You are reading the article Litecoin, Ethereum Classic, Iota Price Analysis: 20 May updated in December 2023 on the website Kientrucdochoi.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested January 2024 Litecoin, Ethereum Classic, Iota Price Analysis: 20 May
The entire crypto-market has been seeing a strong correction lately, making it extremely volatile. What’s more, the market’s altcoins have been trying to recover from the said fall, attempts that have led to an indecisive market trend.
Litecoin [LTC], Ethereum Classic [ETC], and IOTA have been following this recovery trend and may continue to do so even in the near future.
The resistance was marked close to $238.86 and the support level remained at $168. The growing gap between the Bollinger bands was pointing to a rise in market volatility. This could result in another wild price movement, however, since the Signal line took over the candlesticks, the outcome could be bearish.
The Relative Strength Index also noted that the low price could be maintained as the selling pressure has remained high, When LTC’s price crumbled, the RSI touched the oversold zone and bounced back. At press time, it was at 37, suggesting that the sellers have maintained a dominant position with the momentum also supporting the low value.
Ethereum Classic [ETC]
Ethereum Classic’s [ETC] chart did not appear to be as volatile as other markets. Although the price movement of ETC has remained restricted, the sudden shift in volatility pushed its market lower too. The said chart noted that the price began trending lower after the price briefly touched $168. It dropped as low as $40, which was a drop of over 70% in 13 days.
However, at the time of writing, ETC had regained nearly 60% of its value and was being traded at $66.22. The volatility did not push the ETC market towards the bears, but the alt seemed to have adjusted the overly bullish narrative. The RSI value at 46 suggested that the selling pressure from yesterday did put the sellers in the driving seat, but the buying pressure was far away from catching up.
Further, the falling price from the peak has resulted in the market losing bullish momentum. Despite low momentum, the ETC market was still seeing money flow into its market, a bullish sign.
IOTA has followed the popular trend and remained bearish, at the time of press. Yesterday, the digital asset witnessed a blow of almost 60% to its value. Before the crash, IOTA was being traded above $2 and the sudden drop pushed its value to $0.74.
IOTA’s market saw the buyers come in and push its value to $1.35, a level it was trading at during the time of writing. This sudden drop, combined with the recovery, has left IOTA’s market open to high volatility.
This was also indicated by the divergence of the Bollinger Bands. As the bands remained wide apart, IOTA’s price could face more action in the coming days. The movement of the Signal line under the candlesticks suggested the price was trending lower, however, as recovery sets in, the traders were still on the selling side.
The RSI value of 37 affirmed this trend. The indicator dropped to the oversold zone when the price crashed, but the following recovery has pushed the indicator towards equilibrium. However, it has remained well under the equilibrium zone. As the sellers continue to dominate, money has started to flow out of the market and will continue until a change in the current trend is visible.
You're reading Litecoin, Ethereum Classic, Iota Price Analysis: 20 May
Christmas seems to have come bearing gifts for Bitcoin. Adding cheer to the festival celebrations, the world’s largest cryptocurrency scaled beyond the $27,000 price level over the past few days. As a result, the broader altcoin market has also been surging on the charts. The question now is – Will altcoins be able to sustain their momentum after an inevitable correction hits Bitcoin?
Binance Coin seemed to have answered this question by posting gains at a time when Bitcoin moved slightly lower on the charts. The same could not be said for Monero and Dogecoin, as both altcoins registered negative gains in the past 24 hours.Binance Coin [BNB]
After a sluggish start to the month, Binance Coin found its feet after bouncing back from the $25.25 support level. Since then, BNB has moved upwards on the chart and traded between the channel $31.05 and $35.93. The last few trading sessions even saw BNB spike above this channel as prices hit the $40 mark, a level not seen since June 2023. The indicators on BNB suggested that the bullish momentum was nowhere close to losing steam and that prices could surge even higher in the short term.
The price surges were also backed by a healthy number of buyers in the market, as the On Balance Volume was rising constantly since mid-December.Monero [XMR]
December has been a favorable month for Monero. A look at its 4-hr chart showed that the cryptocurrency has been on an uptrend since November, with prices hitting higher highs and higher lows. However, in the past week, prices have looked to consolidate between $168.51 and $160.17. The consolidation could be an indication that either the price is looking to settle or is slowly losing its bullish momentum. Either way, certain indicators suggested that Monero could move lower in the near future.
