Tag: Altcoins

Litecoin Enters Top 20, Soared Over 28% in The Last 7 Days, Here Is Why

by Blockchain News

According to CoinMarketCap, Litecoin’s price shows an impressive bullish trend, which is worth analyzing.  The token price has risen by 28.05% in the past seven days and has subsequently entered the top 20, as per the price-tracking website for crypto assets.

At the time of writing, the price of Litecoin (LTC) was $68.65, with a 24-hour trading volume of $1,400,844,453. The token has been down 1.59% over the last 24 hours. The cryptocurrency is ranked #19, with a live market cap of $4,912,922,846, according to CoinMarketCap.

On October 21, Litecoin was worth $51.18 per coin. Like many cryptocurrencies, the coin has been affected by the overall crypto market downturn and is down 74% in the past year and 65% year to date. In comparison, Bitcoin is down about 69% over the past year and 59% year to date.

Litecoin opened in 2022 at $150.80, and today it is down by 54.39%. At the time of writing, the LTC price is $68.65, up 0.76% from the previous trading day.

On November 1, the price of Litecoin jumped nearly 8% after the payments company MoneyGram enabled users to trade and store several crypto assets, including Litecoin, on its app.

Besides Litecoin, Moneygram also allows users to trade and store Bitcoin and Ethereum. However, with Litecoin having a much smaller market cap and much less of a following, the news did not move Bitcoin and Ethereum in the same way it boosted Litecoin.

Moneygram announced that users in almost all US states and the District of Columbia can purchase, sell and hold Litecoin and other cryptocurrencies. As a result, Litecoin has recently disassociated itself from altcoins and posted a massive rally against Bitcoin.

The price of Litecoin is rallying after temporary decoupling from the crypto market. The token has experienced an increase in the number of addresses holding 1,000 or more LTCs. Litecoin has added 314 new whale addresses; these wallets hold large volumes of LTC and contribute to a huge increase in on-chain activity.

The recent activity in Litecoin price comes after months of consolidation at the $55 level. Litecoin value is now past the key resistance level at $60, which has served as a barrier to a breakout on several occasions.

Besides the price boost, a few days ago, Litecoin mining difficulty set a new record high, peaking at just under 18 million hashes. Blockchian.News reported the matter on November 6. The rise in Litecoin’s mining difficulty means the competition rises as more miners enter the crypto network to reap the rewards.

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Litecoin Mining Difficulty Hitting A New All-Time High Of 17.99 Million Hashes

by Blockchain News

Litecoin mining difficulty has reached a new record level at just under 18 million hashes, according to a post released on Friday by Litecoin Foundation on CoinMarketCap.

The increase puts Litecoin mining difficulty at 17.99 million hashes at block 2,363,707 as of Friday November 5.

Just like Bitcoin, Litecoin uses the proof-of-work consensus mechanism method. Miners of both cryptocurrencies race to complete extremely challenging math puzzles using a hash algorithm in order to achieve consensus throughout their respective networks, win the right to add blocks of valid transactions to their blockchains, and earn block rewards.

The rise of Litecoin’s mining difficulty shows that competition among miners has increased, which is likely due to more miners joining the network. It means that cryptocurrency mining is becoming more popular and that making a worthwhile profit is getting harder.

The Bitcoin mining industry has become extremely competitive in recent years because of the massive surge of individuals looking to make a profit through mining the crypto.

Bitcoin is now the most challenging cryptocurrency to mine. Because Bitcoin itself is very valuable, the mining rewards are pretty hefty. Currently, the Bitcoin block reward stands at 6.25 BTC, equating to around US$130,000, as at the time of writing.

While increasing mining difficulty means that chances of making profits become more difficult, it is not always a bad thing. The higher a crypto’s difficulty, the more secure its network is. This is because a malicious group would need a huge amount of power to take over and control the network through a 51% attack.

Litecoin has experienced a rise in mining difficulty since 2020. While many miners find increasing difficulty levels very frustrating, as highlighted above this element of proof of work blockchains is undoubtedly vital. Without mining difficulty, these networks couldn’t maintain security and control their circulating supply as easily. So, while it may appear like a downside when it increases, it also serves an important role to the network and, therefore, to its users.

