Litecoin Price Analysis as it Flipped into Bearish
Litecoin (LTC) has recently dropped its spot price to 60% since the block reward halving in August 2019. Then, it remains down 90% from its record high set in December 2017. The LTC market cap currently sits 6th place on the BraveNewCoin market cap table at $2.25 billion. And for the past day, it has $768 million in exchange-traded volume.
In 2011, Litecoin was a Bitcoin (9BTC) fork made by Charlie Lee. The network has aimed a block time of two minutes and 30 seconds, as opposed to BTC’s 10 minutes. Also, LTC has a four-old gain in the total supply. Then, it uses a different Proof of Work consensus algorithm named Scrypt.
Aside from that, Charlie Lee is a former Google employee and the brother of Bobby Lee – CEO of the now-closed Chinese crypto exchange BTCC. From 2013 to 2017, Lee worked as an engineer at Coinbase. Here, he was instrumental in creating the firm’s Litecoin listing.
But despite selling all of his personal LTC holdings in December 2017, Lee further involved himself in the development process and attempted to boost adoption through the LTC Foundation – a non-profit registered in Singapore. The second Litecoin summit happened in Las Vegas at the end of October 2019. And Ron Paul headlined this.
In addition to that, seven new partnerships made by the Foundation include; Cred, BlockFi, Bitgo, the Miami Dolphins professional football team, Glory kickboxing, the San Diego Film Festival, and Flexa. They added Litecoin as a way of payment for its more than 39,000 merchant networks. Some previous partnerships include the Bibox exchange and Ternio, set to release a physical debit card letting direct cryptocurrency spending.
LTC in Developer Activity
Meanwhile, the LTC project has 37 repos on GitHub. A lot of coins use the developer community of GitHub, where they save files in folders dubbed as ‘repositories’ or repos. Then, the changes to these files record with commits, which keep a record of the changes made, when and by whom. But commits represent quantity and not necessarily quality. More number of commits can signify higher dev activity and interest.
In the tweet of Lee, he addressed the seemingly low level of progress. He even explained that the Litecoin project has only a total of six core developers. And they mainly merge BTC code changes into the LTC code. Adrian Gallagher is part of the core developers and works on a private branch. Also, they only record these changes on the main branch after they have finalized.
During the previous year, there have been virtually no commits in the main GitHub repo, litecoin-project/litecoin, with no commits over the past 90 days. Unlike in the previous years, 2019 and 2020 have shown a marked decline in dev activity. But still, Litecoin.com announced that Litecoin Core 0.18.1 entered the final stages of testing in October 2019.
Also, in October 2019, Litecoin Improvement Protocol (LIP) 2 and 3 were published. This outlined the Extension Blocks and MimbleWimble, respectively.
Last December, the Litecoin Foundation announced a fund to support the improvement of both EB and MW.
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