Uncover the latest updates and price analysis of Fantom (FTM) and Litecoin (LTC) cryptocurrencies. Evaluate the investment potential during the current market conditions.
We’ll continue to analyze the cryptocurrency market, focusing on Fantom (FTM) and Litecoin (LTC) prices and news. Although it doesn’t seem like a good time for either of them, let’s take a closer look.
Prices and market data for the cryptocurrency assets Fantom (FTM) and Litecoin (LTC)
Let’s start with Fantom, the project that lost the most money out of the two, precisely, it lost 18.30% of its value in 30 days, making FTM worth $0.33.
The market figures have changed as a result of the value decline, and Fantom now has a market capitalization of $930.6 million and a daily trading volume of $251.3 million.
On the other side, Fantom’s circulating supply is 2.8 billion FTM, with an average holding period of 18 days.
Moving on to Litecoin, it has unquestionably shown to be more stable than the previously mentioned in recent times. The LTC token’s price has dropped to $84.36 while only losing 4.10% of its worth.
According to market statistics, there is a market capitalization of $6.3 billion and a $752.1 million trading volume during the past 24 hours.
73 million LTC are now in circulation, and the average holding period is 103 days. LTC is now ranked number 10 in the popularity ranking.
Now let’s look at some news that may have had an impact on or will have an impact on the prices of the two tokens.
Concerns regarding Multichain’s stability have been raised by Fantom Foundation’s elimination of liquidity
The Fantom Foundation, the group responsible for creating the Fantom blockchain, has garnered attention for significantly reducing the liquidity in a trading pool for Multichain’s native currency.
This action increased worries about the cross-chain bridging protocol’s stability.
Data from Etherscan shows that a portfolio under the Fantom Foundation’s control took 1,363 Ether and around 450,000 MULTI tokens from a liquidity pool on the decentralized exchange SushiSwap.
On-chain researcher Lookonchain was the one to first draw attention to the action. The Fantom Foundation has not yet responded directly to the issue at this time.
Given that Multichain users have reported experiencing large delays while removing their cryptographic assets from the network, the timing of this liquidity loss is of particular significance.
Users may transfer assets smoothly across the Fantom and Ethereum ecosystems thanks to Multichain, which acts as a bridge between both.
The community was, however, made aware of an unforeseen delay in the system update as of May 21. Unfortunately, inquiries for comments on the topic have not yet received a response from Multichain officials.
People have raised concerns about the stability and dependability of Multichain due to the loss of liquidity from the trading pool and the alleged delays in asset withdrawals.
Users rely on these cross-chain bridging protocols to make it simple and secure to transfer assets between various blockchain networks.
Any issues or interruptions in these protocols could cause serious disruptions and result in possible losses for users in terms of money.
The problem is more concerning because there is a communication breakdown between the two businesses
The Fantom Foundation and Multichain representatives’ delayed responses have raised bitcoin community concerns. Transparency and good communication help consumers and investors trust you in situations like these. Remember that these scenarios aren’t necessarily malicious or illegal.
They emphasize the necessity for solid systems and procedures to ensure cross-chain bridging protocol stability and security.
As the blockchain industry develops, developers and project teams must prioritize protocol testing, verification, and maintenance to limit the possibility of such mishaps and retain user confidence. Users and investors are eagerly anticipating a response from the Fantom Foundation and Multichain representatives to learn more about the liquidity loss and the delays.
The integrity of cross-chain bridging protocols within the larger blockchain ecosystem must be maintained, and faith in Multichain must be quickly restored.
Experts anticipate network upgrades and a spike in cryptocurrency prices as the LTC halving approaches.
As the Litecoin (LTC) halving deadline approaches, cryptocurrency experts expect substantial network adjustments. Santiment predicts the event will reduce blockchain mining payments from 12.5 to 6.25 LTC in 70 days.
Similar to Bitcoin halving events, LTC halving is a periodic phenomena that takes place every four years. The Litecoin protocol includes a basic mechanism to ensure scarcity and rein in inflation.
This halving slows LTC coin production, enhancing scarcity and value. Santiment researchers expect LTC prices to explode as the halving approaches for two reasons. Miners should mine more tokens before the event. Miners will try to get as many LTC coins as possible before mining incentives collapse.
Mining may boost Litecoin network security and efficiency. Second, LTC coin production at half-rate may generate a supply-demand imbalance. Fewer new coins reduce LTC circulation. If traders and investors see LTC as a rare asset, its value may rise. This production slowdown has spurred market speculation, which could increase prices.
The halving of LTC also has wider repercussions for the Litecoin network outside of short-term price fluctuations
Following previous halving events, Litecoin’s price has historically increased significantly.
For instance, Litecoin’s value significantly increased during the most recent halving event in 2019 and reached a peak position not seen in more than a year.
Market analysts and fans are keenly observing these historical tendencies for clues as to probable outcomes for LTC in light of the imminent halving, even if past performance does not guarantee future outcomes.
Miners are encouraged to adopt more complex and efficient methods to retain profitability as mining rewards are reduced. Network upgrades, mining infrastructure updates, and improved security measures are frequently the results of this procedure.
As a result, the network’s overall robustness and resilience may improve, which will be advantageous to all users and stakeholders.
The cryptocurrency community is eagerly awaiting the effects of the LTC halving on the Litecoin network and its asset price as the countdown to the event continues.
An exciting moment has been put in motion by the combination of increasing mining activity before to the halving and the potential for LTC to become a scarcer asset.
The halving of LTC has the ability to make Litecoin more visible and determine its course in the developing cryptocurrency industry, even though the future is still uncertain.