• About Us
  • Privacy Policy
  • Contact Us
Bitbion
Advertisement
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices
No Result
View All Result
Bitbion
No Result
View All Result
Home Litecoin

Litecoin Could See Another Price Crash Soon, Will Bitcoin Follow?

November 21, 2020
in Litecoin
0
Share on FacebookShare on Twitter



The crypto market remains volatile, with analysts actively trying to seek insight into its next moves. Litecoin now appears ready for a notable correction. Such a move could set off a similar drop in Bitcoin and other cryptos, as it has done before.


LITECOIN MAY OFFER CLARITY TO UNPREDICTABLE MARKET

As crypto traders attempt to find patterns in the present market environment, many look to altcoins which have lower liquidity and tend to be traded by more experienced players. Analyst Benjamin Blunt asserts that Litecoin may soon see a price drop. In a recent tweet, he stated:

i like to use ltc as a guage for the broader crypto market as i find it usually has a clearer structure.

this rise the last few days feels like its been an abc up and now printing a lower high at the 0.618, cant help but feel atleast one more low down to 22-24 is on the cards pic.twitter.com/TBiP9avTvh

— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) March 25, 2020

Should Blunt’s prediction prove true, and Litecoin does tank to the low 20’s, Bitcoin may soon follow. Litecoin’s curious relationship with Bitcoin dates to the earliest days of crypto adoption, with market action between the two frequently working in tandem. In fact, Litecoin moves can often be used as predictors for Bitcoin.

As with the rest of the cryptocurrency market, Litecoin’s price has swung wildly over the past several days. It is down two percent over the past twenty-four hours. This decline is understandable, as profit takers are now selling to reap the rewards of yesterday’s big gains.

ALTCOINS REMAIN TIED TO BITCOIN’S FORTUNES

Much has been made of the uniform movement of all coins within the cryptocurrency market. Despite the tremendous differences between different platforms, they all seem to rise and fall together. Before the introduction of stablecoins, altcoins tended to move opposite of Bitcoin. More recently however, the market tends to move as one.

Litecoin critics have long claimed that its similarity to Bitcoin makes it unnecessary, and thus doomed to fail. Nevertheless, it has remained resilient, with a large group of dedicated advocates that have stood by the project even after founder Charlie Lee sold off his huge LTC stash. Longevity notwithstanding, Litecoin remains primarily a speculator coin used almost entirely for trading.

Altcoin advocates repeatedly assert that mass adoption of blockchain technology will lead some platforms to challenge Bitcoin for the top spot in the market rankings. However, Bitcoin remains by-far the most valuable and best-known blockchain asset, worth far more than all others combined. It has been almost three years since another coin presented a serious threat to this hegemony.

Following altcoin prices as a metric to gauge Bitcoin will no doubt continue. Such a strategy may be useful, yet all crypto trading remains risky. Blockchain adoption and mass use of cryptocurrency as a new asset class is a near certainty, but more time is needed for the space to become fully mature.

Do you think Litecoin is heading towards another crash? Let us know your thoughts in the comments section below!


Images via Shutterstock, Twitter @SmartContractor





Source link

Tags: BitcoinCrashFollowLitecoinPrice
Share76Tweet47

Related Posts

A Litecoin (LTC) ETP just launched in Switzerland

A Litecoin (LTC) ETP just launched in Switzerland

by
April 6, 2021
0

Litecoin, the world’s ninth-largest cryptocurrency by market cap, will soon see an institutional listing in the form of an...

Litecoin (LTC) continues to surge with another intraday rally—but why?

Litecoin (LTC) ‘daily’ addresses have grown 6x since 2020

by
March 19, 2021
0

The number of active addresses on Litecoin, the world’s ninth-largest cryptocurrency by market cap, has grown by over six-fold...

Grayscale adds 174k LTC to its Litecoin Trust

Grayscale adds 174k LTC to its Litecoin Trust

by
March 2, 2021
0

New York-based cryptocurrency asset managers Grayscale bought over 174,000 Litecoin over the past month. This is the equivalent of...

Litecoin’s MimbleWimble privacy upgrade is ready to roll on March 15

Litecoin’s MimbleWimble privacy upgrade is ready to roll on March 15

by
February 2, 2021
0

The Litecoin MimbleWimble (MW) lead developer, David Burkett, has given a progress update on the project. He mentioned improvements...

Litecoin (LTC) continues to surge with another intraday rally—but why?

Litecoin (LTC) continues to surge with another intraday rally—but why?

by
December 27, 2020
0

The Litecoin price surged 6% again in the past 24 hours, after a week-long rally. It has become the...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

November 20, 2020
Institutions are buying Litecoin (LTC) at a 1,200% price premium

Institutions are buying Litecoin (LTC) at a 1,200% price premium

November 22, 2020
Litecoin Price and Hashrate Diving Down; What’s Next?

Litecoin Price and Hashrate Diving Down; What’s Next?

November 25, 2020
3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

3 Reasons Why XRP is Unlikely to Benefit From Ongoing Altcoin Surge

November 25, 2020
Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

Texas Regulators Clamp Down on Bitcoin ‘Ultra Mining’ Firm

0
Lightning Network’s New Liquidity Marketplace Attracts a ‘Surprising’ Mix of Individuals, Enterprises

Lightning Network’s New Liquidity Marketplace Attracts a ‘Surprising’ Mix of Individuals, Enterprises

0
BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

BitTorrent (BTT) Throws Another Jab at Filecoin (FIL)

0
Softbank CEO sold Bitcoin at a $130m loss after getting “too distracted”

Softbank CEO sold Bitcoin at a $130m loss after getting “too distracted”

0
Dogecoin is one of the top-performers in Q1 2021 that’s looking for further gains

Dogecoin is one of the top-performers in Q1 2021 that’s looking for further gains

April 13, 2021
The Simplest Bitcoin Analysis as BTC/USD Refreshes Milestone High

The Simplest Bitcoin Analysis as BTC/USD Refreshes Milestone High

April 13, 2021
Bitcoin blasts through $32,300: What do analysts think about BTC in Q1 2021?

Bitcoin (BTC) breaks $62,000 to new all-time highs

April 13, 2021
Bitcoin Price Breaches $61,000 Ahead of Key Inflation Figures; What’s Next?

Bitcoin Price Breaches $61,000 Ahead of Key Inflation Figures; What’s Next?

April 13, 2021

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

Categories

  • Altcoin
  • Bitcoin
  • Blockchain
  • Cryptocurrency
  • Ethereum
  • Litecoin
  • Market
  • Regulation

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020

Recent News

Dogecoin is one of the top-performers in Q1 2021 that’s looking for further gains

Dogecoin is one of the top-performers in Q1 2021 that’s looking for further gains

April 13, 2021
The Simplest Bitcoin Analysis as BTC/USD Refreshes Milestone High

The Simplest Bitcoin Analysis as BTC/USD Refreshes Milestone High

April 13, 2021
Bitcoin blasts through $32,300: What do analysts think about BTC in Q1 2021?

Bitcoin (BTC) breaks $62,000 to new all-time highs

April 13, 2021
  • About Us
  • Privacy Policy
  • Contact Us

© 2020 bitbion.com

No Result
View All Result
  • Home
  • Altcoin
  • Bitcoin
  • Ethereum
  • Litecoin
  • Cryptocurrency
  • Blockchain
  • Regulation
  • Market
  • Prices

© 2020 bitbion.com