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Crypto Legend Bashes Litecoin After Rally Near $100, Buy Bitcoin Instead

Last year, Charlie Lee, the creator of Litecoin, sold all his LTC holdings in a now-infamous move. While the crypto insider attributed this sudden move, which came as Bitcoin (BTC) effectively peaked, to a bid to avoid conflicts of interest, affirming that he believes in the cryptocurrency of his creation, many called for Litecoin to…

Crypto Legend Bashes Litecoin After Rally Near $100, Buy Bitcoin Instead

Last year, Charlie Lee, the creator of Litecoin, sold all his LTC holdings in a now-infamous move. While the crypto insider attributed this sudden move, which came as Bitcoin (BTC) effectively peaked, to a bid to avoid conflicts of interest, affirming that he believes in the cryptocurrency of his creation, many called for Litecoin to fail.

And for much of 2018, these critics were seemingly proved right, as LTC fell from a peak of around $350 to a disastrous $22 by mid-December 2018. By then, traders began to write post-mortems for the long-standing digital asset, claiming it was breathing its last breaths. But, LTC began to show signs of life at the 11th hour, and it hasn’t ceased its return to prominence since.

In December 2017, @SatoshiLite told us that $LTC could retrace all the way down to $20.

In December 2018, $LTC bottomed out at $22.

I have yet to see a more accurate prediction about any crypto. This is crazy.

— The Crypto Monk ⛩ (@TheCryptoMonk) April 3, 2019

Buy Bitcoin, Sell Litecoin

As reported by NewsBTC previously, Litecoin has had a stellar past three months. Prior to Bitcoin’s recent foray above $5,000, the asset was up 160% from its lows from a U.S. dollar standpoint. And following Monday’s rally, LTC continued even higher, as altcoins found legs once again in what some have fittingly dubbed “altseason.” Litecoin sits at $85 (it reached nearly $100 on Wednesday night), as of the time of writing this, and continues to show bullish tendencies as Bitcoin and most other cryptocurrencies have stalled.

Related Reading: Here’s Why Litecoin Price Has Been Surging Since December 2018

While traders have been thoroughly pleased by Litecoin’s monumental price action, Galaxy Digital’s Mike Novogratz recently questioned its fundamentals in a scathing Twitter quip. Novogratz, a proponent for primarily Bitcoin and Ethereum, explained that silver’s $15 billion market capitalization is 0.17% that of gold, which sports a hefty $8.5 trillion valuation. But, LTC — being historically the silver to digital gold Bitcoin — has 6.4% of BTC’s market capitalization.

Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don’t get this rally. Sell $ltc buy $btc.

— Michael Novogratz (@novogratz) April 3, 2019

Although many see this as a non-issue, especially considering the often irrational nature of the cryptocurrency market, Novogratz then had choice words for Litecoin’s unofficial classification as a “glorified testnet for Bitcoin.” In 2017, Segwit, a scaling solution, activated on Bitcoin’s little cousin before Bitcoin itself. Even many times prior to and following that technical implementation, Litecoin was the testing ground for certain protocols meant to launch on Bitcoin.

And with that, Novogratz concluded that he doesn’t comprehend why LTC is rallying, quipping that they should sell that asset and purchase Bitcoin instead.

Litecoin Looks To Separate From The Crowd

While Novogratz seems to be certain that Litecoin has no long-term staying power in its current form, Charlie Lee is trying to make sure that this sentiment isn’t perpetuated. Over recent months, the former Coinbase employee has done his utmost to keep Litecoin’s ecosystem fresh and active through newfangled ventures. One such venture took the form of a push for privacy and fungibility, a much-needed monetary characteristic currently absent from market leaders Bitcoin and Ethereum. As Lee explained to NewsBTC in a recent interview:

“Just recently, we’ve been working hard on trying to add more fungibility into the Litecoin protocol. So what we’re looking at now is doing a MimbleWimble extension block upgrade for Litecoin. So we’re doing a lot of research into that about how we could make such an implementation in a safe way. We want more fungibility and privacy in the ecosystem.”

Related Reading: Exclusive: What Charlie Lee Thinks Will Drive Crypto Adoption

Developments have been slow on this front, but the Litecoin Foundation has made waves in other fields. In late-2018, the official LTC logo appeared on the mat of a UFC event, leading to martial arts legend Ben Askren taking to Twitter to overtly laud cryptocurrencies and LTC, purportedly leading to an influx of exposure, “driving a lot of new people into this space,” as Lee explains. Thus, it could be argued that the continued existence of the cryptocurrency is a net benefit to the broader ecosystem, rather than a detriment.

