Our analysis of the cryptocurrency world continues, in particular the prices and news of the cryptocurrency Fantom (FTM) and Litecoin (LTC).
It does not appear to be a good time for either of them, but let’s look at it in detail.
Prices and market statistics of the Fantom (FTM) and Litecoin (LTC) cryptocurrency assets
Let’s start with Fantom, which among the two projects was the one that lost the most, in particular in 30 days it lost 18.30 percent of its price, bringing the value of FTM to $0.33.
Because of the decrease in value, it has changed the market statistics, which now see Fantom with a market cap of $930.6 Million and a volume of daily trading of $251.3 million.
Fantom’s circulating supply, on the other hand, is 2.8 Billion FTM with an average holding time of 18 days.
Shifting to Litecoin, in the last period it has certainly proven to be more stable than the 1st mentioned. In reality, the LTC crypto token has lost only 4.10 percent of its price, bringing its value to $84.36.
Market statistics see a market cap of $6.3 billion, with a volume of trading in the previous day of $752.1 million.
The circulating supply of Litecoin is 73 Million LTC, with an average holding time of 103 days. As of now, LTC is in the number 10 position in the popularity ranking.
On the other hand, let’s move on and see some news that has potentially influenced, or will affect, the price of the two tokens.
Fantom Foundation’s removal of liquidity raises concerns about Multichain’s stability
The Fantom Foundation, the team behind the development of the Fantom blockchain tech, has made headlines for removing a substantial amount of liquidity from a trading pool for Multichain’s native token.
This move exacerbated concerns about the stability of the cross-chain bridging protocol.
Reports by Etherscan data, a portfolio controlled by the Fantom Foundation removed about 450,000 MULTI crypto tokens and 1,363 Ether from a liquidity pool on the decentralized exchange SushiSwap.
The move was 1st highlighted by on-chain researcher Lookonchain. Right now, the Fantom Foundation has not provided any immediate response to the incident.
The timing of this liquidity removal is of particular concern as Multichain users have informed whole lot of delays in withdrawing their cryptographic assets from the protocol.
Multichain serves as a bridge betwixt the Fantom and Ethereum (ETH) ecological systems, allowing users to move assets seamlessly betwixt the two networks.
Nonetheless, as of 21 May, the community was notified of an unexpected delay in updating the system. Unfortunately, representatives from Multichain have not is still responded to requests for comment on the matter.
The removal of liquidity from the trading pool, along with informed delays in investment withdrawals, has raised questions about Multichain’s stability and reliability.
Users rely on these cross-chain bridging protocols to support the transfer of assets betwixt different blockchain tech networks in a secure and efficient manner.
Any complications or disruptions in these protocols can lead to whole lot of disruptions and potential financial losses for users.
The lack of communication betwixt the two corporations makes the situation more worrisome
The lack of immediate response from representatives of the Fantom Foundation and Multichain has only added to the concerns of the digital currency community.
Transparency and effective communication are essential in situations like these, as they help build trust and maintain the confidence of users and investors.
It is worth mentioning that incidents like these should not automatically be equated with malicious or illegal behavior.
Nonetheless, they do highlight the need for robust systems and processes to secure the stability and security of cross-chain bridging protocols.
As the blockchain tech industry persists to evolve, it is critical that developers and project teams prioritize thorough testing, verification and ongoing maintenance of their protocols to minimize the occurrence of such incidents and sustain user trust.
As the situation evolves, users and investors anxiously await a response from the Fantom Foundation and Multichain representatives, hoping for clarification on the removal of liquidity and an update on the resolution of the informed delays.
Prompt resolution of these matters is important to restoring trust in Multichain and maintaining the integrity of cross-chain bridging protocols within the broader blockchain tech ecosystem.
The LTC halving approaches: specialists predict network improvements and a surge in cryptocurrency prices
As LTC’s halving approaches, digital currency specialists are abuzz, predicting whole lot of improvements to the Litecoin (LTC) network and a potential surge in the asset’s price.
The event, expected in about 70 days, will reduce the blockchain’s mining bonus from 12.5 to 6.25 LTC, according to market intelligence platform Santiment.
LTC halving is a recurring phenomenon that occurs about every four years, similar to Bitcoin (BTC) halving events.
It is a fundamental mechanism built into the Litecoin protocol to sustain scarcity and control inflation.
This halving ensures that the price of production of new LTC coins slows over time, thus increasing their scarcity and potentially driving up their value.
Santiment specialists predict a price explosion for LTC as halving approaches, pointing to two key factors. First, miners are expected to intensify their efforts to mine more crypto tokens before the event takes place.
With the reduction in mining bonus, miners will have a strong incentive to accumulate as numerous LTC coins as possible while the bonus are still relatively high.
This increased demand for mining could potentially strengthen the overall security and efficiency of the Litecoin network.
Second, the reduction in the production price of each LTC coin resulting from halving will likely create an imbalance betwixt supply and demand.
As fewer new coins enter circulation, the existing supply of LTC will become scarcer.
This scarcity could drive up the value of LTC as investors and traders perceive it as a more limited and valuable asset.
The anticipation of this slowdown in production has already triggered market speculation, which could further contribute to a potential price surge.
Beyond short-term price movements, the halving of LTC likewise has broader implications for the Litecoin network
Historically, Litecoin has experienced whole lot of price rises following past halving events.
For instance, during the last halving event in 2019, Litecoin experienced a substantial surge in value, reaching its highest point in over a year.
Despite the fact that past performance does not guarantee future results, market analysts and enthusiasts are closely monitoring these historical trends for signs of potential outcomes for LTC in light of the impending halving.
Reduced mining bonus promote miners to adopt more efficient and advanced technologies to sustain profitability. This procedure often leads to network upgrades, mining infrastructure improvements, and enhanced security measures.
In doing so, the overall resilience and robustness of the network can increase, benefiting all participants and stakeholders.
As the countdown to the LTC halving continues, the digital currency community anxiously awaits the event’s impact on the Litecoin network and its investment price.
The combination of increased mining activity preceding the halving and the likelihood of LTC becoming a scarcer investment has set the stage for an exciting period.
Despite the fact that the future remains uncertain, the halving of LTC has the capacity to thrust Litecoin into the spotlight and define its trajectory in the evolving digital currency market.