Litecoin Price Analysis - There might be blood

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magic8ball
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Litecoin Price Analysis - There might be blood

Fri Aug 03, 2018 5:38 pm

Litecoin (LTC) has dropped more than 15% in the past 10 days, and is now down ~80% from the record high posted in December. The LTC market cap is the 7th largest among coins tracked by bravenewcoin.com, at US$4.34 billion, with exchange-traded volume of US$253 million in the past 24 hours.

Among the 17 coins with a market cap greater than US$1 billion, LTC sits in the middle of the pack in terms of gains and losses over the past month. The Pearson Coefficient of LTC and BTC has been 0.89 over the past three months, suggesting that both coins are highly correlated. Stellar (XLM) surpassed LTC in market cap earlier this month on a string of bullish news.

There have also been several LTC related announcements recently. Reddit has decided to re-enable crypto payments, and will likely include LTC with Bitcoin (BTC) and Ethereum (ETH). Crypto payments had been disabled after network fees made transactions for Reddit Gold purchases uneconomical. Reddit co-founder Alexis Ohanian has been a strong supporter of cryptocurrencies as a digital store of value.

The exchange Gemini is rumored to be adding more crypto pairs, including LTC, which may then allow for futures trading at the Chicago Board Options Exchange (CBOE). Gemini currently enables trading the BTC, ETH, and Zcash (ZEC) pairs. ZEC experienced an immediate 45% jump on the Gemini listing announcement. Aside from futures trading, the CBOE also has a pending Bitcoin ETF application and has strongly supported the addition of future crypto financial products.

The UK exchange Crypto Facilities launched an LTC futures contract in late June. Crypto Facilities also provides the Chicago Mercantile Exchange (CME) with index data for BTC and ETH. Terry Duffy, CME CEO, has recently said that the CME won’t add more crypto futures anytime soon.

On July 10th, Charlie Lee, creator of LTC, announced the Singapore-based LTC Foundation and Token Pay entered into a strategic partnership to buy a stake in a German bank, WEG Bank AG. Lee expects to receive a board position at the bank and influence further crypto adoption. The partnership came about due to a lack of reliable crypto banking processors.

On July 12th, the retail trading app Robinhood added LTC for commission-free trading. Robinhood is available to residents in 17 U.S. states. With four million accounts created in the past year, Robinhood has surpassed E-Trade in size, and was recently valued at US$1.3 billion.


https://bravenewcoin.com/news/litecoin- ... -be-blood/

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