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Web3 Foundation Claims DOT is a Piece of Software and Not a Security

by Blockchain News

Web3 Foundation, a non-governmental organization headquartered in Zug, Switzerland has released an announcement that they have come to the realization that Polkadot’s native token (DOT) is only software and not a security because it has morphed.

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Their view is consistent with that of the U.S Security and Exchange Commission (SEC).

In a recent press statement made by Web3 Foundation’s Chief Legal Officer, Daniel Schoenberger, the staff of the United States SEC Strategic Hub for Innovation and Financial Technology (FinHub) released a framework for Investment contracts to analyze digital assets. 

The framework suggested that almost all digital assets that are being sold for the purpose of fundraising were initially meant to be a security in the hands of the initial buyer. 

The framework, however, also suggested that there also exists factors that could result in complaints, for example, a complaint that exists when initial digital assets initially offered are sold as a security and to be re-evaluated at a later date. This security therefore no longer exists under federal security laws in the U.S because it has morphed.

Daniel also highlighted that it has been three years since the interaction between Web3 Foundation and SEC. He reiterated that their discussions have been positive and have brought about a deeper understanding of the issues raised by the SEC while seeking solutions to address their concerns.

Web3 Foundation has also developed a workable theory on how token morphing can be adopted for decentralized projects such as Polkadot and other digital assets because aside from being offered for fundraising purposes lacks security-like properties.

The Launch of Polkadot

Polkadot was developed in 2016. The Polkadot is a representation of the vision of the Web3 Foundation founder Dr Gavin Wood to develop a decentralized internet which is known as Web3.

Polkadot is a sharded blockchain, which means it connects multiple chains into a single network, allowing them to process and exchange data in parallel while maintaining strong security guarantees between chains. By parallelizing the workload, Polkadot addresses major issues that have previously tempered with decentralized application development.

In a bid to delve into the digital educational sector, Polkadot recently partnered with edX to promote educational courses. 

The course outline covers blockchain and Polkadot technology fundamentals, as well as the Substrate blockchain framework and the Rust programming language. Users are permitted to try the courses free of charge without prior knowledge or experience.

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Musk’s Halloween Tweet Leads to DOGE, SHIB Uptrend

by Blockchain News

Elon Musk, the new boss of Twitter, has again made a crypto-realted headline that has shot up prices.

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Musk tweeted a photo of a Shiba Inu dog dressed in a shirt with a Twitter logo and a pumpkin with a Twitter logo on Halloween day, accompanied by a wink emoji as a caption. 

As expected, the prices of Musks’ favourite crypto Dogecoin (DOGE) and Shiba Inu shot up. 

DOGE shot up 14% within minutes following his tweet. However, the crypto shrank down to 12% at press time. 

While Shiba Inu also showed a big uptrend but not as much as DOGE, it rallied by around 5% to create a local high of $0.00001032. However, Shiba Inu’s uptrend also fell after the hype died down, and at press time, the pump was down to 4%. It was trading at $0.00001287.

Besides the tweet, the two cryptocurrencies were already hot as Musk had already hinted that DOGE would soon be incorporated with the Twitter platform.

Musk’s latest tweet post comes after his completion of the acquisition of Twitter with $44 billion.

Musk has been a vocal supporter of DOGE for years now. He also believes that DOGE is better than bitcoin for executing daily crypto payments.

Musk’s crypto-related tweets have always been market movers. 

DOGE also previously shot up in May when Musk tweeted that in the near future, his space venture company SpaceX would introduce payments with DOGE.

Bloomberg media on Saturday suggested several ways that Musk, who is one of the most significant crypto influencers globally, might bring more cryptocurrency into Twitter.

According to Bloomberg, if Musk decided to play a bigger crypto role on Twitter, there are some ways he could do it.

Bots and spam on Twitter have been a huge concern for Musk and helped trigger a contentious legal battle that put his acquisition of the firm at risk. The issue is particularly important in cryptocurrency, where spam accounts impersonate famous personalities like Musk in order to promote scams involving fake crypto giveaways.

According to Bloomberg, some crypto enthusiasts believe that Musk may advocate for the use of blockchain to help reduce bots on Twitter and authenticate all real humans on social media.

Freedom of speech is a priority for Musk, and he intends to lift the company’s lifelong bans on users. Those values align with those of most crypto believers dedicated to the ethos of the decentralization promoted by blockchain.

