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Exciting news for Litecoin and Ethereum as 2019 ends

Exciting news for Litecoin and Ethereum as 2019 ends


A period of stability and consolidation from bitcoin is helping to facilitate some exciting trends for a number of primary cryptocurrencies as 2019 reaches its final curtain.

As we know, BTC remains the dominant coin in the market and will continue to be so for the months and years ahead – at the time of writing, it accounted for approximately 67% of the whole crypto market.

The sideways movement of bitcoin helps to restore confidence in the market and allow other coins to flourish, and the numbers speak for themselves on that front: both Ethereum and Litecoin are enjoying a whale of a time at the moment.

ETH hit a three-month low of $158.10 at the tail-end of September, but a period of steady growth and confidence enabled a surge to $193.97 come the end of October.

LTC has enjoyed a similar renaissance. It has been climbing steadily, tipping the scales at a shade under $60 per coin at the end of October – up from a low of $48.98 partway through that month.

The takeaway point is clear: when bitcoin enjoys a period of positivity – and remember, a horizontal graph is a success in this volatile world – both Ethereum and Litecoin also tend to prosper.

It goes against the general grain of the theory that when bitcoin prospers, altcoins struggle, and vice versa, and if ETH and LTC are able to develop so that they are priced independently of BTC fluctuations, then that bodes very nicely for the future.


Validity of ETH set to trigger price rise

There are many people trading on Wall Street and independently who remain sceptical about cryptocurrencies, despite the incredible gains that the industry has made in the past few years.

They point to a lack of regulation, a relative dearth of institutional investment, and an absence of governmental approval as signs that crypto is not built to last.

While those points are all debatable, Ethereum enjoyed a huge shot in the arm recently when it was talked up by the US Commodity Futures Trading Commission (CFTC) chairman Heath Tarbert.

Tarbert said that he believes that ETH is a commodity, which as an asset puts it in the same bracket as other commonly traded commodities, notably:


·       Metals (gold, silver, platinum, etc.)

·       Energy (crude oil, natural gas, gasoline, etc.)

·       Agricultural (corn, wheat, cocoa, coffee, etc.)

·       Livestock (live cattle, feeder cattle, etc.)


In essence, Tarbert has validated Ethereum by classing it as a commodity on a par with those tangible assets listed above. He believes that Ethereum futures will also be traded in the near future. 

For those not in the know, the CFTC is a highly regarded and trusted agency whose express aims are to “promote the integrity, resilience and vibrancy of the US derivatives markets through sound regulation”.

It is confirmation, for those who needed it, that the crypto market has credence and validity, and Tarbert’s bullish assessment of Ethereum will come as welcome news to those who have an ETH stash or who are planning to enter the market soon.


Potential ETH boom big news for investors

Technical analysts are particularly hyped about the present and the future for Ethereum holders.

There had been a monumental drop-off in the value of ETH as recently as September, but the overall curve suggests that this was an anomaly in what is expected to be a continued growth pattern in the years to come.

Indeed, the fact that the coin was able to make up 25% of the ground lost within a fortnight highlights not only its perceived value among the crypto community, but also that this is a commodity that can bounce back with the best of them.

In short, this is not a currency that will be hitting the skids and disappearing from view.

The ascending channel is in full swing, with a bottom out at the $150 price point supported three times in the past six months alone.

Shorter term, the moving averages indicate that there is every reason to be bullish, while longer term, ETH is expected to continue to eat into bitcoin’s market cap dominance.


Reasons to be cheerful 

It was always anticipated that Ethereum would challenge bitcoin’s authority, as Hubert Olszewski, a director at the Blockchain Board of Derivatives, told the Independent.

“Ethereum has the possibility to overtake the market capitalisation, and thus the value, of bitcoin. This is because from the get-go it was a more versatile tool,” he said.

That is, quite simply, because Ethereum goes beyond being just a pure currency to buy stuff with, which for now is a trap that bitcoin appears to be caught in.

ETH is more than just a digital currency. It’s a software platform upon which ‘things’ can be built, and by things, we mean dapps and applications such as smart contracts – of which you will be hearing plenty of in 2020 and beyond.

These contracts are secure, self-executing and readily accessible by developers, which allows for online assets to be built and maintained without the need for a third party 

Where bitcoin’s modus operandi is to disrupt recognised financial mechanisms and how we pay for things, Ethereum’s rather grander aim is to disrupt the internet as a whole.

Consequently, it will hold its value as more institutions get involved, and there is also the appetising possibility of significant increases in the price of ETH in the not too distant future.


Could Litecoin hit $1k within two years?

Sometimes, it feels as though making predictions in the crazy world of crypto is like the classic children’s game ‘pin the tail on the donkey’: so-called experts fumbling around in the dark and hoping to get somewhere close with their estimations.

