It’s Litecoin time

Good morning! Welcome to The Daily Moon. A marijuana company in the US is going to use blockchain technology and smart contracts to track its medicinal plants. This will help nurseries know what the original plant was like and its properties even when it is cloned. So, no one can come back to them and complain about the quality of the product.

The markets recovered. Bitcoin was at ~$20,840 and Ethereum edged closer to $1,600. Nasdaq was shut for Martin Luther King Jr. Day. Back home, Sensex and Nifty fell due to FII selling.

Mania Doubles As LTC Halving Nears

Crypto mining lovers got together with Litecoin again. The token rose over 6% in the past week. The buzz around LTC’s halving activated a bull rally. Now the market’s on the watch for $100.

FYI Halving is a phenomenon where LTC slashes the rewards for new tokens mined. Currently, Litecoin issues 12.5 tokens as reward for every block added. This will be halved to 6.25 tokens.

The half fever has started LTC block “halving” happens every four years. And there’s a major price upswing every time it occurs. For instance, LTC rallied 820% ahead of its first halving in 2015. After the halving, it rose 14,200%. That’s the reason why bulls are circling the token.

Is $100 near?There was a pressure to sell Litecoin at $60 levels in December. The trend has reversed since then. Litecoin has a maximum supply of 84 million tokens, of which 72 million are already circulating in the market. Since it is at 86% of the total supply, there is a rush to mint before the limit is exhausted.

A technical metric called funding was also positive. A positive funding rate indicates that traders are keen to pay a premium for long positions. The next set of rallies are anticipated in April, and then again in July, August, and September. Guess it’s the year of Litecoin after all.

Altcoins To Power Up

The temporary rally in Bitcoin has excited investors. But there are a few altcoins that benefited too. So when BTC zooms, the alt tokens will rally as well. Here are a few of them:

1. Compound: The DeFi token is among the top gainers of the ongoing BTC rally. But there’s another reason for the price rise. Compound will soon undergo an upgrade to improve its price feed data.

2. MakerDAO: The DAO is headed to $700 on the back of new partnerships. The tie-up with asset management firm BlockTower will help the DAO earn additional revenues. https://twitter.com/MessariCrypto/status/1613309815274745857?s=20&t=Wzc18iQEJw9ZkQzOI1Z-iA

3. Avalanche: A rise in network demand fuelled a rally in Avalanche. The blockchain will soon host a new stablecoin called USP. Its native token AVAX is up 34% in the past week to ~$ 17 levels.

4. Cosmos: The token crossed the $10.6 resistance level, which means a longer bull rally. It’s at $12.6 supported by more action from developers.

5. Solana: The tide has turned for Solana. The token’s shrugged off the FTX-blues and risen over 42%. The BONK-memecoin buzz aided the bulls.

Iran+Russia=New Stablecoin

Iran and Russia are hooking up and want to unveil a stablecoin. The idea is to use cryptocurrency to enable easier foreign trade and faster payments. It will be the token for the Persian Gulf (formal name to be announced soon).

Wow. Ok. Go on…Crypto is banned in Iran and Russia, which includes stablecoins. But citizens still trade crypto despite the regulations. The governments believe that if there was a common currency people may be encouraged to use it more frequently. What this also does is effectively tries to replace the US dollar (Iran) and Euro (Russia) as the commonly traded currency.

So what backs it?Gold. Yes. We’re going back to the past and making proof of reserves gold. Smh.

Elon Giveth and Elon Taketh Away

The chief twit and self-declared freedom of speech champion, who has banned people because they mocked him, has quietly increased the number of tokens that have been indexed on the social media network.

Is it time for crypto on Twitter?

No. Musk has championed crypto, including Bitcoin and Doge, but has skirted all questions when it comes to introducing these tokens as a way to pay people on the platform. Twitter will have a currency in the future, seemingly, but no crypto on the list.

How can I check?

Tweet the crypto symbol and add a $ next to it and you’ll see a price graph. And yes, it works for Doge too.

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Who are we? This newsletter’s ambition is to educate (and to entertain). The world of money is changing everyday and we want to help you decode what’s happening in the world of crypto, public markets in the US and India.