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•Posted by11 days ago

( Part 1 starting with Litecoin. I will cover Bitcoin Cash next )

I've seen a LOT of people talking about Litecoin and Bitcoin Cash price action especially in the daily. Been lurking and saw many discussions but overall it seems like most are confused. I'll try to help a bit with that with this post.

Let's start with Litecoin


https://i.redd.it/zmsaj83zvq9b1.png

Litecoin has drawn a lot of attention since the June lows with multiple outstanding rallies. Overall it's now up 183% since last years june lows. But just recently it is up 60% over a span of only 2 weeks with a +28% day a few days ago.

Smart Money knew already

Very interesting has been the LTC/BTC ratio during the bear market. Some that have paid attention to the alt coin market during all the blood last year have probably noticed as well that Litecoin usually diddn't even fall close as much as majority of the alt coins. And on green days it has been still performing well. While almost all top crypto bled against Bitcoin, Litecoin kept holding the level or went up. Clear sign of smart money accumulation.


https://i.redd.it/jzoqu5dxxq9b1.png
BUT WHY?

There are multiple reasons why bigger players have accumulated Litecoin during this bear market and the most obvious one is quite simple :

it survived in the past. You see, in Crypto you never know what alt coin will make it out of the bear market. In fact since 2017 only 41 assets have truly outperformed Bitcoin to this day.


https://i.redd.it/dj266ptjxq9b1.png
Adoption

So beside Litecoin being a Crypto Dinosaur it also has the advantage of having a high amount of adoptions, being known as "the crypto Silver" when people refered to Bitcoin as the "digital gold".Currently it is one of the most popular crypto adopted as payment next to Bitcoin and Ethereum and steadily on a rise.


larger business accepting LTC
Undervalued


https://i.redd.it/zef1lqgjwq9b1.png

Litecoin had been in a downtrend since forever in crypto terms. If you look far back to 2014 you can see how it was always in a decline against Bitcoin. The chart makes it also quite visible how just during this bear market it has gained momentum again. Combine this with the Adoption factor it's also an investment into future purchasing power which is very underappreciated by the crypto community. If major stores accept Litecoin and you accumulate it now cheap, you basically can use it to pay for goods in the long run when price rise again. Unlike the Fiat that keeps losing purchasing power overtime.

Litecoin used to be always at the top. An OG that survived multiple bear markets. Back then the top crypto were almost always looking like this through the years and rarely changed:


https://i.redd.it/o158jx1lwq9b1.png
MWEB upgrade

One of Litecoins biggest and impactful upgrades happened pretty much peak bear market. On the 19th May 2022 MWEB has activated, an upgrade will enable senders of LTC to hide their address and the amount of crypto they transfer, similarly to the way privacy coins Monero and Zcash operate. I'm not getting much into the topic here there are plenty of great sources out there but it had almost no price impact back then. Most likely because the average Crypto fan diddn't really care that much about it, about Litecoin nor investing in an alt coin during peak bear market.

Halving

The Next Litecoin Halving Event will happen on the 2nd August 2023. The first Litecoin halving date was in 2015 and the last Litecoin halving date was in 2019. This Litecoin halving event will mark the third halving in Litecoin's history since its launch in 2011. Over the last years ahead of the halving Litecoin always performed very well almost similar to now against Bitcoin. Another reason for smart money to accumulate Litecoin over the last year.


https://i.redd.it/mm2pdihxwq9b1.png
Regulations "proof"

Another good reason for the recent price action is the huge regulation Drama that hit the crypto markets. Some were declared a security and the general sentiment turned towards uncertainity what exactly the "unregistered security" label could mean and impact their holdings.

Gary Gensler himself said a longer time ago that Litecoin, Bitcoin & Bitcoin cash are not securities. Because

"Bitcoin came into existence as mining began as an incentive in validating the distributed platform, with no initial token offering or pre-mined coins.

Litecoin and Bitcoin Cash, both forks off of Bitcoin, do not appear to trigger the Howey Test either."

Additionally it was also deemed a commodity in a CFTC lawsuit filing against Binance just recently.


https://i.redd.it/tvlgnyfbxq9b1.png
Manipulation?

