Litecoin Price Analysis: LTC/USD Recoveries Remain Capped

Litecoin Price Analysis LTC

Litecoin price declined below the $80 support against the US Dollar. LTC/USD is currently recovering, but upsides are capped by $82 and $85.

Key Talking Points

  • Litecoin price tumbled and broke the $80 and $75 support levels (Data feed of Kraken) against the US Dollar.
  • There are two bearish trend lines formed with resistances at $82 and $86 on the hourly chart of the LTC/USD pair.
  • The pair remains at a risk of more losses as long as it is below $85 and $93.

Litecoin Price Forecast

There were further losses noted in litecoin price after it failed to recover above $93 against the US dollar. The LTC/USD pair declined sharply and broke many supports such as $90, $80 and $75.

Looking at the chart, the price traded as low as $73.37 before buyers succeeded in defending more losses. Later, the price started an upside correction and moved above the $75 level.

Litecoin Price Analysis LTC

There was a break above the 23.6% Fib retracement level of the last decline from the $99.28 high to $73.37 low. However, the upside move was capped by the $82-85 resistance zone. More importantly, there are two bearish trend lines formed with resistances at $82 and $86 on the hourly chart of the LTC/USD pair.

The first trend line along with the 38.2% Fib retracement level of the last decline from the $99.28 high to $73.37 low stopped the recent recovery. Above the $82 resistance, the second trend line at $85 and the 100 hourly simple moving average are likely to stop gains.

Therefore, it seems like the $82-85 resistance zone may well play a crucial role in the near term. A successful close above $85 could open the doors for more recoveries. The next hurdle awaits at $93, which was a support earlier.

On the downside, an initial support is at $75, below which, litecoin price may perhaps decline further towards the $70 level. The overall price action is bearish as long as LTC is below $85 and $93.

The market data is provided by TradingView.

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Inventor of the Non-Fungible Token Creates New Standard That Could Replace ERC-20 and ERC-721

Inventor of the Non-Fungible Token Creates New Standard That Could Replace ERC-20 and ERC-721

In June 2017, Enjin Coin Co-founder Witek Radomski created the code for the first non-fungible token. The code was released to the public on a Github repository shortly after in August 2017 and influenced the creation of the ERC-721 token. Since then, the ERC-721 has become widely renowned as the standard for blockchain gaming and digital art. It has been implemented by hundreds of Dapps to produce nearly a million one-of-a-kind collectibles.

But ERC-721 does have its limitations.

“The non-fungible tokens being used today have defined a new class of user-owned virtual items. However, there are many problems with the existing token model. It is very expensive and inefficient to deploy large databases of items that mainstream game developers use,” said Radomski, Enjin CTO. “Our new ERC-1155 Crypto Items standard allows for infinite numbers of fungible and non-fungible items in a single deployed contract. We needed it to be lightweight and easy for the network to handle. If this does take off, the gaming industry alone will require tens of millions of new items–but the application of this standard is by no means limited to the games market. ERC-1155 tokens could be used to certify all forms of ownership, tangible or digital.”

“After a year of working to develop ERC-1155, this is a very proud day for my team. We hope to see some amazing inventions born out of this token standard, so if any projects need assistance implementing it, they should feel free to contact us at Enjin.”

Modular Plug and Play Smart Contracts

The most significant inefficiency of current token standards is that they require projects to deploy a separate smart contract for each and every token type. This means every ERC-20 token and every ERC-721 collectible contains boundless amounts of repeated data.

The bulk of the blockchain is comprised of the same set of repetitious code being used over and over again—millions of times over. Because of the blockchain’s immutable nature, this code will remain forever on thousands of machines, which is a enormous waste of storage space, processing power, and electricity.

To better understand this concept, imagine uploading an image to Google Drive, except to do so, you must build an entirely new Google Drive website to manage the image. So, in order to manage all of the images on Google Drive, you would need billions of Google Drives instead of just one.

The ERC-1155 standard is the first token standard to provide a solution to this problem. The bulk of the code for each token variation is stored in a central contract and given an identification number. From there, each new token that requires use of that code can be assigned an ID, and all of the coding is applied to the token without the need to copy and paste data.

