On this episode of the BeInCrypto video newscast, presenter Jessica Walker will take a look at Litecoin (LTC). Although the value nearly doubled this year, it has lost ground to other altcoins. Will Litecoin ever be cool again?
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While not as explosive as some other altcoins, the token has seen a slow and steady upward trend. It started the year around $ 130 and nearly doubled at press time, hitting a local high of $ 260.
But what is behind this ascent? Is Litecoin cool again or is it being staged by other altcoins? Today we are going to talk about the good and bad news for Litecoin, as well as the prospect for the future.
We’ll start with the bad news. Despite the uptrend on the chart, the Litecoin community noticed that it could soon lose its top 10 status. With little growth compared to other cryptocurrencies, Litecoin is only $ 1 billion away from losing the place it has held since its inception.
The GIF above gives an overview of litecoin’s position over the past decade based on its market capitalization. In each frame, Litecoin is ranked from number two to ten.
Altcoins like Chainlink (LINK), Stern (XLM), and Bitcoin Cash (BCH) are fine, however. Some are within $ 1 billion of selling Litecoin. Everyone has had their own stint in the top ten.
But does this really reflect litecoin’s future prospects?
Institutional investors don’t seem to believe that. Coinshares launched Litecoin products that allow companies and other major investors to invest in Litecoin. Europe’s largest investment firm manages over $ 4 billion in assets.
We also have to mention grayscale, which has also steadily accumulated Litecoin. According to a current one TweetGrayscale Litecoin holdings total 1.47 million LTC coins valued at nearly $ 300 million.
In addition to Bitcoin (BTC) and Ethereum (ETH), PayPal also made Litecoin available to its US users as a payment option. There is currently no data on how many people are using Litecoin. However, with 377 million active users worldwide, this must be a net positive result for LTC adoption.
At the end of March, the Litecoin Foundation finalized the code for its MimbleWimble Extension Block (MWEB), which aims to improve Litecoin’s most important functions: fungibility and data protection.
The protocol is named after a fictional Harry Potter spell and uses confidential transactions. In this way, senders can encrypt the number of coins to be sent using “blending factors” and at the same time cover up the addresses. This greatly improves the privacy of the blockchain while improving its scalability.
Over the past few years, Litecoin founder Charlie Lee has focused on fungibility, scalability and data protection and has seen this as a key stage in Litecoin development.
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