Even if all these ventures fail, LTC could still rally further from here. As established in an array of other reports, the blockchain’s historical block reward reductions have single-handedly pushed LTC higher by hundreds of percent. And with the next so-called “halving” rapidly approaching, some are adamant that this asset could see further gains, and may potentially even be the spark that kills the Bitcoin bear once and for all.

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Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 15

HitBTC exchange.” data-reactid=”28″ type=”text”>Market data is provided by the HitBTC exchange.As the Bitcoin rally picked up momentum, the volume also spiked higher. Bitcoin futures on CME made a new record as the number of traded contracts reached 33,700 on May 13, which was way higher than the previous record of 22,500 contracts that exchanged hands…

Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 15
HitBTC exchange.” data-reactid=”28″ type=”text”>Market data is provided by the HitBTC exchange.

As the Bitcoin rally picked up momentum, the volume also spiked higher. Bitcoin futures on CME made a new record as the number of traded contracts reached 33,700 on May 13, which was way higher than the previous record of 22,500 contracts that exchanged hands on April 4. While increasing volume is a positive sign, a huge spike in volume can, at times, signal panic buying for the fear of missing out on the gains.

This is also a time when a number of rumors will crop up that can result in short-term spikes. One such rumor was that eBay will start accepting cryptocurrencies, but the same was denied by the company.

United States crypto exchange and wallet service Coinbase has expanded operations in 50 more countries and has introduced USD Coin (USDC) trading in 85 more countries. While this increases the reach of cryptocurrencies. It also provides an opportunity to the people living in inflation-hit nations to escape devaluation of their fiat currencies. Meanwhile, the U.S. Securities and Exchange Commission has postponed its decision on the Bitcoin exchange-traded fund application by Bitwise Asset Management.

Shark Tank’s Kevin O’Leary, based on his personal experience in using Bitcoin for a real estate transaction, has termed the coin as a useless form of currency. We believe that as the markets mature, these troubles will be a thing of the past. Hence, people should look into the future rather than dwell in the past.

BTC/USD

After the sharp run-up of the past few days, Bitcoin (BTC) is taking a breather. It is facing some profit booking close to the overhead resistance of $8,496.53. The digital currency can either enter into a consolidation or a correction from these levels.  

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The first support on the downside is at $7,413.46 and if this level breaks, the slide can extend to the 20-day EMA. We expect one of these supports to stall the pullback. Both the moving averages are trending up, which shows that the BTC/USD pair is in a bullish grip. However, the RSI is deep in overbought territory, which suggests that buying has been overdone in the short term.

Traders can keep the stop loss on the remaining long positions at $7,100. We will watch for the next two days and if the bulls fail to push the price above $8,496.53, we will suggest booking profits on the complete position. On the other hand, if the pair breaks out of $8,496.53, it can move up to $10,000.

ETH/USD

Ethereum (ETH) has picked up momentum in the past two days and has risen above our first target objective of $225. Though we like the way it has rallied, still we suggest traders book profits on 30% of their long positions at the current levels to pocket some gains and raise the stop loss on the remaining to $175, just below the 20-day EMA. If the price sustains above $225.49, the stops can again be raised to break even. The next level to watch is the pattern target of $256. If the momentum continues, a rally to $300 is also possible.

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Both the moving averages are sloping up and the RSI is in the overbought zone. This shows that the bulls are in the driver’s seat. Any dip is likely to find support at $200 and below it at the 20-day EMA. Our bullish view will be invalidated if the ETH/USD pair plummets below the 20-day EMA.

XRP/USD

Ripple (XRP) soared on May 14 and broke out of the overhead resistance of $0.33108 and $0.37835. This is a positive sign. It might face some profit booking close to $0.450 from where it might enter into a minor correction or a consolidation.

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Any dip will find buyers close to $0.37835. We expect this level to hold and the XRP/USD pair to provide traders an opportunity to enter long positions. However, we will wait for a confirmation that the level is holding before proposing a trade in it.

On the upside, a breakout of $0.45 can clear the path for a rally to $0.60, with minor resistances at $0.50 and $0.55. At times, trades are missed because of large unexpected moves. It is a good trading strategy to wait for a low-risk entry point with a suitable stop loss and not chase the price higher.

BCH/USD

Bitcoin Cash (BCH) is currently facing selling close to the resistance line of the ascending channel. A pullback to the 20-day EMA is a possibility. With both the moving averages sloping up and the RSI in the overbought zone, the bulls have the upper hand.