The Awesome Oscillator showed that the bearish momentum was increasing, as the red bars moved lower towards the Zero line.
The Parabolic SAR’s dotted lines moved above the candlesticks, also indicating the said bearishness. Support at $152.54 could provide some relief to XMR if prices moved below their present support.Dogecoin [DOGE]
Dogecoin’s activity on the charts suddenly picked up in the latter half of the month after a subdued start. Since then, the cryptocurrency has managed to post gains of over 30% in the past 30 days. However, the price seems to have lost their momentum since picking up from support at $0.0036. After the bounce back from this level, the coin’s price traded between a thin channel of $0.0046 and $0.0042 and could continue to trade between this channel in the short term. The indicators on DOGE indicated that the bulls and bears had near equal control of the market and failed to push prices in either direction.
The Relative Strength Index was floating near the neutral zone, reflecting the fact that buying pressure was being matched by selling pressure.
The Bollinger Bands showed little volatility in DOGE’s prices moving forward. Since the price was trading on the lower band, a reversal could also be expected, which would see it test the next resistance at $0.0051.
Traditionally, the altcoin market has followed the price action of Bitcoin. In fact, for most of its history, the crypto-market’s fortunes have been tied to those of the king coin. At the time of writing, however, some changes seemed to be afoot, with quite a few alts going their independent ways on the price charts. This was the case with Chiliz and Verge, with XLM also seeing some divergence in its movement.
Stellar Lumens [XLM]
For a long time, XLM was once a mainstay in the top-10 of the cryptocurrency rankings. That wasn’t the case at press time, however, with Stellar ranked 14th on CMC behind the likes of VeChain, Uniswap, and Chainlink. Like for most alts, the month of April has brought the crypto good fortune. Alas, its bullish momentum has been arrested over the past few days thanks to BTC’s inability to push past $65k and later, its correction to under $61k.
At the time of writing, it was still too soon to say whether the latest uptrend could be counted as a trend reversal as the Parabolic SAR’s dotted markers flipped to bullish, and the Relative Strength Index was healthy but leaned towards the oversold zone.
Stellar was in the news a week or so ago after several nodes on the network went offline and were unable to validate transactions.
Following weeks of sideways and perhaps, stagnant movement on the price charts, the last few days have been extremely bullish for Chiliz. In fact, in just under 24 hours, the alt CHZ surged exponentially by over 45%, a price action that pushed the crypto to 45th on CoinMarketCap’s rankings. It should be noted that corrections soon hit the alt, with the alt down by 15% from its local top. What’s more, the same pushed the crypto further away from its ATH last month.
The scale of the latest depreciation in price was evident when the alt’s indicators were taken into account. While the mouth of the Bollinger Bands was closing in to suggest that volatility might fall, the MACD line was dipping towards the Signal line. At the time of writing, it was too soon to say whether a bearish crossover would be incoming.
Thanks to its recent performance, it has also been argued that CHZ could be an alternative for double-digit gains. However, that was well before the latest corrections set in.
Like CHZ, Verge too has risen dramatically over the past few days. Unlike CHZ, XVG wasn’t at the end of a corrections wave soon after, with the alt up by over 55% in just over 24 hours. While the scale of the said appreciation in value is impressive, it must be underlined that the altcoin’s price is still way off its ATH on the charts. Verge’s ATH of $0.26 was hit over 3 years ago, and the altcoin, at press time, looked unlikely to breach the same anytime soon.
The crypto’s technical indicators highlighted the scale of its recent bullishness. While the Awesome Oscillator’s histogram pictured a spike in market momentum, the Chaikin Money Flow was holding steady near the 0.20-mark.
Are you keeping an eye on the latest crypto news? If not, you are missing out on exciting tokens with the potential to outrank competitors in the future. Rocketize Token (JATO) is also one of those emerging tokens with an impressive roadmap. This article discusses two significant crypto tokens, Filecoin (FIL) and Ethereum Classic (ETC). These tokens have been around for a while and are in the top 50 digital currencies. Let’s have a deeper look at all of these.How did Filecoin (FIL) solve one of the biggest challenges of the modern age?
