Litecoin is going bananas, and rightly so. Hilarious to see the twitter trends shift from "let's short this useless copy of bitcoin" to "this is going to be > $100 by year end" and "Litecoin should be 25% the value of bitcoin" (probably true statements)
But remember, vertical movement is a physics test. Corrections will occur--but when? This is my theory so far--but updating as movements unfold. This is a particularly meme/hype driven market so it could end up to $60 before the correction. Crypto is particularly driven by positive and negative feedback loops so if mass hysteria keeps up, it could keep going. Litecoin is fantastic long-term (and I'm holding for years to come)--but nothing should move this fast without a correction. However, we could also be seeing a full shift in the perception of Litecoin, bringing it where it should be after a long time of it being highly undervalued. Only time will tell.
while I don't work for an exchange and I'm not privy to how they go about accumulating inventory to offer, it occurs to me that Bitstamp has had to have been accumulating LTC before the launch. Was some of this boom them realizing that they didn't have enough and pilfering LTC from other exchanges?
I had originally thought of the Bitstamp launch as adding thousands of new buyers, without adding sellers--but it could also be that a huge amount of LTC will be immediately imported into Bitstamp and sold as a way of correcting the market back down after today's massive accumulation.
Well, what can I say, it happened eventually!! I have been watching a number of people making charts on here, many of them are sham / bs but for sure your advice / charts have been worth their weight in gold! Well done Atomantic!!
atomantic
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@aformby, I'm glad it's helpful. I'm still fairly new to this but I've been amazed how seemingly easy it's been to follow the trends. Still, I've always been playing it cautious and not assuming I'm 100% correct, just in case ;)
aformby
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@atomantic, well you're doing well so far I think. Be interesting to find your thoughts on Ethereum/USD
atomantic
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@aformby, I think ETH is great, but the value of it is strongly influenced by ICO launches. The massive jump to 400 was likely driven almost entirely by the Bancor 150M ICO (which required a lot of ETH to happen). I think the dump down to $300 was Bancor and others realizing that they should convert some of that now that the ICO was over. So whenever there is a big ICO using ETH about to happen, ETH will pump--then it will dump once people need to cash in.
It's a great system though--I'm holding LTC, BTC and ETH on extremely long timelines--but occasionally selling each when it's clear they are defying physics (then I rebuy more coins for less--again, accumulating for long term).
RingoBongo
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Here comes the moon! Calling it now. We will see a rise arise of chickun! Monday funday, too much hype not enough rise. Let's go squiggly lines to the top!
I think the next entry level is around the 35 mark. What do you think?
atomantic
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@unitednoobies, I think either we will see 27 as the new floor this week--or litecoin will turn new-world-order on us and we won't see < 40 again. Depends on how well this holds through. Bitstamp is on UTC+1 so it's Monday to them right now :)
It's also possible that Bitstamp will have an issue with their release and won't go out as expected. They did say "scheduled for Monday" -- given that they also previously said "early June" and then "in the next week" and both of those didn't happen to the letter, they might come out saying it won't be Monday but Tuesday or Wednesday.