Atomic Swaps of Bundled Tokens

Atomic Swaps - The Old Way

The current process for exchanging one kind of token for another on the blockchain without an intermediary is called an atomic swap.

Within games, there will be a need for atomic swaps of multiple items. For example, say I have a sword and shield that I would like to swap for another user’s helm and chainmail. Using the current standard, completing this trade would require a minimum of four separate steps due to the system processing and approving the trade of each item separately. The more items you add to the swap, the more significant this inefficiency becomes.

Atomic Swaps - ERC 1155ERC-1155 tokens solve this problem by grouping multiple items during the swap. No matter how many items need to be swapped at once, it will always be just a simple, 2-step process.

 

 

 

 

Upscaled Item Management

Similar to trading multiple items, ERC-1155 will also allow you to perform multiple complex operations in a single transaction, thereby reducing gas and congestion on the Ethereum blockchain. The transfer, approval, melting, and trading functions all take arrays as parameters, which allow performance of between 100–200 operations in a single transaction. This enables you to predetermine a set of operations for the blockchain to fulfill in a single transaction. It’s like going to the grocery store and buying all of your items at once, rather than paying separately for each one.

Fungible AND Non-Fungible Items

Given the inefficiencies of ERC-20 tokens, they are not generally used to create a few tokens at a time. Most ERC-20 tokens are minted by the millions for use as currency.

Because they are fungible and therefore identical, ERC-20 tokens also aren’t well-suited for use as proof of ownership or authenticity. You cannot add a history, provenance, or identity to each token using metadata. On the flipside, ERC-721 tokens only allow you to create one-of-a-kind tokens, and to create a few thousand of an identical token would be grossly inefficient. ERC-1155 solves these issues by combining the benefits of both. With ERC-1155, developers will now have increased power of choice, as each token can be either mass-produced or created singularly and either contain unique metadata or be fully fungible.

The Standard


ERC-1155 has been posted to Ethereum’s Github as a discussion thread, where Witek and his company Enjin are asking for feedback before submitting it as a pull request.

Enjin recently launched their smart contracts on the testnet and are debugging prior to their mainnet launch.

They will soon be releasing a Unity software development kit, which will enable 4.5 million game developers to create virtual items using their cryptocurrency, Enjin Coin. Unity enables developers to create games for 35 mainstream platforms, including PlayStation, Xbox, Android, iOS, Samsung TV, Facebook Games, and Google Cardboard.

About Enjin: Founded in 2009 and based in Singapore, Enjin is  an gaming industry company with two core integrated products – Enjin Network and Enjin Coin. Enjin Network is a gaming-focused CMS & eCommerce platform, with over 20m users spread out across 250,000 communities and thousands of games. Enjin Coin is a smart cryptocurrency & a blockchain game development platform.

For more information visit:

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Ethereum (ETH) Price Analysis: Tough Fight for the Bulls

Ethereum has formed lower highs and lower lows to trade inside a descending channel on its 1-hour chart. Price is currently testing support and might be due for a pullback to the top.

Applying the Fibonacci retracement tool shows that the 61.8% level lines up with the channel resistance near the $500 major psychological resistance. This also coincides with the 200 SMA dynamic inflection point.

Speaking of moving averages, the 100 SMA crossed below the longer-term 200 SMA to confirm that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. The 100 SMA lines up with the 50% Fibonacci retracement level to add to its strength as resistance also.

RSI is still on the move up, which suggests that there’s still some bullish pressure left to spur a higher correction. But if sellers are eager to return, the 38.2% Fib could be enough to hold as resistance around the mid-channel area of interest.

Either way, ethereum could find itself sliding back to support at the swing low or the bottom of the channel closer to the $400 mark. Stochastic is already turning south after hitting overbought levels to signal bullish exhaustion.

Cryptocurrencies are still on shaky footing even with last week’s set of positive updates, indicating that investors are being extra cautious and quick to book gains. Still, many can’t help but worry that the resurgence of security incidents in the past weeks could lead regulators to be stricter in oversight.

To top it off, risk aversion stemming from persistent trade tensions are also weighing on demand for riskier assets like cryptocurrencies. Instead, traders have shown preference for safe-haven lower-yielding assets like bonds and the US dollar.

