Crypto market news: the hottest news about altcoins
The most relevant news of cryptocurrencies, which are traditionally in the shadow of bitcoin
The cryptocurrency market froze in anticipation of new external and internal incentives. In the meantime, the main currency of the digital world, bitcoin, continues to lose weight, and the top 100 major currencies of the crypto market follow the headliner in its movement. We offer the most important cryptocurrency news.
Cryptocurrency News: Litecoin (LTC)
The main news of the crypto market concerns digital silver – lightcoin. In September, the volume of transactions in the Litecoin network rose sharply, and the daily moving average reached a 5-month high of 249,768 LTC. The previous peak value of 245,656 LTC was reached in mid-April of this year.
Experts attribute the growth in the number of transactions to the popularization of the coin. Now LTC is accepted for payment in more than 2100 outlets around the world. Crypto market news is reminiscent of the long-awaited MimbleWimble update on the Litecoin (LTC) network, which should appear at the end of September 2020 and increase the privacy of transactions.
Against the backdrop of the launch of an important update, the activity of blockchain users has sharply increased. Transactional activity hit three-month highs, according to Santiment. Such signals often indicate a possible resumption of the rally in the cryptocurrency market.
The capitalization of digital silver, as market participants quite often call Litecoin, exceeded $3 billion, and the price of the coin rose to $48.31. At the same time, at the peak of growth, more than $60 was given for litecoin. Then, during the drawdown, the price of litecoin fell to $45.
According to analysts, the upcoming update – MimbleWimble will lead to higher growth rates. According to Litecoin Foundation spokesman David Schwartz, Litecoin fundamentals are very strong. LTC hashrate has grown to 280 terahesh per second (TH/s), there are 83 thousand active addresses in the network, and the amount of funds sent per hour reaches $7.8 million. sure
Crypto Market News: Ethereum (ETH)
Crypto market news related to ETH primarily relates to preparations for the launch of the zero phase of Ethereum 2.0 in November of this year. Preparatory work, according to the developers, is in full swing.
In 2020, the rate of the largest altcoin by capitalization, Ethereum, increased by 200% to the current level of $387. At the same time, the cryptocurrency continues to trade 72% below its all-time high of $1,400, which was set in January 2018.
The first peak of the popularity of the coin occurred during the heyday of the ICO. It so happened that almost all projects for the initial placement of tokens were carried out on the Ethereum platform. However, after the ICO concept in its original form discredited itself, the projects included in it staged a total sale of token reserves, which led to serious pressure on the ETH rate.
In December 2018, the rate fell below $85, that is, almost 94% of the maximum. Last year, the cryptocurrency reached a local maximum of $330, and in September of the current rate rose above $480. However, this year Ethereum has a new powerful platform that will help the coin strengthen its position in the top for a long time – this is DeFi, or decentralized finance.
In short, these are new ICOs, only more developed: the profitability in such projects reaches a thousand percent per annum, and tokens grow in price many times over. Experts cite as a striking example the rise in the price of the YFI coin, which appeared in July and has risen in price by 100,000% in two months.
According to Hodlhodl CEO Maxim Keidun, several factors influence the price of ETH, including the development of the DeFi sector and the launch of the second version of the Ethereum 2.0 network, but the dynamics of the price of bitcoin is of key importance.
Crypto Market News: BCH (Bitcoin Cash)
Cryptocurrency news in 2020 is increasingly reporting on BCH (Bitcoin Cash). So, one of the main supporters of Bitcoin Cash (BCH) Roger Ver announced that Bitcoin ABC developer Amory Sechet will conduct a hard fork in the Bitcoin Cash network on November 15, 2020. The main reason for the new BCH hard fork is Amor Sechet’s published plan to upgrade the network, which caused controversy within the cryptocurrency community.
Among the changes proposed by Sechet is the “Coinbase rule”, which stipulates that 8% of BCH mined will be redirected to Bitcoin ABC (BCHABC) to fund the development of the protocol. According to the developer, the funding should provide new opportunities for the BCHABC cryptocurrency to compete with Bitcoin and Ethereum.
According to Coin.Dance, about 42% of the nodes work with the Bitcoin ABC client, 45% use Bitcoin Unlimited, and only 10% support BCHN. If all the antagonists of the plan side with Roger Ver, this will lead to the abandonment of the November update and the preservation of the Bitcoin Cash brand.
Cryptocurrency News: XRP (Ripple)
Cryptocurrency market news would be incomplete without Ripple. According to crypto-investor CryptoWhale, it is XRP that is able to displace all other altcoins from the market. On the one hand, many investors do not like and even criticize the asset for the “increased centralization” that the government supports.
On the other hand, it is Ripple that is confidently working with various government agencies in order to comply with all legal requirements as much as possible. “XRP has not shown growth over the past 2.5 years, however this period is too short for investment – you need to be patient. In general, the asset has shown an increase of more than 10,000% since 2014 and continues to be among the best cryptocurrencies,” the cryptocurrency market expert notes. At the moment, Ripple boasts a very good risk/reward ratio in the cryptocurrency market.
More than a third of the 100 largest banks in the world have tested or are already using this payment technology: Bank of America, UniCredit, GlobalPaymentsSteeringGroup, UBS&Santander, BarclaysPLC, MitsubishiUFJFinancialGroup and others.
Ripple CEO Brad Garlinghouse expects XRP transaction volumes to grow several times over in 2021, with a 30-40% increase in customer base. According to analysts, the projected growth does not seem unrealistic, and Ripple’s cross-border payment technology will be adopted by many other financial institutions.
Among the negative factors, the expert community highlights the legal uncertainty around the cryptocurrency. Several lawsuits have been filed against the company, in which XRP is required to be recognized as an unregistered security. Another accusation that constantly sounds against the company is the monthly sale on the market of its tokens, which are stored in an escrow account. Experts believe that this negatively affects the price of the asset, preventing it from growing.
Although it must be admitted that it is the “centralization” of the coin that will most likely help it adapt to regulatory regulation faster in the future, and will give it a significant advantage over other cryptocurrencies.