As per Bloomberg, Musk could potentially implement a token-based voting system that allows users to have more say over what occurs on Twitter. He also could add more crypto elements on Twitter to expand decentralization aspects and mainstream usage of digital assets.

Musk has already expressed ambitions of turning Twitter into a “super app.” In the past, he expressed admiration for China’s WeChat platform, which can handle things like messaging, games, payments, and video streaming.

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Aptos Token Price Surged over 30% following First Week of Trading

by Blockchain News

Since its launch, Aptos Price (APT) has entered the top 100 largest crypto market caps and showed the biggest return on the market after surging by more than 32% in the last 24 hours, according to data from CoinMarketCap, after significant post listings occurred across major cryptocurrency exchanges — including Binance, FTX, OKX, among others.

Aptos Labs, a startup founded by employees behind Facebook’s ill-fated Diem cryptocurrency, started trading for a week on Oct 17 with its blockchain mainnet Aptos as well as its native cryptocurrency.

Source: TradingView

Before its launch, Aptos was considered a potential “Solana killer” and made promises to make transactions faster and cheaper on a blockchain that supports non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized finance (DeFi) activity. Aptos boasted that it was capable of about 130,000 transactions per second. But during its launch on Monday, it was reported by an engineer from Paradigm that the blockchain was capable of less than seven transactions per second – less than the Bitcoin network.

However, Aptos co-founder Mo Shaikh responded to the allegation. While he was excited about the launch of the blockchain, he acknowledged that the slow start and the low TPS “were the results of the fact that the network was underutilized, and this was only from growing pains.”

Despite being a new token, APT has managed to situate itself in the top 60 standings in terms of market capitalization size. Currently, Aptos (APT) is ranked 44 out of more than 13,000 listed crypto coin projects today, as per data from CoinMarketCap.

The reasons why APT is succeeding in the market are based on three factors, negative funding rates, VC’s support, and the market’s recovery.

So far, the Aptos price has rallied 32% while funding rates have become negative. This means that shorts are paying longs. Funding rates may sometimes act as an initiator for a reversal as opening more short positions become more expensive, and bulls get support from market makers. Normally after funding rates become negative, they are paying bulls, as illustrated by figures below. 

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It is not a secret that before the listings of Aptos coin on large exchanges, the cryptocurrency already received a massive amount of support from institutional investors tied to the project to Meta’s Diem crypto project. The launch of Aptos came after the blockchain platform raised $200 million in March, backed by Andreessen Horowitz, Coinbase Ventures, FTX Ventures, Multicoin Capital and other big crypto venture capital firms.

Despite the 50% plunge, Aptos remains one of the biggest digital assets on the market, and the potential market recovery brings some support for the token.

At the time of writing at 09:23 PM, EAT (Eastern Africa Time) on Sunday, APT was trading at $9.60 with a 24-hour trading volume of $1,530,266,354, according to CoinMarketCap. Aptos coin is currently ranked #44, with a live market cap of $1,202,252,216, according to CoinMarketCap. It has a circulating supply of 130,000,000 APT coins, and the max.

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Altcoin Watch: Top 3 Tokens with Poor Performance over the Past Week

by Blockchain News

Many things reshaped the dynamics of the digital currency ecosystem over the past week, with the most significant being the resignation of Liz Truss, the Prime Minister of the United Kingdom.

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While the stock market in the UK showed positive growth over the news, the crypto market was left in a state of uncertainty, and this showed in the performance of some altcoins in the week-to-date period.

In this week’s Altcoin Watch edition, we present three of the worst-performing tokens, giving investors a compass to guide their observation of trends in the crypto ecosystem this week.

Axie Infinity (AXS)

Axie Infinity is a top digital token in the Play-2-Earn (P2E) ecosystem, and its partially owned and operated by its players. The coin has seen its worst days this year and is currently changing hands at $8.92, down from its 52-week high of $165.37 per data from CoinMarketCap.

Axie Infinity is among the worst-performing tokens of the top 100 coins, and while the industry considers gaming as the future of the ecosystem, the chances AXS will recoup and retest its best price remains bleak in short to mid-term.

Ethereum Name Service (ENS)

Ethereum Name Service is a distributed, open, and extensible naming system based on the Ethereum blockchain. The protocol has continued to carve a niche for itself in the broader ecosystem as one of the industry’s most popular name service providers.