Looking ahead, it would take a very strong positive catalyst to sustain a bounce from ethereum and its peers. Without one, the ongoing downtrend could persist.

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Are China’s Latest Crypto Rankings a Waste of Space?

China Prompts Bitcoin Boost

The Chinese government has just released its second round of cryptocurrency rankings with two new projects listed and a shakeup in the order that doesn’t really add up.

The ratings are based on three primary sets of criteria; the basic level of technology displayed, usefulness of the application, and the innovativeness of the project. The country’s Center for Information Industry Development (CCID), under the Ministry of Industry and Information Technology, has updated their rankings for the second month now.

China’s Global Public Chain Technology Evaluation Index was officially released on five days at the Shanghai Science Hall. Adding to the 28 original crypto projects this time around was EOS and Nebulas. EOS went straight in at the top, knocking Ethereum down to second spot. This is a surprising decision given the controversy, centralization concerns, and technical glitches that mired its mainnet launch. EOS took one of the biggest hits in the market low yesterday losing over 30% on the week to its lowest price in almost 3 months of just over $7.

The explanation for the CCID’s high regard for EOS came as follows;

“The EOS main network went live on June 10. Although there was an accident such as a short-term suspension, it was highly active in technological innovation, and the software update speed was still one of the new generation public chains that are currently most concerned by the industry,”

The CCID Public Chain Technology Assessment Working Group also altered its assessment structure for the second round of rankings;

“The second-phase assessment model has been optimized compared to the first phase. The security assessment algorithm has been improved and the evaluation indicator for ease of deployment of public-chain nodes has been added.”

Typical factors often used to rank cryptocurrencies such as total supply, market capitalization, and trade volume are not taken into consideration with this assessment. The charts therefore are not indicative of current market conditions or sentiment.

Bitcoin has slid down the list from 13th to 17th despite recovering 4.6% from its annual low yesterday and being the godfather of all other cryptos. Chinese favourite Neo moved up a place to third but it has been battered on the markets losing 64% since the beginning of May. Neo is currently at its lowest level since mid-November, showing little sign of recovery and languishing around $31. Ripple has climbed from 17th to 9th place indicating that centralization issues are also not part of the ranking criteria.

In the grand scheme of things, is a list of rankings from a country that has made every effort to quash crypto trading and mining worth the paper it has been typed on?

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Ontology (ONT) Price Reaching for Recovery: Prediction

Ontology Coin Choice

First signs of market recovery are on the horizon. The crypto-verse is riding a not-stopping downward rolling train for a long time now. Overall, coins have been following the Bitcoin dump that took place the past days. However, as soon as BTC made it back above $6,000 again, the green gaining color has started to appear.

Ontology (ONT)

It is one of those digital currencies that stand out for their uniqueness. In the ecosystem, it is the first project to try out an Airdrop in place of going for the much criticized Initial Coin Offerings. Ontology is widely recognized due to growing interest within crypto enthusiasts and significant crypto investors. Its stable-ish market performance is the reason why ONT HODlers are increasing every day.

Being part of the so-called third generation of cryptos, many do have much believe in it. It focuses on improving interoperability across blockchain networks and orthodox network.

Similar to various coins that have been introduced later on, is has no transaction fees. Being connected with NEO, the team behind ONT has created ONG very similar to NEO’s GAS.

Contentos Collaboration

On the day of 19th June, Ontology surprised its community by releasing the announcement of their collaboration with Contentos. Both companies will now be working on public blockchain solutions for content.

Via the team-up, Ontology will bring monetary value while the second will support its expansion even further. The first project that is going to be worked on by both is Multiple Blockchain Solution Initiative.

ONT/USD

For the time being, the pair ONT against the US Dollar is at $5.18 and one of the only cryptocurrencies in the green for the last 24-hours. It is leading BTC market by 2.05% and the NEO market by 9.09%.

t’s working hard on its technical achievements and to develop public chain by connecting resources with new partners and their technical teams. With the diversification it brings to the industry, there is much reason to keep an eye on the coin for the future as its potential is real.

