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Litecoin Price Supported by News on Private Transactions

Litecoin price supported by news on private transactions

Litecoin Price Supported by News on Private Transactions


By Dmitriy Gurkovskiy, Chief Analyst at RoboForex

The Litecoin reached its high since Nov 14 2018 through the heavy rise last week. Currently, the crypto is trading at around $43.

On H4, the price made an upmove after a long downtrend and then a convergence. The coin approached 76% Fibo, while the uptrend stopped near the upper channel boundary, which means a reversal may be near. The new short term move may still make a new high reaching 76% Fibo, or $48.12. The support is meanwhile at $35.27.

Litecoin price supported by news on private transactions

On H1, the latest uptrend ended with a divergence, and the crypto is now correcting, falling to 50% and 61.80% Fibo, or $39.41 and $37.62, respectively. The overall trend is still ascending, and the Stochastic is moving to the oversold territory, which means a new uptrend and new highs are ahead.


Litecoin price supported by news on private transactions

In the most in-demand crypto rating, the LTC rose to the 4th place, and, fundamentally, this may be very easily explained. The Litecoin partnered with MimbleWimble, which may drastically increase the privacy level in the network.

The thing is that Litecoin Foundation starts working with Beam devs in order to implement MimbleWimble protocol, which will allow them to increase the security and privacy level.

The LTC and MimbleWimble transactions are now being tested, and once the token conversion process is fully functional, it will also become available for the regular LTC users. This will make all transactions 100% private and secure. The devs are ready to share all the info regarding this project. Later, more cryptos may well go this way, too.

Disclaimer

Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.

Image(s): Shutterstock.com

Published at Wed, 13 Feb 2019 20:05:53 +0000

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Bitcoin and World Financial Markets Close Another Spectacular Week

bitcoin’s price sustained its spectacular momentum by remaining within its all-time high range during the week ending October 27, 2017. At the same time, the Dow Jones rose for the seventh straight week, fueled by technology stocks. Among these stocks, Nvidia, a bitcoin and Ethereum mining device maker, was the strongest.

bitcoin Remains the Best Performing Currency

bitcoin remains the best performer and the unchallenged leader among fiat and other digital currencies by staying within its all-time high price range. For the previous two consecutive weeks, bitcoin’s price had been breaking all record highs.

bitcoin started the week of October 23, 201, by reaching a value of $6,075 USD per coin, during intraday trading. On the same day, bitcoin’s blockchain was split, creating a new cryptocurrency, Bitcoin Gold.

During the early hours of the new cryptocurrency, and for several hours, hackers crippled the bitcoin Gold’s cloud site with a distributed denial of service (DDoS) attacks. As a result, bitcoin Gold’s price descended as low as $127.79 USD. Similarly, bitcoin hit a low of $5,403 USD.

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However, showing its usual resiliency, bitcoin rapidly recovered, closing the week ending October 27, 2017 above $5,800 USD. bitcoin Gold, on the other hand, closed the week at $119.58 USD.

Dow Jones, NASDAQ, and bitcoin’s Amazing Upward Trend

Dow Jones, NASDAQ, and Bitcoin’s Amazing Upward Trend

Certainly, bitcoin is not the only financial asset about which investors are bullish. Indeed, the upbeat sentiment vis-a-vis financial markets also prevails intact, as the stunning data reveals for the week ending October 27, 2017.

For example, the NASDAQ 100 surged the most since the year 2009, closing at a new record high of 6,213.47 points. Meanwhile, the Dow Jones Index advanced 33.33 points, ending the session at 23,434.19.

Most financial experts agree that the technology sector earnings are fueling the extraordinary surge in the market.

And, the technology company that rose the most was bitcoin-friendly Nvidia. In effect, Nvidia broke an all-time record again, closing at $201.86 USD per share on Friday, October 27.

Nvidia manufactures graphics processing units (GPUs) designed explicitly for cryptocurrency mining. Nvidia’s sales had soared in the second quarter, due to bitcoin miners’ high demand for GPUs. In this connection, Fortune published an article entitled Wall Street Fears Nvidia Is Too Dependent on Bitcoin.

Nvidia is also heavily involved in manufacturing devices for driverless cars, artificial intelligence, and other Fourth Industrial Revolution technologies. Recently, Nvidia announced the introduction a new cloud-based GPU platform (GPUC) “to combine deep learning software with world’s fastest GPUs.”

For three weeks in a row, the value of both the stock markets and bitcoin has soared. This is amazing news. However, as always, cryptocurrency enthusiasts and investors need to take precautions before investing.

Do you think there is a relationship among bitcoin, technology companies, and the recent record high surge in the stock markets? Let us know what you think in the comments below.

Images courtesy of Shutterstock and Pixabay

The post Bitcoin and World Financial Markets Close Another Spectacular Week appeared first on Bitcoinist.com.

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