The crypto-sphere has been riddled with a myriad of problems and the bearish market has seen many traders exit from crypto to fiat leading to widespread panic. This appears to have left Litecoin in the red light as its founder, Charlie Lee, shifts the platforms’ attention by castigating the Ethereum systems’ security flaws.
It has been tough year for the cryptocurrencies as the bears continue to take control of the market. Litecoin (LTC) has been on the receiving end since the beginning of the years with many holders anticipating some corrections in favor of the coin. LTC price downtrend has seen many investors panic sending the coin to the oversold territory.
Litecoin entry into the oversold territory is not new in the market and past cases have shown the drop in popularity and traders exiting to other coins leads to upward momentum. Litecoin low price is set to excite buyers by creating interest and this will increase buying will definitely spike the price making LTC the coin to watch before close of Q4.
Litecoin (LTC) Charlie Lee on Ethereum (ETH) Future Immutability
In other news, Litecoin founder, Charlie Lee, has taken a swipe at the Ethereum ecosystem, immutability. To crypto enthusiasts, the attack appears to justify the LTC price drop and shift attention to that of ETH which has also been battered given it is the second largest coin in the market. Lee argues that since the platform is not immutable, there are possibilities its transaction will be prone to manipulations in the future:
“It’s hard to see certain transactions but the problem with Ethereum is, we have already seen it, we have already shown and proven that transactions on Ethereum are not immutable for most cases it is.”
Lee goes on to assert that it makes more sense to use Bitcoin when large amounts are involved and Litecoin for small amounts, a marketing gimmick that might not be received well by the Ethereum community. Lee goes on to conclude:
“It sets a bad precedent that governments can approach the foundations of developers and convince them that this transaction is bad because it’s sending millions of dollars to a terrorist group. So, no one likes terrorists but for properties of sound money is important that transactions are immutable.”
This comes at a time when the TH price has had a free drop below the $200 mark. However, the price action might be a thing of the past once the developer team shifts their focus from the current system to the proof-of-stake (PoS) protocol.
Litecoin (LTC) Listing on Itbit a Big Boost
After the release of Litecoin Core v0.16.2 that has seen minor bugs fixed, more features added and improved performance. LTC has also been added to ItBit exchange. These moves are poised to increase the coin visibility and adoption which might turn round the price as the year comes to a close.
ItBit exchange is a fully regulated digital trading outfit by the NYFDS and has a huge audience in the US and will see Litecoin gain more exposure in the US and beyond. This is additional confidence among investors. The good news will see the coin overcome the oversold zone to start is long journey to recovery.
The Litecoin Core upgrade and the ItBit listing have not have had much impact on its price which has been overshadowed by the bearish market. The LTC price is still on the red zone with 1.08% and 1.20% drop against the dollar and Bitcoin respectively to trade at $54.29 in the past 24 hours. DOBItrade exchange leads in volumes at 26.51% of the total traded with LTC/BTC the most popular pair.