Litecoin was released in October 2011 by Charlie Lee, a former Google (NASDAQ:GOOGL) employee. It is a fork of Bitcoin, with the main difference being a smaller block generation time. The protocol also increased the maximum number of coins and implemented a different script-based algorithm. Litecoin is one of the leading cryptocurrencies and is one of the top 10 cryptocurrencies by market capitalization. According to a recent article on Yahoo.com, Litecoin has broken out above the $247 level of resistance for the first time since May as bullish sentiment begins to sweep across all cryptocurrency markets. Despite not having the market share it once had, Litecoin still boasts an impressive market cap of $17 billion, making it objectively larger than companies like Gamestop and CBOE Global Markets. The report said: “At the time of writing it was trading at $252 following a 28.87% move to the upside from this morning’s daily close. If it can close a daily candle above the $247 mark, continuation is expected with upside targets beginning to emerge at $286 and $334. However, a close below this level could indicate a short-term pullback as traders aim to lock in profits from the recent move.” Active companies with recent developments in the industry include: Hello Pal International Inc. (OTCQB: HLLPF) (CSE: HP (NYSE:HPQ)), Sphere 3D Corp. (NASDAQ: ANY), HIVE Blockchain Technologies Ltd. (NASDAQ: NASDAQ:HIVE) (TSXV: HIVE), Canaan Inc. (NASDAQ: CAN), Coinbase (NASDAQ:COIN) Global, Inc. (NASDAQ: COIN).
The Yahoo.com article continued:
"Litecoin's relative strength index (RSI) is at 88.52, which is the highest it has been in more than two years as volume has picked up alongside price action. The recent surge in the price of Litecoin could be an indication of things to come in the wider altcoin market as people take profits on Bitcoin at $68,000 before diversifying profits into more speculative bets like altcoins. In 2017, Litecoin rallied to a quite unbelievable all-time high of $420, falling just short this year as it topped out at $412 before sensationally slumping back down to the $105 level of support. If it can break its all-time high before the end of the year, it's entirely possible that Litecoin will surpass and establish support above the $500 region in 2022." Hello Pal International Inc. (CSE: HP) (OTCQB: HLLPF) BREAKING NEWS Hello Pal Purchases Additional 130 Antminer L7 Miners for LTC and DOGE Mining – 400 New L7 Miners to Commence Mining in North America Shortly – Hello Pal International Inc., a provider of rapidly growing international live-streaming, language learning and social-crypto platform, is pleased to announce that it has purchased a further 130 Antminer L7 mining rigs for the mining of Litecoin and Dogecoin, bringing the total number of L7s to 400.
This new purchase primarily relies on the cryptocurrency profits generated by the Company’s subsidiary (CPal Technology Limited) from the past several months of mining in addition to free cash reserves in the Company. This purchase comes after the announcement of the complete upgrade of its miners where 270 L7 miners were purchased using the proceeds from the sale of 12,500 Antminer L3+ miners (see November [16] press release).
"The recent price surge of Litecoin and news surrounding SpaceX's "DOGE-1" mission to the moon have greatly increased the market demand and price for these latest mining rigs, so we are very fortunate indeed to have been able to procure as many units as we have," said KL Wong, Founder and Chairman of the Company.
"We are doubly pleased that this purchase was made financially possible through our past crypto-mining efforts bearing fruit." The new machines are expected to be delivered in December 2021, upon which they will be delivered by airfreight directly to the Company’s new mining facilities in New York State and other parts of North America.
Information provided by FinancialNewsMedia.
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