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A breakout and close (UTC time frame) above the channel will be a positive sign and can result in a quick move to $500, followed by a rally to $638.99. The BCH/USD pair has a history of vertical rallies, hence, these targets are achievable.

However, if the pair fails to break out of the channel, it might gradually continue to climb higher. It will weaken and slide to the support line of the channel on a breakdown of the 20-day EMA.

LTC/USD

Litecoin (LTC) closed (UTC time frame) above the overhead resistance of $91 on May 14. This completed a cup and handle pattern that triggered our buy recommendation given in the previous analysis.

The target level to watch on the upside is $158.91, with a minor resistance at $127.6180. The moving averages have turned up and the RSI is in the overbought zone. This shows that the bulls are in command. For now, the stop loss can be kept at $70.

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We will watch for the LTC/USD pair to pick up momentum and quickly rally above $102, else the bears will again try to sink the pair back below the breakout level of $91. If the price slips back below $91, it will weaken the breakout. We may close the position if the price sustains below $91.

EOS/USD

EOS is looking strong as it has broken out of the overhead resistance at $6.0726. It can now climb to the next overhead resistance at $6.8299. If this level is also crossed, the digital currency is likely to pick up momentum. The 20-day EMA has started to slope up and the RSI has reached the overbought zone. This suggests that the bulls have the upper hand.

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If the EOS/USD pair fails to ascend $6.8299 in the first attempt, it might consolidate near the resistance for a few days or correct toward the 20-day EMA. The trend will turn in favor of the bears if the price slides below the strong support zone of $4.4930–$3.8723.

BNB/USD

Binance Coin (BNB) made a new lifetime high on May 13, which failed to sustain. But it has again risen to new highs today. A cryptocurrency that breaks out to new highs with a strong move signals that there is more to come.

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The BNB/USD pair can now move up to the resistance line where it is likely to face some selling. The pair had turned down thrice from this resistance line, hence, it is an important level to watch out for. Any dip will find support at the 20-day EMA.

Both the moving averages are sloping up and the RSI has climbed into the overbought zone. This shows that the path of least resistance is to the upside. However, as we do not find a setup with a good risk to reward ratio, we are not proposing a trade in it.

XLM/USD

Stellar (XLM) has broken out of both the moving averages and the resistance at the long-term downtrend line. This points to an end of the downtrend. There is a minor resistance at $0.13250273 and if this level is crossed, the rally can extend to $0.14861760.

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We find a developing inverted head and shoulders pattern on the XLM/USD pair. The pattern will complete on a breakout and close (UTC time frame) above $0.14861760. This gives the pair a target objective of $0.22466773, with a minor resistance at $0.17759016. We will wait for the price to sustain above $0.14861760 before suggesting a trade in it. However, if the bulls fail to push the price above $0.14861760, it might dip to the 20-day EMA once again.

ADA/USD

Cardano (ADA) has been gradually inching higher towards the overhead resistance of $0.094256 for the past few days. If the price breaks out and closes (UTC time frame) above $0.094256, it will complete a rounding bottom pattern that has a target objective of $0.161275.

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The 20-day EMA has started to turn up and the RSI has also climbed into the bullish territory. This suggests that bulls have a minor advantage. The traders can buy on a close (UTC time frame) above $0.094256. We will suggest a stop loss after the trade triggers.

On the other hand, if the bulls fail to ascend the overhead resistance of $0.094256, the ADA/USD pair might remain range bound for a few more days. It will turn negative on a break below the recent lows of $0.057898.

TRX/USD

Tron (TRX) has finally broken out of the range. If the bulls sustain the breakout, it will indicate the start of a new uptrend. Therefore, we retain our buy recommendation given in an earlier analysis. As the digital currency had been consolidating for a very long time, we expect the next rally to last long and reach $0.050, with a minor resistance at $0.040.

View photos

Contrary to our assumption, if the TRX/USD pair fails to sustain above the range, it will extend its consolidation for a few more days. It will weaken on a breakdown of $0.02094452. The trend will turn negative if the bottom of the range at $0.0183 breaks down.

Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.” data-reactid=”233″ type=”text”>Market data is provided by the HitBTC exchange. Charts for analysis are provided by TradingView.