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TRON (TRX) Announces Blockchain University, Enrollment Opens Fall 2018

TRON (TRX)–Just hours ahead of TRON’s self-proclaimed Independence Day, and the official launch of the genesis block on Main Net, the TRON Foundation has posted a video to their Twitter account detailing a “blockchain university.”

Dubbed Tronics University, the brief, thirty-second video is surrounded with platitudes regarding the future of technology in conjunction with blockchain, in addition to espousing the benefits of decentralized educational sources.

TRON University and Decentralized Education

Going under the tagline of Decentralised education for the new decentralised world, the video poses common questions for both newcomers to the industry and those outside of cryptocurrency, such as “What is blockchain,” to the more specific “What are DAPPS?.”

While details surrounding the project are scare as or writing, the video gives the impression that TRON is attempting to create a go-to portal for both understanding cryptocurrency in addition to offering a deep-dive into the technology behind crypto and blockchain. TRON’s Independence Day marks the usable starting point for Main Net, a crypto-based digital platform that is attempting to reshape the world of online media. Most had assumed TRON would target popular entertainment outlets such as gaming and social media, but it appears the TRON Foundation is also heading in the direction of education, with Tronics University almost certainly being a service offered through the aforementioned Main Net.

“A university should be a place of Light, of Liberty, and of Learning.”–TRON quoting Benjamin Disraeli in their release video for Tronics University

In addition, the video ends with the phrase “Earn to Learn,” giving the impression that TRON might flip the script of traditional education by imposing a reward system for users to participate in the university. As opposed to the common education model, with costs becoming more bloated with the passing years, TRON could look to set the standard for teaching on Main Net by enticing students through small, TRX-based payments. Given the utility of TRX transactions on Main Net (0.00001 TRX consumed per transfer), TRON has the ability to institute “micropayments,” thereby paying students in real-time for their efforts related to studying and completing assignments. The company could also impose TRX rewards based upon completions, such as payouts for achieving a certain level of proficiency with blockchain and cryptocurrency.

We already know that Justin Sun and the TRON Foundation have set aside 2 billion USD worth of TRX as apart of Project Genesis, a reward fund that seeks to incentivize and catalyze development of TRX on Main Net in addition to the creation of new currencies through TRON’s coin burn system. Tronics University could be an extension of that fund, paying out rewards in an effort to draw interest to the platform of Main Net as an educational portal and provide stimulus to the broader industry of cryptocurrency and blockchain.

Given the decentralized nature of cryptocurrency, the TRON Foundation could be laying the groundwork for future migration on to Main Net with Tronics University. The model they establish for learning and enticing student participation will be looked at by outside developers, or those who see the innovation in creating decentralized learning portals. While blockchain is the most logical subject for the TRON team to focus on in their premier attempt at education, it opens the door for further dissemination of knowledge.

With the global appeal of the internet, digital-based education that is low cost or free has long been touted as an untapped resource. While the TRON Foundation is just getting their foot in the door with education and the Main Net platform, it could establish a precedent for further development.

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Polkadot Developer Robert Habermeier Wins Prestigious Thiel Fellowship

Polkadot developer Robert Habermeier has become the latest cryptocurrency developer to win a prestigious fellowship from the Thiel Foundation, which was founded by PayPal co-founder and bitcoin bull Peter Thiel. Every year, the Thiel Foundation 20 to 25 entrepreneurs under the age of 23 and awards them $100,000 over a two-year period. The foundation encourages its fellows

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John McAfee: “Get Real,” Bitcoin Keeps Growing

bitcoin fraud

John McAfee returned to social media after an absence caused by a life-threatening attack that left him unconscious for three days.

After explaining what happened, he spoke about the behavior of the cryptocurrency markets, calling for calm to people who have pessimistic opinions about low prices.

According to McAfee, it is essential to “get real” for a moment and contrast the overall behavior of Bitcoin over time:

For John McAfee, Bitcoin’s behavior is still bullish, which could make it possible to predict a recovery in its prices. Starting one year ago, Bitcoin prices increased by around 140%.

Previously, John McAfee made a short-term prediction, talking about a value of 15k by the end of June. This prediction is unlikely to be met unless some extraordinary event happens.