Storage has been a major issue faced by this modern age. To solve this issue, Filecoin (FIL) came into being as an open-source blockchain providing storage space at a minimal price. Do you know how they do this so efficiently? It has a network of storage providers which give up a portion of their system storage to their peers and are paid in FIL tokens. FIL is the utility token of this ecosystem, which is used as a payment method for buying storage space. FIL provides decentralized storage space, which means you are the sole viewer of this information, and impossible to decrypt or hack. FIL is currently trading at over $4 with a market cap of over $1 billion.Why was Ethereum Classic (ETC) created?
Ethereum Classic (ETC) was originally known as Ethereum (ETH), but after the DAO hack in 2023, the founders created a bigger and better version of it. So the original and smaller blockchain was named ETC, and the newer version was named ETH. The latter is the major blockchain, with the former still offering a few benefits. Ethereum Classic (ETC) is an open-source decentralized network that runs Smart contracts. Developers can use this platform to create applications, new blockchain networks, and more. It is creating a unique roadmap to differentiate it from the ETH blockchain. ETC is the native token of this ecosystem, which is currently trading under $25 and has a market share of over $2.5 billion. It saw its ATH in 2023 at $176.16. So can it repeat the same feat? It is for you to find out.Will JATO succeed in attracting the crypto community?
Rocketize Token (JATO) is doing its best to make a name for itself. Owing to the ongoing presale, it is building a strong and loyal community that will play a central role in the coin’s value after the official launch. Currently, JATO is putting in all the efforts to get more traders on board. As Web 3 is booming, the meme trend is increasing simultaneously, which is a big positive for Rocketize Token (JATO) in the long run. It is based on the BSC and will use all its resources to create one of the most successful meme tokens. It has a total of 1 trillion tokens, and according to the whitepaper, a 2% tax will be deducted on every transaction involving JATO.Here’s how you can be a part of the JATO community
To become a part of the JATO community, you’ll have to buy its native token in the ongoing presale. Currently over $140k has been raised by the community and are giving away 118,399 JATO coins for 1 USDT. Connect your crypto wallet to its website and buy as many tokens as you want. It’s still in the first stage which will commence soon. Filecoin (FIL) and Ethereum Classic (ETC) are already providing real-world solutions and are ranked highly. Rocketize Token (JATO) also shows promise in its roadmap and has the potential to grow in the upcoming months, depending on the market conditions.For more information on Rocketize Token (JATO), you can visit the following links:
What is Ethereum?
Ethereum is an open-source operating system that offers smart contract functionality. It is a distributed computing platform that supports developing decentralized Digital Applications (DApps) using blockchain technology. Ethereum provides a decentralized virtual machine called Ethereum Virtual Machine (EVM) that can run scripts using an international network of public nodes.
Ethereum is the biggest decentralized software app. It helps you to build smart contracts and decentralized applications without any downtime or any third-party interference. Ethereum allows the developer to create and publish next-generation distributed applications.
In this Ethereum tutorial for beginners, you will learn Ethereum basics like:Why do you need Ethereum?
Centralized systems are one of the most widespread models for software applications. This system directly controls the operation of the individual units and the flow of information from a single center. In this kind of system, individuals are depended on the central power to send & receive information.
However, there are issues with the centralized system are:
Single point of control & failure
It can be corrupt easily
Silo effectThe Solution is Decentralized Applications
Decentralized applications never reply on a centralized backend, but they interact directly with a blockchain. Refer this tutorial to learn more about BlockChain.
The term DApp is a combination of two words- decentralized applications. In simple words, it is an application, tools, or programs that work on the decentralized Ethereum Blockchain.
History of Ethereum
2013: Vitalik Buterin, a developer who was involved in Bitcoins, and he was first to describe on paper
2014: A Swiss firm Ethereum Switzerland Gmbh developed the first Ethereum software project
2023: Frontier, the first version of Ethereum was launched.