Related Articles:

  • Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 13
  • Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 10
  • Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 8
  • Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, EOS, Binance Coin, Stellar, Cardano, TRON: Price Analysis May 6

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HTC Integrating Full Bitcoin Node Into Surprise New Smartphone

HTC is preparing to launch the first smartphone with native support for a bitcoin full node.GettyThe underdog smartphone maker HTC continues to carve out territory in the largely uncharted decentralized internet. Instead of competing directly against giants like Apple and Samsung that have thrived within the current internet paradigm of centralized servers and walled gardens…

HTC Integrating Full Bitcoin Node Into Surprise New Smartphone
HTC logo

HTC is preparing to launch the first smartphone with native support for a bitcoin full node.

Getty

The underdog smartphone maker HTC continues to carve out territory in the largely uncharted decentralized internet. Instead of competing directly against giants like Apple and Samsung that have thrived within the current internet paradigm of centralized servers and walled gardens controlled by giant corporations, the Taiwanese smartphone maker today revealed a new smartphone that paves the way for a more decentralized alternative.

The Exodus 1s, a cheaper, more sophisticated descendent of the Exodus 1 launched last year, will be the first smartphone capable of running a full bitcoin node out of the box. By making it easier for more people to validate bitcoin transactions and blocks, the phone has the potential to increase the resilience of the bitcoin blockchain.

But perhaps more importantly, according to HTC’s first decentralized chief officer, Phil Chen, the full node and a number of other decentralized services natively integrated with the new phone will give app developers new opportunities to connect directly to decentralized networks, which are more resistant to censorship and capable of giving users more control over their money and their identity.

As giant companies like Facebook and Amazon continue to address public concerns over their influence over our social lives and spending habits, HTC’s Exodus 1s could mark the biggest step yet toward a solution that involves reinventing the internet from the ground up.

“Running a node is maybe the most important part of the blockchain as it helps secure the network, every one of them acts as an authoritative verifier of every single transaction of the block,” says Chen, who is the driving force behind HTC’s crypto push. “For Exodus customers, we’re building technology for the open, neutral, borderless, decentralized and censorship-resistant world.”

There are currently only about 9,000 active bitcoin full nodes verifying blockchain transactions. Each node holds the entire bitcoin history going back to the first transaction and requires as much as 200 gigabytes of storage, increasing at a rate of about 60 gigabytes a year, according to Chen. The Exodus 1s will support a lighter version of the full node that requires just 10 gigabytes of storage, but each phone will include extra SD card designed to support complete full-node services. The full nodes do not enable bitcoin mining, which Chen says may happen at a future date.

Like the original Exodus, the new phone will include a Zion private vault, which will be cordoned off from the rest the phone to enable safer storage of the private keys that give access to the phone owner’s cryptocurrency. Unlike the original Exodus, the 1s will let developers build a wide range of decentralized applications on top of Zion, which supports bitcoin, ether and litecoin, using the newly open-sourced developer kit. By helping enable alternatives to centralized institutions like Facebook and credit data provider Equifax, HTC is part of a new breed of companies like the Tyler and Cameron Winklevoss-backed Blockstack that are imagining decentralized alternatives that are less susceptible to privacy violations and outside hacks.

“Right now most apps typically connect directly into centralized services,” says Chen. “If we can help increase the number of full nodes, we can make it a lot easier for app developers to do it right, which will benefit everyone.”

The 1s will include Qwant, an internet search engine that doesn’t track searches or filter results, and like its predecessor, it will offer a social key-recovery system that doesn’t rely on a bank or other central authority. New owners of the phone will be prompted to identify a trusted group of individuals who can approve access to the Zion private vault if the password is lost or stolen. Native integration with the privacy-focused Opera browser, cryptocurrency portfolio tracker Blockfolio and Numbers, which lets users monetize their personal data, is also included with the new phone.

The phone, which will be able to be purchased with bitcoin, ether, litecoin or other supported currencies, is expected to sell from $250 to $300 when it hits the shelves in Q3 of this year, according to HTC. (The Exodus 1, which has been available since last year, costs about $700.) While the member of the inaugural Blockchain 50 list isn’t sharing exact sales of its first crypto phone, Chen says they are “on track” with what the company expected. HTC’s market share has been shrinking recently, with last year’s revenue falling more than 60% over the previous year, to about $770 million.

Response to the Exodus 1 was mixed, with many calling it a publicity stunt and others heralding it as a new way to use the internet. It is worth noting that just six years ago, HTC had chosen a decidedly different route when it partnered directly with Facebook to build the failed HTC First, dubbed the Facebook phone. Meanwhile, Facebook CEO Mark Zuckerberg has said his company could build a more decentralized way to log into online services. But even as Facebook prepares to launch its own mysterious blockchain services, Zuckerberg has expressed doubts about the benefits of logins that don’t rely on a central authority.

