Altcoins React in Different Ways to Tether Scandal – Russia to test Cryptocurrency with Monitoring SandboxesApril 29, 2019
Litecoin might gain a boost following the upcoming block reward. The block reward reduction is only 100 days away. This will make it even harder to mine tokens. The circulating supply of LTC will become more valuable.
Just like Bitcoin, Litecoin as well goes through halving, thus reducing the rate of issuance. For every 840,000 LTC, the reward is cut in half. Considering the block generation time of 2.5 minutes, this event will happen every 4 years. Thereby, providing for 576 blocks in a day. The halving will continue until the total of 840,000 LTC is mined. The last coin is expected to be mined in 2142.
Litecoin went live on Oct 13, 2011, and ever since it had halved only once. The first halving took place on August 26, 2015, at a block height of 840,000. The mining reward went down from 50 LTC per block to 25 LTC. This event impacted the cryptocurrency market.
The lowest price of the cryptocurrency was at $22.54, and the highest was at $99.43, this represented a 341.13 percent move.
Even though the price can go up, many investors are focused on making profits. Investors who might be holding on to their position just because the rewards are going down will be doing the wrong thing by deciding to go long.
Yesterday, the upper range for the Litecoin was seen at 32.80 USD through 70.32 USD. The lower value range was from 55 USD through 34.19 USD. Support was seen at $46.10 and $30.76 respectively.
Following the Tether-Bitfinex Scandal, Altcoins are reacting in different ways. XRP and Litecoin are struggling to hold support.
XRP has been struggling to stay above $0.30, and XRP has broken down to $0.298. If the SMA crosses over the SMA 50 curve, then probably the bulls might regain some power.
The golden cross momentum did not convert well for ETH due to the Tether issue. However, it has managed to sustain support above its 50-day moving average. Thus, the sentiments among users concerning ETH continues to be positive.
Cardano (ADA) is finding support at $0.069, and the effects of the Tether Scandal are slowing wearing off.
While the market is trending ways after the Tether scandal, Russia is all ready to test their cryptocurrency in 4 regions. They will be doing this with appropriate monitoring mechanisms in place. Laws regarding the digital economy are expected to be passed soon. Monitoring sandboxes and regulations will be in place in all the states where the cryptocurrency will be tested.