On March 14, 2023: A planned protocol Homestead becomes second biggest version upgrade of the ethereum network.
On May 2023: Ethereum gets the most extensive media coverage when the DAO raised a record $150 million in crowd sale.
On July 2023: The network branched into two broad categories: Ethereum (ETH) and Ethereum Classic (ETC).
June 2023: Ethereum rallies above $400 recording a 5001% rise since Jan 1st, 2023
May 2023- Ethereum will eventually overtake the success of Bitcoins
June 2023- The DAO was hacked by an anonymous group claiming $50 worth of ETH.
What is Smart Contract?
A Smart Contract is a computer program that executes automatically. It is a transaction protocol that allows blockchain users to exchange money and property. It also helps users to perform actions like voting without any central authority. It is a virtual third-party software agent that can automatically execute and enforce terms and actions according to the legal agreement.
How Smart Contracts Work?Traditional Contracts vs. Smart Contracts
Below is the difference between traditional contracts and smart contracts:
Parameter Traditional Smart contracts
Duration 103 Days Minutes
Remittance Manual Automatic
Escrow Necessary Necessary
Cost Expensive Fraction of the cost
Presence Physical presence Virtual presence
Lawyers Lawyers are important Lawyers may not be necessaryKey Terms in Ethereum
Currency Issuance: It is mostly managed and monitored by a country’s central bank. It is also referred to as a monetary authority.
Decentralized Autonomous: Decentralized Autonomous Organization is a digital organization which aims to operate without the need for hierarchical management.
Organizations (DAO): DAO is a combination of computer code, a blockchain, smart contracts, and people.
Smart Contracts: It is digitally signed agreement between two or more parties which relies on a consensus system
Smart Property: The Ethereum Wallet is a gateway to decentralized applications on the Ethereum blockchain. It helps you to hold and secure ether and other crypto-assets which are built on Ethereum.
Solidity: Solidity is the smart contract language used in Ethereum. It is general purpose programming language developed to run in the EVM environment. Solidity helps you to perform arbitrary calculations. However, it aims to send & receive digital token and store states.
Transactions: A transaction is a message which is sent from one account to another account that might be the same or empty. It can include binary data which is called Ether.
Ethereum Virtual Machine: The Ethereum Virtual Machine which is also known as EVM is the runtime environment for smart contracts. EVM is a computer layer straight above the underlying hardware. It is not just sandboxed but isolated. Moreover, the code running inside the EVM doesn’t have any access to network, filesystem or any other processes.What is Ether?
What is Ether?Gas
To perform a transaction on the Ethereum network, a user requires to make a payment (to the miner) Ether via an intermediary token called ‘Gas.’ It is a unit which allows you to measures the computational work required for running a smart contract or other transactions.
In Ethereum, the transactions fee is calculated in Ether, which is given asEther = Tx Fees= Gas Limit * Gas Price
Gas Limit= Refers to the amount of gas that is used for the computation
Gas Price= The amount of Ether a user is required to pay
Typical Ethereum Network TransactionEthereum vs. Bitcoin
Here is the main difference between Ethereum and Bitcoin:
Parameter Bitcoin Ethereum
Definition Bitcoin is a digital money Ethereum is a world computer.
Founder Satoshi Nakamoto Vitalik Butarrn
Hashing algorithms Bitcoin used SHA-256 algorithm. Ethereum uses Etash algorithm.
Average Block time 10 minutes 10-15 sec
Release Date 9 Jan 2008 30 July 2023
Release Method Genesis Block Mind Prasala
Blockchain Proof of work Proof of work (Planning for POS)
Usage Digital Currency Digital Currency
Cryptocurrency Used Bitcoin(Satoshi) Ether
Blocks Time 10 Minutes 12-14 Seconds
Mining ASIC miners GPUs
Scalable Not now Yes
Concept Digital money World Computer
Cryptocurrency Token BTC Ether
Turing Turing incomplete Turing complete
Coin Release Method Early mining Through ICO
Protocol Bitcoin still employs the pool mining concept. It uses a Ghost Protocol.
Next in this Ethereum tutorial, we will learn about applications of Ethereum.