“>

HTC logo

HTC is preparing to launch the first smartphone with native support for a bitcoin full node.

Getty

The underdog smartphone maker HTC continues to carve out territory in the largely uncharted decentralized internet. Instead of competing directly against giants like Apple and Samsung that have thrived within the current internet paradigm of centralized servers and walled gardens controlled by giant corporations, the Taiwanese smartphone maker today revealed a new smartphone that paves the way for a more decentralized alternative.

The Exodus 1s, a cheaper, more sophisticated descendent of the Exodus 1 launched last year, will be the first smartphone capable of running a full bitcoin node out of the box. By making it easier for more people to validate bitcoin transactions and blocks, the phone has the potential to increase the resilience of the bitcoin blockchain.

But perhaps more importantly, according to HTC’s first decentralized chief officer, Phil Chen, the full node and a number of other decentralized services natively integrated with the new phone will give app developers new opportunities to connect directly to decentralized networks, which are more resistant to censorship and capable of giving users more control over their money and their identity.

As giant companies like Facebook and Amazon continue to address public concerns over their influence over our social lives and spending habits, HTC’s Exodus 1s could mark the biggest step yet toward a solution that involves reinventing the internet from the ground up.

“Running a node is maybe the most important part of the blockchain as it helps secure the network, every one of them acts as an authoritative verifier of every single transaction of the block,” says Chen, who is the driving force behind HTC’s crypto push. “For Exodus customers, we’re building technology for the open, neutral, borderless, decentralized and censorship-resistant world.”

There are currently only about 9,000 active bitcoin full nodes verifying blockchain transactions. Each node holds the entire bitcoin history going back to the first transaction and requires as much as 200 gigabytes of storage, increasing at a rate of about 60 gigabytes a year, according to Chen. The Exodus 1s will support a lighter version of the full node that requires just 10 gigabytes of storage, but each phone will include extra SD card designed to support complete full-node services. The full nodes do not enable bitcoin mining, which Chen says may happen at a future date.

B50

Blockchain 50 full coverage

Forbes

Like the original Exodus, the new phone will include a Zion private vault, which will be cordoned off from the rest the phone to enable safer storage of the private keys that give access to the phone owner’s cryptocurrency. Unlike the original Exodus, the 1s will let developers build a wide range of decentralized applications on top of Zion, which supports bitcoin, ether and litecoin, using the newly open-sourced developer kit. By helping enable alternatives to centralized institutions like Facebook and credit data provider Equifax, HTC is part of a new breed of companies like the Tyler and Cameron Winklevoss-backed Blockstack that are imagining decentralized alternatives that are less susceptible to privacy violations and outside hacks.

“Right now most apps typically connect directly into centralized services,” says Chen. “If we can help increase the number of full nodes, we can make it a lot easier for app developers to do it right, which will benefit everyone.”

The 1s will include Qwant, an internet search engine that doesn’t track searches or filter results, and like its predecessor, it will offer a social key-recovery system that doesn’t rely on a bank or other central authority. New owners of the phone will be prompted to identify a trusted group of individuals who can approve access to the Zion private vault if the password is lost or stolen. Native integration with the privacy-focused Opera browser, cryptocurrency portfolio tracker Blockfolio and Numbers, which lets users monetize their personal data, is also included with the new phone.

HTC Exodus 1s

A schematic for the Exodus 1s, expected to go on sale in Q3 2019.

HTC

The phone, which will be able to be purchased with bitcoin, ether, litecoin or other supported currencies, is expected to sell from $250 to $300 when it hits the shelves in Q3 of this year, according to HTC. (The Exodus 1, which has been available since last year, costs about $700.) While the member of the inaugural Blockchain 50 list isn’t sharing exact sales of its first crypto phone, Chen says they are “on track” with what the company expected. HTC’s market share has been shrinking recently, with last year’s revenue falling more than 60% over the previous year, to about $770 million.

Response to the Exodus 1 was mixed, with many calling it a publicity stunt and others heralding it as a new way to use the internet. It is worth noting that just six years ago, HTC had chosen a decidedly different route when it partnered directly with Facebook to build the failed HTC First, dubbed the Facebook phone. Meanwhile, Facebook CEO Mark Zuckerberg has said his company could build a more decentralized way to log into online services. But even as Facebook prepares to launch its own mysterious blockchain services, Zuckerberg has expressed doubts about the benefits of logins that don’t rely on a central authority.

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