Of course, technical analysis and other indicators enable informed traders to make more accurate predictions, and many expect Litecoin to assert its dominance alongside bitcoin and Ethereum in the coming years.

Back in 2016, Litecoin was an alt currency in all senses of the word. You could pick up a single LTC for $4, and at the time, nobody had any great expectations about what this coin would go on to be .

Fast forward to October 2019, and we have a cryptocurrency valued at $59 – a surge of a ridiculous 15 times its worth just three years ago. 

Many cryptos were swept up in the wave of the 2017 gold rush, but for LTC to remain such a valuable commodity to this day tells us that its founders are really on to something.


Mass consumption

At its peak, a single LTC was valued at around $300, and given that the currency appears to be entering a phase of ascension once more, there are feelings on the trading floor that it can match, if not exceed, that previous ATH. 

Given the market cap of Litecoin, it is assumed that this is a currency that will benefit from a surge in bitcoin value by hanging on to BTC’s coattails, and this is a scenario that we can paint without even considering all the benefits that LTC brings to the market. Of all the pairs you can trade with BTC, Litecoin has been one that has retained its relative power.

At the time of writing, Litecoin still uses Proof of Work, which is likely to count against it in the long run, but with transactions running at approximately four times as quick as bitcoin’s, there’s one rather major reason why LTC could become the digital currency of choice moving forward.

This will help to win over a mainstream audience as more and more people turn to crypto over traditional fiat. Litecoin was the main sponsor for a UFC bout between Jon Jones and Alexander Gustafsson, with the LTC logo sitting front and centre on the mat of the octagon. 

It’s a bold approach, and is appealing to the masses, for an industry that is yet to be adopted wholesale by the public. However, in targeting everyday folk, Litecoin could yet have the last laugh on its major competitors at the top of the crypto charts.


No half measures

Litecoin is unusual as far as cryptocurrencies are concerned, because to some extent, its price fluctuations can actually be predicted.

That’s because the brand’s founders execute a periodic halving of the mining block, which has implications for the price of LTC. 

In previous episodes of block halving, we have seen repeat patterns occur:


1.     When news of the halving is released, the price increases

2.     After the halving, the price drops (by some 73% back in 2015’s edition!)

3.     Once the dust has settled, the price rockets (LTC reached its ATH after the last halving)


The next Litecoin block halving is scheduled to take place in 2020, so smart traders will know the signs to look out for. 

If you are an LTC holder, then your strategy is obvious: simply hang on to your stash through the bad times, because you know that the good will be just around the corner.

Of course, what separates Litecoin from many other cryptocurrencies is that those who invest in it actually believe in the product – and this psychology will allow LTC to ride out pretty much any storm that comes its way.


Taking the bull by the horns

Bear market, bull market…everyone seems to have an opinion, and most of the positivity comes from crypto traders with obvious skin in the game. 

However, there are indicators that more people worldwide are turning on to the possibilities of crypto, and if such sentiment continues, bull market conditions could be experienced in 2020.

The blockchain continues to grow year on year, with further growth in activity in 2019. This indicates a demand for the technology, which will ultimately manifest itself in crypto consumption. 

This is especially the case in countries experiencing political turmoil, with Turkey and Venezuela just two nations that have witnessed incredible rises in trading activity this year.

This may be because of a general distrust in their respective governments, and as Tom Lee told CNBC in the US: “Just taking those two countries, they’re close to 30% of the increase in on-chain activity, so it’s meaningful,” he said. “People are saying, ‘Look, I don’t trust using these local currencies. I don’t trust the banks. I’m going to start using bitcoin.’ And that’s what’s causing on-chain volume to really take off.”

More conservative traders will have noted that bitcoin is now trading above its 200-day moving average, which for more long-term thinkers is the optimum timeframe to really analyse the value of an asset. The implication is that bullish signals are there, with positive consolidation the hallmark of a currency likely to retain and improve upon its current price-point.

As we know, a surge in bitcoin value will kill off many altcoins without a use case, but the likes of ETH and LTC will likely be dragged along by BTC’s momentum.


Usability the key

What do Ethereum and Litecoin have in common? Not a lot really, certainly on the surface. However there is one broad similarity between the pair that has contributed hugely to their ongoing success: a genuine, tangible use case.

It’s one of the things that has left many scratching their heads about the ongoing success of bitcoin. Yes, it was the original crypto that blazed the trail for others to follow, but what does it do better than other currencies?

Litecoin blows BTC out of the water when it comes to transaction speeds, while Ethereum – the brand – is helping to change the face of the internet forever, with a wealth of opportunities for online businesses of all types and sizes. The success of ETH is a happy side effect. 

All of which leads to another similarity between the two currencies: their likely ongoing success.

Time and time again, we have seen alt coins enter the market on the back of successful ICOs, or in the midst of a blaze of hype and marketing that talks up the currency as something new and unique – a ‘game-changer’ even.