Applications of Ethereum
Below are the applications of Ethereum:
Banking: With Ethereum’s decentralized system. It is almost impossible for a hacker to have unauthorized access to an individual’s personal information.
Agreements: By using a smart contract, agreements can be maintained and executed without any alteration.
Prediction market: The prediction market is another wonderful use case of Ethereum Smart Contract. The platforms like Gnosis and Augur use Ethereum for this purpose.
Digital Identity Management: Digital identities can be managed by using smart contracts which solve the major issues of identity theft and data monopoly.
Advantages of Ethereum
Allows you to upload and request programs to be executed.
100% uptime and DDOS resistant.
Ethereum helps you to create a tradable token that you can use as a new currency or virtual share.
Persistent and permanent data storage.
Build virtual organizations.
Helps you to develop decentralized applications.
Ethereum helps you to build fault-tolerant and highly secure decentralized apps.
The Ethereum Virtual Machine is slow, so you can’t use it for large computations.
Storage on the blockchain is expensive.
Swarm Scalability is an issue, so there is a trade-off with decentralization Private block chains are likely to proliferate.
Fixing bugs or updating Apps is a tough task because every peer in the network need to update their node software.
Some applications require verification of user identity, and as there is no central authority to verify the user identity.
If you want to learn about creating your own cryptocurrency, here’s a free tutorial you’ll want to check out: How to Create Your Own Cryptocurrency?Summary
Ethereum meaning: Ethereum is an open source software framework which is based on blockchain technology.
Ethereum helps you to build smart contracts and decentralized applications without any downtime or any third-party interference.
Ethereum was launched in 2013 by developer Vitalik Buterin.
Smart contracts allow blockchain users to exchange money and property. Mining Ethereum can be used for Smart Contracts as well as Digital Currency.
Ether is a value token of the Ethereum blockchain. It is listed as “ETH” on cryptocurrency exchanges.
To perform a transaction on the Ethereum network, a user requires to make a payment (to the miner) Ether via an intermediary token called ‘Gas.’
Ethereum ensures 100% uptime and DDOS resistant.
Fixing bugs or updating Apps in the Ethereum network is a tough task because every peer in the network need to update their node software.
Litecoin is a decentralized, peer-to-peer cryptocurrency that has become increasingly popular in recent years.
Designed to be a more accessible alternative to Bitcoin, Litecoin offers many of the same benefits but with some key differences. Like Bitcoin, Litecoin is a decentralized cryptocurrency that relies on blockchain technology to facilitate secure transactions. However, one of the key differences between Litecoin and Bitcoin is that Litecoin offers faster transaction confirmation times and improved storage efficiency.
Whether you’re new to the world of cryptocurrency or are already familiar with Litecoin and other digital currencies, this guide will help you understand what Litecoin is, how it works, and why it’s a valuable investment option.What is Litecoin (LTC), and how does it work?
The first alternative cryptocurrency is generally regarded as Litecoin (LTC). It was introduced on October 13, 2011, as “the silver to Bitcoin’s gold,” and it is still one of the most valuable peer-to-peer (P2P) cryptocurrencies. Litecoin is a decentralized, open-source currency that relies on blockchain technology to facilitate fast and secure transactions.
Similarly to Bitcoin, Litecoin is a decentralized P2P cryptocurrency that relies on blockchain technology to facilitate fast and secure transactions. However, thanks to its Scrypt proof-of-work algorithm, Litecoin features faster transaction confirmation times and improved storage efficiency.
Additionally, Litecoin uses Segregated Witness (SegWit) technology to increase its transaction capacity, making it a more attractive option for merchants and businesses looking to accept Litecoin payments.Litecoin: Is it really decentralized?
So Litecoin is a great option for those who want to be in control of their own finances. With Litecoin, you are your own bank, which gives you a greater level of freedom and control over your money. Additionally, Litecoin is a more secure and efficient payment option than traditional fiat currencies, so it’s perfect for online transactions.
However, despite Litecoin’s popularity and increased adoption by businesses, some critics question the true decentralization of Litecoin. Like Bitcoin, Litecoin is highly dependent on a small group of key stakeholders for its security and continued development. As such, whether Litecoin is truly decentralized remains a topic of debate among crypto enthusiasts.