However, investors have not favoured the digital currency over the past week, with its price of $16.70, trading down by 15.51% over the past week. With a mild rejuvenation sweeping through the market, ENS can pare off some of these losses, but traders will need to exercise caution per its freefall.

Waves (WAVES)

Waves is a multi-purpose blockchain platform that supports various use cases, including decentralized applications (DApps) and smart contracts. While Waves is known as one of the highest-performing coins over the past few months in relative terms, it was trading down 9.66% at $3.19 during the intrday.

The coin has high volatility and a good propensity to recover its gains, but like other profiled altcoins, caution should be exercised when dealing with the coin.

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Brazil’s Nubank Set To Launch Digital Currency On Polygon Blockchain

by Blockchain News

Nubank, a fintech bank based in Brazil, has announced it’s set to launch its own digital token called Nucoin which will be available by the first half of 2023.

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According to the announcement, Nucoin will be used in the bank’s plans as part of its loyalty program to offer customers discounts and benefits.

Nucoin will be built on the Polygon blockchain.‘’The idea is to use the technology and technical support of the Polygon network to develop and expand the digital currency,’’ said Nubank in the announcement.

Sandeep Nailwal, the co-founder of Polygon, said in a statement, “One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility blockchain and crypto have to offer.’’ 

As of this month, a total of 2000 selected customers will be picked to test out the token and discuss more the project details, its decentralization process, and web3 features.

Launched in 2013, Nubank is one of the leading fintech banks based in brazil. The firm aims to empower individuals by reinventing financial services. 

In May, Nubank announced its partnership with Paxos to allow its clients to buy, sell and store cryptocurrencies through its crypto app, Nucripto. 

This move aimed to expand and improve its customer’s access to crypto assets. And could also be an advantage to the company’s upcoming token launch Nucoin, as the bank stated Nucoin would also be traded in the cryptocurrency market.

Additionally, in July, Blockchain.News reported that Nubank’s crypto app Nucripto reached a total of 1 million users. A milestone the firm already projected to reach within a year of launching the app.

Nubank is not the only firm in Brazil adopting cryptocurrency. In August, Brazil-based cryptocurrency exchange Digitra.com launched its first digital asset trading platform backed by Nasdaq’s cloud-based crypto trading service.

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Altcoin Watch: Top 3 Tokens for Better Entry- QNT, HT & AR

by Blockchain News

The digital currency ecosystem is currently experiencing a massive valuation plunge as the cryptocurrency industry is still trying to find a balance after the United States Bureau of Labor Statistics (BLS) released the inflation data in September. 

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The Consumer Price Index (CPI) came in at 8.2% for the past month showing the ongoing interest rate hikes, the last of which was 75 basis points, are not yielding good fruits at this time. The resultant reaction plunged the traditional market into chaos, and the resultant ripple effect was experienced in the broader digital currency ecosystem.

The combined crypto market cap was down 0.31% at the time of writing and pegged at $921 billion. With the seemingly bearish trend, here is a brief rundown of altcoins entering the new week with impressive weekly performance.

Quant (QNT)

For the second time in a row, Quant is trending as one of the top performers in the ecosystem with a 22.46% to $192.68 per data from CoinMarketCap. The coin has been on a massive uptrend for the better part of this month, and investors may need to watch well before leaping into acquiring this token moving forward. This is because a mild correction may be underway in the short term.

Huobi Token (HT)

Huobi Token is the native coin of the Huobi Global exchange. The coin has printed as much as 72.16% to $7.07. The Huobi token is flying on a massively bullish trend with the news of the exchange being acquired by About Capital Management, with reports of links to Tron’s founder, Justin Sun.

With the change of ownership, investors believe the exchange may be well-capitalized and positioned to finance its current global growth.

Arweave (AR)

Arweave is a decentralized storage network that seeks to offer a platform for the indefinite data storage. Since its inception, the protocol’s adoption has grown remarkably; thus far, this adoption has been reflected in its token price growth.

The coin is changing hands at $10.06, up 13.50% over the past week.

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Top 3 Crypto Gainers as Market Sees Flat Recovery: XRP, QNT, and CSPR

by Blockchain News

The digital currency ecosystem is seeing a general flat growth over the past 24 hours, evidenced by the combined crypto market cap, which was up 0.25% to $945.82 billion. 