Although McAfee doesn’t usually talk about short-term predictions, he ventured to do so, mentioning that it was based on a mathematical model that was not wrong until then.

In addition to talking about the behavior of Bitcoin, the predictions about other altcoins still have a month to be fulfilled; however, the current market trend has taken a bearish course in the short term.

John McAfee: Investing in the Future

John McAfee has always distinguished between different types of traders. For him, the variations that Bitcoin may undergo in hours or days are not as important as the global adoption and long-term behavior of a blockchain and its token.

bitcoin fraud
John McAfee

This strategic vision of the future has made him one of the most influential personalities in the world of cryptocurrency. His controversial statements generate a lot of debate, but they tend to have a solid foundation.

McAfee’s forward-looking vision led him to predict that Bitcoin could be worth as much as $1 million. This may seem unlikely today, but it takes another perspective when compared to the exponential growth of 2017.

Current indicators show that the BTC is currently going through a defining moment, at least in the short term. While the RSI is giving signals for buying and accumulating, the MACD is not providing a clear signal that the trend is changing:

Graphs: Tradingview

 

Heikin Ashi candlesticks -used to reduce “noise” and determine possible trends- show at least a possible bearish behavior in the next few days; however, the trend is getting weaker, especially when comparing the graphs with other candles set at less than 4 hours.

McAfee is right to criticize the use of short-term analysis as a way to predict Bitcoin’s long-term behavior. It’s possible his prediction may have failed, although it may be that he just needs a little more time.

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Bitcoin Rallies above $6,000 as BTC Market Dominance Reaches Two-Month High

Bitcoin has rallied above the $6,000 mark in the last few hours. This surge follows the previous price dip of a few hours ago. The top-ranked cryptocurrency had previously fallen to its lowest level in 2018. Despite the price struggles of BTC in June, its market dominance has increased steadily.

Bitcoin Back Above $6,000

In a little over 12 hours since the price of Bitcoin fell below $6k, it has surged back above the $6,000. This latest movement might be indicative of the selloff saturation that experts like Kelly have been reiterating in the last few days. On the flip side, it may be a false positive – a minor surge before another significant dip which may see BTC bottom out at an even lower price level.

At the time of writing this article, Bitcoin was hovering around the $6,200 mark, falling slightly to $6,190. BTC is up by more than one percent in the last 24 hours. June has been a difficult month for the top-ranked cryptocurrency. Numerous sharp dips have eroded whatever gains were previously recorded. Thus, BTC has been unable to embark on any sustained bull run.

Bitcoin’s struggles mirror that of the general cryptocurrency market in many respects. Ethereum, Ripple, Bitcoin Cash, EOS, and Litecoin have all dropped considerably. Dash continues to have a miserable 2018, declining by more than 300 percent since the start of the year. There have also been two significant cryptocurrency exchange hacks – Coinrail and Bithumb. Both platforms are South Korean-based.

BTC Market Dominance Reaches 42 Percent

Despite the BTC price decline in June, Bitcoin’s dominance over the cryptocurrency market has steadily been on the increase. Presently, Bitcoin accounts for 42 percent of the total virtual currency market capitalization. This figure represents a two-month high – BTC hasn’t recorded more than 40 percent market dominance since April 19, 2018.

Many of the top ten cryptocurrencies seem to have declined more than Bitcoin in the last two months. Litecoin and Ripple are among two of the worst performing altcoins in the top ten bracket. If this trend continues, Bitcoin could break the 50 percent dominance barrier. The last time BTC held 50 percent market dominance was in mid-December 2017.

Bitcoin Has Abandoned its Fundamental Principles

Meanwhile, in a related, development, macroeconomist, Peter Tchir believes Bitcoin “has lost its way.” Writing for Forbes, the experienced trader and strategist said that Bitcoin seems to have lost sight of its core fundamentals. As a result, the adoption rate has plummeted, thus leading to the price struggles noticed in 2018.

According to Tchir, many of the factors that drove people to own Bitcoin in 2017 have either slowed down or have been eroded completely. Tchir believes that apart from being a store of value, BTC has failed to live up to its promise as an efficient medium of exchange and an anonymous way to store wealth.