Despite these concerns, Litecoin remains one of the top digital currencies in terms of popularity and market capitalization. If you’re interested in learning more about Litecoin and how it works, there are plenty of comprehensive resources available online. Ultimately, whether Litecoin is a truly decentralized cryptocurrency will depend on ongoing development efforts and community feedback moving forward.Is Litecoin a proof-of-stake or proof-of-work cryptocurrency?
Litecoin can be considered both a proof-of-stake and a proof-of-work cryptocurrency, as it uses both mechanisms to secure its network. Litecoin’s Scrypt proof-of-work algorithm provides security against attacks by miners, while Litecoin’s Segregated Witness technology makes Litecoin more efficient than traditional cryptocurrencies in terms of transaction capacity and processing times.Litecoin incorporates new features
The implementation of various features that were also suggested and eventually implemented on the Bitcoin network has supported the cryptocurrency’s first efforts. Litecoin is more sustainable than Bitcoin, as it processes transactions five times faster and consumes fewer resources.SegWit
Segregated Witness technology is another Litecoin innovation that allows the cryptocurrency to be more efficient and scalable for mainstream adoption. Like Litecoin, many other cryptocurrencies are incorporating this innovative technology in order to increase transaction speeds, improve security, and reduce costs.Lightning Network
A scaling solution called the Lightning Network essentially adds a new layer to the blockchain of a cryptocurrency, where transactions happen quickly, and fees are extremely low. The additional layer consists of user-generated payment channels. It was intended to be used with the Bitcoin blockchain at first. However, Litecoin has also adopted the Lightning Network and is expected to be one of the first cryptocurrencies to fully implement this new scaling solution.MimbleWimble
Litecoin has also been exploring the potential integration of MimbleWimble, a scalable privacy protocol that is reportedly more efficient than other solutions. Litecoin’s developers believe that Litecoin can become a global payment system with this innovative technology and have even begun testing its capabilities on Litecoin’s test network.How to buy and store Litecoin?
Create an account with the exchange of your choice if you intend to purchase Litecoin. You can assess a variety of factors before selecting an exchange, including security, costs, and convenience of usage.
Once you’ve purchased Litecoin, you can store it in a dedicated wallet or use an online wallet for day-to-day transactions. Litecoin wallets are available both on desktop and mobile platforms, so you can easily manage your Litecoin holdings wherever you go. Options include Litecoin Core, LoafWallet, Atomic Wallet, LiteVault, chúng tôi Litecoin QT, LitePal, and more. However, it’s important to keep in mind that any digital currency is only as secure as the wallet it’s stored in. So be sure to choose a reputable crypto wallet that offers robust security features and peace of mind.Should you buy Litecoin?
Although Litecoin may not currently be the most popular cryptocurrency, it has consistently demonstrated substantial technological breakthroughs, making it a sound investment. Litecoin’s development team is dedicated to improving scalability and transaction speeds, and other cryptocurrencies are exploring similar innovations.
Additionally, Litecoin offers the potential for higher returns on investment compared to other cryptocurrencies due to Litecoin’s relatively low price per coin and wide adoption.Does Litecoin have a future?
Litecoin has been around the cryptocurrency scene since 2011, making it one of the oldest digital currencies on the market. Litecoin is a peer-to-peer cryptocurrency that was created to be an alternative to Bitcoin, with faster transaction speeds and lower fees. Litecoin has become increasingly popular over time and is now one of the top five largest cryptocurrencies in terms of market capitalization.
Despite Litecoin’s track record, it does have a future ahead of it. Litecoin is constantly evolving and adopting new technology to improve its performance, such as SegWit which improves transaction speed and security. Litecoin has also begun to attract more institutional investors in recent years, providing the project with additional capital for further development. Litecoin’s lightning network is also being implemented, which will allow Litecoin to be used for instant and low-cost payments.
Update the detailed information about Litecoin, Ethereum Classic, Iota Price Analysis: 20 May on the Kientrucdochoi.com website. We hope the article's content will meet your needs, and we will regularly update the information to provide you with the fastest and most accurate information. Have a great day!