In the vast majority of instances, these disappear without a trace. Ethereum and Litecoin are two of the old-stagers of the crypto world now, dating back a good few years. This confirms their seriousness, and gives them validation in the eyes of traders and holders.


These two brands are businesses, not digital currencies to be bought and sold on a whim.


Hold on…and maximise your stash


Assuming that the theories are correct and that both Ethereum and Litecoin are going to skyrocket in value, it’s fantastic news for anyone with a holding of either or both coins.


However, at some point, you will have to ask yourself the question: should I hold on for longer before selling, or should I put my wallet into action?


If you are an optimist and a saver, you will be holding and holding. Some crypto experts believe that the value of BTC could hit $1,000 within the next few years, and this, of course, will push along the value of ETH and LTC simultaneously.


However, you might be of the mindset that when your crypto has reached peak value, this is the perfect time to either cash out or spend it.


If you go for the latter option, then Ethereum and Litecoin are both accepted by a wide range of merchants, though you might find buying your groceries something of a chore!


Play your way


This is just one of the reasons why many people are turning to Bitcasino to ‘spend’ their crypto wallets.


Making payments using your ETH and LTC are a doddle with us, with all transactions backed – and kept anonymous – by the blockchain. Should you pick up a few handsome wins with us, your withdrawals will be processed in super-fast time, which means that your haul will hit your wallet just as quick as it would with a payment made using traditional fiat online.


You can deposit as little as ETH 0.01 or LTC 0.1 to get started, and while we are passionate about promoting a message of responsible gambling, there is no maximum deposit amount either. You simply have to decide how much of your wallet you want to commit.


To accelerate the payment process even further, when you action a deposit from your wallet, we let you play almost instantaneously – without having to wait for blockchain confirmation.


This enables us to avoid charging high fees, as we don’t send transactions to the blockchain. It’s only when you wish to withdraw that we action the payment via the blockchain.


How do you make a deposit at Bitcasino? That’s easy. Simply copy our one-time deposit address and use it as the destination in your payment wallet, or alternatively scan the QR code provided.


Withdrawals are just as easy, so if you are looking for ways to invest your ETH or LTC holding – or bitcoin or Tron for that matter – you don’t have to worry about complicated technical processes or time spent waiting for transactions to complete.


Remember, Bitcasino offers the following benefits:


·       Rapid deposits – no waiting for blockchain confirmation

·       Super-quick withdrawals – get paid in your chosen currency

·       Low minimum/no maximum deposit amount

·       ETH, LTC, BTC and TRX accepted


Cashing in


Has there ever been a better time to be a crypto holder?


Arguably, no. Yes, your currencies may have been worth more during the boom period in late 2017, but the catastrophic falls that came shortly afterwards meant that many were left holding assets whose value was essentially wiped out overnight.


Great news for swing traders, but not so much for people who actually want to use their crypto as an online currency.


With a period of consolidation comes a time of static valuations and minimal fluctuations, and that’s a notion that could well preside for a while until the bear market flourishes in the years to come.


Now is a good time to reinvest your crypto…and happily, now is as good a time as any to join Bitcasino.


We offer one of the most comprehensive games libraries anywhere online, with a whopping 1,400 games sources from the industry’s very best developers and creative minds.


We have also partnered with the software provider OneTouch, which – like all of the brands we have on board – supplies games that are provably fair and feature published Return to Player (RTP) rates. That way, you can enjoy your favourite titles knowing that every gaming session is random and just as exciting as the last!


Hitting the jackpot


What better way to make your crypto haul really pay than by trying to win a huge jackpot prize?


At Bitcasino, we have a wide selection of jackpots for you to choose from, where every spin of the reels could deliver a life-changing payout.


We also offer traditional slots, as well as all of the Las Vegas-style card and table games that you have come to know and love.


There’s roulette, with versions well suited to high rollers and budget players alike, and blackjack. Can you take out the dealer?


You can try James Bond’s favourite – baccarat – or take a chance at the hold’em tables. Dice fans aren’t overlooked either, with sic bo, the Chinese classic, present and correct.


If you want to take things up a notch, then why not stop by our live casino? Here, you can play all of the very best casino games in a real-world environment, with professional dealers on hand to ensure that the action goes without a hitch.


New customers can take advantage of our generous welcome bonus, while existing players are definitely not overlooked either thanks to our potentially lucrative Loyalty Club.


Like we say, there’s never been a better time to join Bitcasino. You can register today, play all of our games for real-money prizes, or test them in demo mode, and deposit your ETH and LTC to get you started.


This is quick, fun, safe casino gaming, delivered by a team that is passionate about delivering the best user experience possible. What’s not to like?!

Words: Sean McNulty

Images: PA


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Exciting news for Litecoin and Ethereum as 2019 ends
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