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The past week, as usual, has been filled with a lot of ups and downs for the top digital currencies, all of whom have managed to pare off some of the steep losses accrued in the trailing 7-day period. 

With bankruptcy rocking the crypto world and known companies losing their top executives, the upset in the industry is only climbing more. However, amidst all these, XRP, Quant (QNT), and Casper Network (CSPR) have stood out over the past week.

XRP (XRP)

Arguably one of the most resilient tokens since the start of the crypto winter, further compounded by the fact that it is at the centre of the legal battle between the United States Securities and Exchange Commission (SEC) and its associated blockchain payments company, Ripple Labs Inc.

At its current price of $0.5403, XRP has seen a 16.98% growth over the past week, reiterating how much of a bullish run it has printed in that time frame per the chart below.

Quant (QNT)

Quant is consistently top-performing and is known to have featured in the previous Blockchain.News altcoins watchlist. Currently changing hands at $157.63, up 6.57% in the past 24 hours and by 17.20% over the past week, the token is notably one of the altcoins to watch for the coming week.

Quant is notably expanding its ecosystem and relevance by a large factor as a protocol to connect blockchain protocols on a global scale.

Casper Network (CSPR)

The Casper Network recently made it to the top 100 biggest cryptocurrencies list by market cap. Investors have taken their time to ascertain how revolutionary the protocol has been since its token sale in Q1 2021.

Branded as a functional, highly efficient, low-energy consuming layer 1 protocol, Casper adoption and token price growth took a new dimension this past week.

While its price is slightly below its weekly high, the current $0.03634 came by following a 24.94% growth over the past 7 days, the highest of the top 100 coins surveyed over the same timeframe.

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SUSHI Price Posts Significant Leap Amid GoldenTree’s $5.3M Stake in Sushiswap

by Blockchain News

The price of SushiSwap has risen by 23.76% in the last 7 days. The price rose by 2.99% in the last 24 hours. In just the past hour, the price grew by 0.39%. At the time of writing, the current price is $1.35 per SUSHI, according to CoinMarketCap. SushiSwap is 94.15% below the all-time high of $23.38.

SushiSwap price has made a strong surge this week as investors react to several important developments within the ecosystem. First, on Monday, Sushi DAO changed its leadership team and as a result elected Jared Grey as the “head chef”, the equivalent of a CEO.

Grey, the CEO at crypto exchange Bitfineon and former CEO of decentralized finance (DeFi) platform EONS, is a highly experienced professional who has established many crypto startups in the past few years. In a statement, Grey said he wants to bolster engagement on the Sushiswap platform, improve the exchange’s internal organization as well as focus his time on revenue and market share growth.

Multiple technical analysts on Twitter also believe SUSHI’s recent positive performance is tied to the recent investment by GoldenTree Asset Management in Sushiwap. On Wednesday, GoldenTree invested about $5.2 million in the SushiSwap governance token. GoldenTree disclosed a $5.3 million token stake in decentralized exchange (DEX) SushiSwap – a development that sent the SUSHI token surging 13% as bullish investors piled in.

GoldenTree explained the reason for such investment, stating that it has been amazed by the resilience of both SUSHI’s core team and the community in the face of challenges, “as they continued to build and release top-tier products.”

The renewed bullish activity surrounding the Sushiswap token is reflected in the rising social volumes, supported by a surge in the weighted social sentiment, as result bolstered the recent price growth.

SUSHI community elections and GoldenTree’s announcement came when interest in SUSHI was seeing an uptick. Between October 4 and October 6, active addresses on the SUSHI protocol rose from 306 to peak at 811, though currently, the figure stands at around 700.

The token’s trading volume also rose from $32 million on October 1 to peak at $201 million on October 6, according to Santiment data. SUSHI’s supply distribution also indicates that addresses holding 10,000 to 100,000 tokens and 100,000 to 1 million tokens surged with the uptick in prices as whales sought more accumulation.

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Bitcoin (BTC) $ 27,224.29 1.67%
Ethereum (ETH) $ 1,908.29 2.48%
Litecoin (LTC) $ 95.26 1.71%
Bitcoin Cash (BCH) $ 114.75 1.14%