade The Ether Climbdown, Crypto Integration Is Key To The Dollar Remaining The Global Reserve Currency. Many projects have far surpassed Bitcoin in that regard. It might grow upwards and become one of the top 3 cryptocurrencies if it keeps on with the technological trends. Blockchain [ May 3, 2021 ... Barring another extended sell-off, Litecoin should steer clear of sub-$210 support levels. I don’t even know my self, my best guess is it simply doesn’t have the same recognition or stamp on the crypto currency market as Bitcoin. Who defines value? Could it be because of frauds, scams and security threats in general? You’re right with all that you said. Litecoin = 84 million maximum coins at less than $300 each. Okay, but I'm trying to understand why a smart person wouldn't jump into Litecoin now - before the August 2023 Litecoin halving event. Litecoin reached an all time high of $420 in 2017, and has yet to make its way back. Currently, I serve as VP of Content for financial services firm Quantum Economics. Since then, litecoin prices have recovered, trading between $70 and $80 over the last few days, additional CoinMarketCap data reveals. Adam: You ask, “Why hasn’t the Earth Observation (EO) industry taken off (yet)?” However, in summarizing the topic, you may have answered your own question. Although LTC transactions are confirmed four times faster than BTC’s, meaning that it’s a more practical choice for making everyday payments, this hasn’t translated into demand. "While price hasn’t quite declined yet to 2019 lows, 30 day average tweet volume on Litecoin is at its lowest level this year," said Frank. The altcoin (defined as a cryptocurrency other than bitcoin) fell to as little as $62.65 late last month, down more than 55% from its price of $146.43 in June, CoinMarketCap figures show. If block rewards will get cut in half every four years, wouldn't that automatically result in the price skyrocketing? For the Litecoin price prediction to become any more optimistic, “the silver to Bitcoin’s gold” needs to show that it has compelling use cases and increasing levels of adoption. Because it's basically the same as Bitcoin. Fact #4: Litecoin is supported by Paypal, Venmo, and Visa. With the retest now confirmed, Litecoin should push to $600 or more per coin. Either way I’m playing the smart move and investing and holding, I’m not selling my LTC, it can only exponentially grow from here. If we do the same simplistic math and extrapolate this rally for LTC in the future, then we’re going to get closer to a $900 Litecoin.” He added, “This ETH rally hasn’t finished… it could still rally more. To fill the gap that Litecoin wasn’t able to, some other forks were made that created some new coins. Only certainty is that btc will remain. Tim Enneking, managing director of Digital Capital Management, also painted a less-than-optimistic picture of the digital currency. One major cause that market observers cited was profit taking. Bitcoin Has Fallen More Than 50% From Its All-Time High—What’s Next? You may opt-out by. That's why you hold 50% in BTC. Earlier this year, Charlie Lee, creator of litecoin, reportedly told Litecoin Foundation director Franklyn Richards that "no one is interested in working on Litecoin protocol development work,” according to Trustnodes. Last year, the altcoin broke out from a massive Adam and Eve bottoming pattern, and has retested the neckline for support. If the upward price action were to sustain, LTC would soon come in contact with resistance at $209, there is also another resistance around the $243 mark; however, it is unlikely that LTC will reach that price level in the coming week. Technology like non-fungible tokens allows users to own their in-game assets, preventing the challenges of account theft. Litecoin hasn’t been the same since that announcement," he stated. By 2030, Litecoin would have gone through its 4th halving process, and it is expected to grow manifold. The median transaction fee is currently around $5.40, according to the website BitInfoCharts, but the average is more than $11, and it varies … "LTC's tweet volume peaked in June alongside market cap and has since seen a decline of over 50% since June highs," he noted. More posts from the CryptoCurrency community. It's suppose to vastly improves the privacy of the blockchain while also enhancing its scalability. It all sounds very compelling on paper, but in the six years since the launch of Ethereum, blockchain-based gaming still hasn’t taken off in any meaningful sense. ews of the halving pushed Litecoin prices" higher, said, Joe DiPasquale, CEO of cryptocurrency hedge fund manager, litecoin "outperformed" at the start of the year, noted, Mati Greenspan, senior market analyst for social trading platform, Now that the alt markets are sluggish, they're taking some profits off the table.". Litecoin (CRYPTO:LTC) is trading higher Monday but the rally may end soon. Between March 8th and March 12th, the price of LTC crashed from $51.18 to $30.49, its lowest price since December 2018. All Rights Reserved, This is a BETA experience. *This article has been contributed on behalf of Paxful. Litecoin; Ripple; Altcoin; Live Rates; Shop; Breaking News [ May 3, 2021 ] Blockchain and Gaming Offer Vast Potential. This, along with the fact that Litecoin is one of the big four on Coinbase, many experts think that whatever happens in the future, Litecoin will surely remain one of the altcoins that keeps standing strong. You would think people would want to get ahead of that (when prices are still cheap). One major cause that market observers cited was profit taking. Fact #7: In 2014, Litecoin and Dogecoin merged mining. Why hasn't Curecoin taken off? By JC Kim, co-CEO Planetarium Blockchain for gaming has long been thought of as the perfect c "It threw everyone into a panic. Litecoin price news. I'm a bunny rabbit, I like to pull numbers out of my ass. Litecoin, which has in the past been called the silver to bitcoin's gold, has been struggling with many difficulties. "In fact, miners have begun to abandon the network after the reward-reduction, which is why the hash rate is falling and concerns are being raised about the network's security.". When we are in a bull market ltc will grow exponetially, but people are now realizing that many coins can die out, including ltc. The chart below depicts the long-term sentiment of these cryptocurrencies: Long-term sentiment scores of major cryptocurrencies. Opinions expressed by Forbes Contributors are their own. It is very popular in Japan but has failed to take off in other parts of the world. I don't think it is fair to compare it to bitcoin at this point, as their use cases aren't necessarily the same anymore. "In the absence of new capital flow, transaction volumes have remained tame and the August halving has failed to push the price higher," he added. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. MINING-STAKING It's arguably the only crypto that is backed by tangable results, and also has a decent project behind it, Washington University in St. Louis made the F@H project. It's not like you can buy Dogecoin on Coinbase right now. Litecoin increased the speed at which transactions were processed from Bitcoin’s 10 minutes to 2.5 minutes. Litecoin prices have declined sharply from their 2019 high, suffering significant losses as the digital currency struggles with numerous challenges. He doesn't own any coins because he believes it creates a conflict of interest. PayPal only supports 4 cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. When explaining the cryptocurrency's notable decline, analysts have pointed to several factors. I am a bot, and this action was performed automatically. Litecoin's creator is a well-known person who is deeply involved in Litecoin's development. Haven't the Litecoin developers been working on the MimbleWimble Extension Block upgrade to improve fungibility and privacy? The digital asset rallied from roughly $30 at the start of 2019 to nearly $150 in June, rising more than 375%. Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. Litecoin (LTC, MC: ~1.6B USD) — this cryptocurrency’s main feature is that it is much faster to transact. An author of more than 500 publications, my work has appeared in mediums such as New York Post, Washington Post, Fortune, CoinDesk and Investopedia. I have worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. However, this relationship has broken... [+] down lately. A similar pattern might also be forming on the LTCBTC trading pair, coinciding with a high timeframe falling wedge. By JC Kim, co-CEO Planetarium Blockchain for gaming has long been thought of as the perfect combination. "This is pure profit taking by people who are smart enough to know that LTC is neither bitcoin, nor is it ethereum," he stated. I currently hold Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS. Litecoin is ready to take off against the dollar | Source: LTCUSD on TradingView.com. In 2021, Litecoin is still considered one of … "Litecoin hasn’t been the same since that announcement," he stated. "We have seen a very strong correlation between tweet volumes and market cap of Litecoin," said Joshua Frank, cofounder of TheTIE.io. Moons reward posters, commenters, and moderators for their contributions to the subreddit. Watch the video above for a few reasons why virtual reality still hasn't taken off and how it can become the next big thing. It’s getting close to a resistance level. Monacoin is one such coin that was created to be used primarily as a peer to peer payment system. Litecoin prices have frequently followed those of bitcoin. BTC-1.09 %. Listening to Richard Branson over the past 20 years, you'd be forgiven for assuming that space was by now being frequented by lots of tourists. "Both of those currencies have large and devoted followings and developers, whereas LTC has...not much," claimed Hendricks. If no one is willing to work on Litecoin and develop it then why should anyone invest in it?". Too many of these coins are not different enough like LTC, BCH, Bitcoin SV, etc for people to care. [Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. There’s nothing that says each coin should be worth thousands. But 5k seems good. Bitcoin $ 56,825.48 56,825.48. They are distributed monthly and used to weight your vote on polls. Lastly, Feathercoin was created just like Litecoin Cash to improve the mining process to speed up the process even further. Litecoin = 84 million maximum coins at less than $300 each. The second major support level at $213 should limit the downside. Yeah, should be at least 5k. Litecoin is often described as silver to Bitcoin’s gold. Dave Hendricks, cofounder and CEO of digital asset management platform Vertalo, offered a similar point of view. Currently, I serve as VP of Content for financial services firm Quantum. Fact #6: Litecoin has cheaper transaction fees. And they’re just not buying and hodling LTC. If you want a store of value just buy BTC. The buyers and hodlers. I am a financial writer and editor with strong knowledge of asset markets and investing concepts. Bitcoin's creator is an anonymous person who owns 1 million coins (5% of entire supply). To contribute to CryptoWikis, click here. This means they made it possible to mine both coins in the same process. It’s valuable because it was the first and is a name brand synonymous with cryptocurrencies in the eyes of many people, Litecoin will never have that same recognition, and its tech relative to new projects isn’t good enough to make it stand out, Bitcoin has way more good will on its balance sheet than any other coin. With so many other alts available since the last bull run, LTC has little value proposition, IMO. The digital asset rallied from roughly $30 at the start of 2019 to nearly $150 in June, … Like the other coins, it hasn’t really taken off as an alternative to Litecoin. The leading community for cryptocurrency news, discussion, and analysis. This could all end soon, and if the move ends up similar to what happened with Dogecoin, “teleport” is an appropriate term to define just how quickly the upside unfolds. I have spoken at industry events across the world and delivered speeches on financial literacy for Mensa and Boston Rotaract. "Of course, traders are taking profits from an asset with no mass appeal, an ever-expanding competitive landscape, no exciting developments to rally around and a founder with no skin in the game. Fact #1: Litecoin is a deflationary coin, with four times the supply of Bitcoin, but the prices are significantly cheaper. The most likely explanation is that long-term investors are cashing in on their gains. If a payment system, there are better alternatives. Why are Bitcoin and altcoins not taking off?
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