Litecoin had some uneventful price action in the last couple of weeks. After peaking at $88.42/0.01332 BTC on July 3rd, the currency’s BTC value bled out throughout the rest of the month. USD value managed to break above $92 around the 18th but has also dropped off from there. Litecoin reached its monthly BTC lows on July 31st, when one LTC was purchasable for 0.010297 BTC. USD lows were achieved much earlier, on the 12th, with one LTC going for $75.87. We saw some more negative action throughout August, as the price fell down to $51.28/0.008511 BTC before shifting into a sideways-like pattern for the last 10 or so days.
The currency is currently worth $57.97 USD, which is a 1.26% rise in the last 24 hours. Its Bitcoin value is at 0.00862352 BTC with a 1.72% drop in the same time frame. The daily trade volume is at 28,900 BTC, with most of it coming from OKEx (13%). Litecoin has a market cap of $3,361,587,424 which makes it the 7th most valuable cryptocurrency on the market.
[vcw-full-card symbol=”LTC” color=”grey” currency1=”USD” currency2=”BTC” currency3=”ETH” url=”” target=”_self”]
“LTCUSD is approaching our first resistance at 58.89 (horizontal swing high resistance, 61.8% Fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 53.67 (horizontal swing low support, 61.8%, 100% Fibonacci extension)
Stochastic (34,5,3) might be seeing a bearish divergence and is approaching resistance where we might see a corresponding drop in price should it react off this level.”
In the same way that the price movement was uneventful, the FA wasn’t very rich with content either. Most of it was related to the upcoming Litecoin Summit that will be held from September 14th-15th in South San Francisco Conference Center. Litecoin team recently confirmed that the summit will be sponsored by Gemini, a Winklevoss brothers-owned exchange, and its VP of engineering Eric Winer will join the illustrious lineup of summit speakers.
— Litecoin Foundation (@LTCFoundation) August 16, 2018
Blockfuse, a company looking to make Litecoin and Bitcoin app development easy, recently realized how actually complicated app development is on top of these two blockchains. The learning curve to effectively leverage a blockchain client is high and the documentation for building a blockchain node can be sparse or out of date. This is why Blockfuse created CoinMesh, an integrated development environment (IDE) for LTC and BTC. By providing a platform that automates blockchain nodes and adapter layers, they hope to open the floodgates of app development to match the exponential growth these two networks have experienced over the past few years. Check out their official announcement here. This announcement came around the same time that a similar platform was launched to help developers build, test and deploy Litecoin blockchain apps in a matter of minutes; it can be found on the website https://api.litecoin.gg/.
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Meanwhile, Litecoin adoption is on the up and up. Sites like the official shop of the Litecoin Foundation, sporeworks.com, overstock, egifter, bitrefill and some p2p methods (like Reddit) allow LTC owners to spend their coins to purchase real world items. US Representative Tulsi Gabbard, who has been serving Hawaii’s 2nd congressional district since 2013, released her latest financial disclosure form; the form shows that in December 2017 she made two cryptocurrency investments, both under $15,000, in Ethereum and Litecoin. While a minor piece of news, it’s definitely one that implies a rising interest in crypto from the leading echelons. Finally, a Litecoin based Wirex payment card recently became only the third crypto related project to receive the FCA E-Money license.
We are more than proud to announce that Wirex Limited is only the third #crypto-friendly company in the world to have been granted an FCA e-money licence ✅✅
What does this mean for us? And more importantly, for you? https://t.co/NC2VivcG93
— Wirex (@wirexapp) August 23, 2018
The FCA is an independent body, accountable to the UK Treasury. It regulates over 56,000 UK financial services and markets. The FCA was formed to protect consumers, enhance market integrity and promote competition, and has strict requirements for companies looking to qualify for their licenses. This e-money license will boost trust in Wirex and cement their reputation as a global player.
The community remains divided on Litecoin. Some see it as a project thats very close to Bitcoin (which is a sign of quality), decentralized (thanks to Charlie Lee selling off his holdings) and has a working product that doesn’t necessarily have to compete with Bitcoin. Others see it as an altcoin/BTC testnet that functions atop a network that hands out IOU’s, requires third party watchers and was recently dumped on its bag holders by Charlie Lee selling off his holdings (some of these issues were attempted to be debunked in this Twitter thread). Either way Litecoin is doing something right as it currently holds the no.7 of the world’s most valuable cryptocurrencies list. The upcoming summit should give us a clearer idea where Litecoin is headed to next.