However, Tchir asserted that BTC can recover its lost luster, saying:

BTC can regain some of its lost mojo, but I think Bitcoin in particular needs to assert its value proposition.  What it is worth over time, is a function of what value it provides its users and owners, and I for one, am struggling to see the benefits of re-entering the market.

Do you think this is the start of a sustained BTC rally or are there more price dips up ahead? How high do you think BTC’s dominance of the market will reach? Let us know your views in the comment section below.

Image courtesy of CoinMarketCap and Twitter (@Dataveteran).

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Bitmain Dominates Bitcoin Mining Hashrate – Almost at 51 Percent

Blockchain Supported Bank

Bitmain has attained approximately 42 percent control of the Bitcoin network hashrate. This figure brings the company tantalizingly close to 51 percent mark where things could get interesting. Bitmain is the biggest manufacturer of BTC mining hardware, and they also own the largest Bitcoin mining pools in the market.

Bitmain Almost at 51 Percent Control

According to the figures released by BTC.com, Bitmain’s mining pools continue to dominate the network hashrate. The company owns the BTC.com and AntPool mining pools. During this past week, BTC.com and AntPool found 27.2 percent and 14.6 percent of all Bitcoin blocks. Thus, Bitmain effectively controlled 42 percent of the network hashrate in the last week.

Perhaps even more profound is the fact that Bitmain doesn’t utilize all of its hashpower BTC mining. The company also mines Bitcoin Cash, the most popular BTC fork. Both BTC and BCH use the same proof of work (PoW) algorithm. Thus, the same mining hardware can be used to mine both. However, one miner cannot mine both cryptocurrencies simultaneously. As a result, Bitmain shares its hashpower between both networks.

In the previous seven days, BTC.com and AntPool controlled 10.4 percent and 10.6 percent respectively, of the BCH hashrate. This means that Bitmain found approximately 21 percent of all Bitcoin Cash blocks discovered in the last one week.

Implications of Bitmain Gaining More Control

Assuming the company decided to apply all of its mining resources to the BTC network, its control of the blockchain’s hashrate would increase. This increase, however, wouldn’t be linear since the mining difficulty in BTC exceeds that of BCH by over 70 percent. Thus, only an additional three percent would be added to Bitmain’s control if it stopped sharing its hashpower between BTC and BCH, focusing only on Bitcoin. By so doing, Bitmain would control 45 percent of BTC’s network hashrate.

Bitmain controlling 51 percent of the BTC network hashrate has profound implications for the immutability of the cryptocurrency’s ledger. 51 percent control of a blockchain network, in theory, would enable the company to carry out double-spend attacks thus compromising the integrity of BTC transactions. Bitmain is unlikely to have any incentive to engage in such activities, but cybercriminals could hack the company and commandeer their operations.

To forestall such an occurrence, the company has always operated in small divisions with some pools having a semblance of independence from the company. For example, BTC.com is somewhat independent of Bitmain even though the company owns the BTC.com platform.

The Increasing Bitcoin Hashrate

Despite the steady decline in BTC prices since the start of the year, the network hashrate has moved in the other direction. In fact, BTC mining hash rate has tripled since December 2017, while the price of Bitcoin has dropped to approximately a third of its value within the same period.

With the drop in prices and the increasing hashrate, it is currently more difficult to mine Bitcoin than it was in December 2017. For smaller mining operations, the price drop is a significant problem that could render them unable to continue the business. If they close up shop and new miners don’t enter the market, there is the possibility of Bitmain grabbing control of a much larger share of the hashrate. Since Bitmain manufactures its hardware, it can most likely survive for much longer even in the face of increasing mining difficulty and reducing prices.

Bitcoin is currently down to its lowest level since the start of 2018. BTC prices fell below $6,000 for the first time in 2018 as the top-ranked crypto continues to struggle.

Should Bitcoin enthusiasts be concerned about a possible 51 percent control of the blockchain’s hashrate by Bitmain? Will the increasing hashrate and declining price levels force miners to quit? Let us know your views in the comment section below.

Image courtesy of BTC.com, Blockchain.info, and CoinMarketCap.

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