And obviously as many rallies in the free market Litecoin Pump is not a coincidence. During peak illiqudiity, low volume it is very likely that the smart money already accumulated a large bag cheap over the last year pumped up the prices without heavily increasing their average buy price.


https://i.redd.it/d8el5mqzwq9b1.png

Visible on the chart is how low the volume overall on Litecoin always was. Plenty of time for smart money to accumulate without noticing, not having a large price impact and there was also barely any trading interest in Litecoin over the last year. Until in late november during the first bigger rally on Litecoin the Open Interest really started going up. Since then it almost tripled to this day. Traders jumped in, interest increased, money came in, the rallies started and Litecoin was climbing up the Crypto ladder.

Additionally, the largest short liquidation happened in the recent spike for litecoin since 2021.

That's really impressive considering the general illiqudiity & low interest in the alt coin market. This was another reason to fuel the ongoing climb. Now everyone talks about it again, it's back in the top 10 and people are very interested what will happen next in ~30 days with the halving. It's safe to say the short squeeze and other rallies were fueled by some larger entities knowing very well the underdog they've accumulated for cheap ~$50-$70 over the last year has a good chance to catch some momentum right now.

The traders interest based on the chart is currently as high as during peak bull run november 2021 so you can most likely expect equally volatility happening over the next weeks as you've seen recently.

Hope you enjoyed reading this post and I hope it'll help you understand the reasons behind Litecoin's price action recently. I'll do Bitcoin cash next very soon

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•Posted by13 days ago

The LTC network processed over half a million daily transactions for the first time in the quarter. It came close to the number of daily Bitcoin transactions for May.


LTC daily transactions


Some additional LTC highlights of 2023:

  • A new crypto exchange (EDX Markets) that launched last week and is backed by big Wall Street heavyweights Charles Schwab, Citadel Securities and Fidelity Digital Assets, has opted to allow its traders - institutional investors only - to start trading with BTC, ETH, LTC & BCH

  • After the latest pump, LTC re-entered the Top 10 of CoinMarketCap (currently #9)

  • In a tweet on June 27, the Litecoin Foundation announced that the blockchain's hashrate had reached an all-time high of 957.22 TH/s

  • The LTC halving is in ~ 32 days => As of now, the block reward is 12.5 coins per block and will decrease to 6.25 coins per block post halving.

Sources:

(1) https://www.litecoinblockhalf.com/

(2) https://bitinfocharts.com/comparison/litecoin-transactions.html#3y

Thanks for reading :)

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•Posted by2 months ago

Hi guys, as you know I'm Venezuelan living here crypto enthusiast, weeks ago I posted my experience going to a supermarket where crypto is accepted here in Venezuela paying with Bitcoin, it was good.

I went again this time to buy some things I needed and this time I used Litecoin (encouraged by a fellow redditor that wants to remain anonymous), in theory it should be fast and cheaper and it was!


Purchased things

The cashier screen, after I told my I wanted to pay with Litecoin:


So 0.32757601 LTC, at the time it was 29.06 USD or 659.69 Bs. (Bolivares, national currency). You have to remember that the MONTHLY minimum "plain" wage is only 130 Bs. (5 USD), so this purchase was around 5x monthly minimum wage. Average wage is around 120 USD monthly.

And the transaction:

https://blockchair.com/litecoin/transaction/6db95bb9bc140125358396fd6b524ddc3668cc29e889969600a49d87ad65f505

The fee was 0 (Yes, 0 USD). It was really fast, less than 1-2 minutes for the 1st confirmation, they showed me a QR code, wait 1-2 minutes and done.

I would totally recommend it!

I couldn't hodl the LTC, anyway I was going to exchange them to Bolivares or USD to purchase the items shown in the picture, so if LTC goes to 1K that would make me feel better.

As always, inflation here is crazy (anything under 10% MONTHLY is like a miracle) and since 2007 , 14 zeroes have been removed from the currency (last time 6 zeroes in 2021).

Any question, suggestion or request let me know!

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•Posted by20 days ago
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•Posted by8 hours ago
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