Friday, June 2, 2023

Why Will Litecoin Survive?


Over the coming year, Litecoin (CCC: LTC-USD) is expected to perform substantially. Litecoin has now become the seventeenth-largest cryptocurrency worldwide, with a market valuation of $13.8 billion.

Litecoin expects to live up to the expectations of other prominent cryptocurrencies such as Bitcoin (CCC: BTC-USD) and Ethereum (CCC: ETH-USD) due to its strong relationship with the leading cryptocurrencies.

LTC crypto, for instance, has risen 58.5 percent this year alone. It is with a price of $200.04 per token as of November 2. Likewise, Bitcoin rise significantly year-to-date in 2021 (YTD) as it has risen 114.5 percent to $63,031 as of November 2. Because the creator designs Litecoin to be a simplified version of Bitcoin and was designed after it, its performance will resemble that of Bitcoin.

Admittedly, it might not have risen to the same heights as Bitcoin. However, but this could be based on it not being as well-known and not having the equal level of support.

Bitcoin Tracking

Since its inception in 2009, Bitcoin has remained the undisputed market leader in the crypto industry. However, Litecoin, which was one of the first cryptocurrencies to debut in 2011, has been monitoring Bitcoin’s trajectory, if not as closely, since then. For instance, Bitcoin has increased 6.8 times in the last two years from $9,235 per BTC token. Litecoin has risen as well, but not quite as much as it is currently worth $3.25 more than it was two years ago, when it was $61.57. In other words, based on the YTD data and the previous two years’ success, LTC crypto seems to be tracking Bitcoin’s, although with a 50% gap.

Why should it not be?

Per its founder Charlie Lee created Litecoin in 2011. He creates Litecoin to serve as “a silver to Bitcoin’s gold.” Although silver has generally followed the same increasing trend as gold, it has frequently underperformed. Litecoin, for instance, performs similarly as Bitcoin in that its supply is decreased by 50% every few years. This serves to maintain the supply/demand curve for LTC coins balanced, with a trend toward higher prices as the number of Litecoin tokens declines.

Litecoin, on the other hand, has certain key differences, including block times that are four times longer than Bitcoin. Furthermore, when contrasted to BTC, its supply limit is four times larger making it no surprise, that it has a 50% performance lag when compared to Bitcoin.

Latest LTC Developments

Litecoin has recently made headlines in the financial sector. Litecoin recently revealed through a tweet that it had partnered up with VISA (NYSE:V) to produce a Litecoin debit card, in a spin of traditional finance versus new finance. The digital card in Litecoin is the only card that remains in Litecoin.

The Litecoin balance exchanges to a sufficient quantity to fulfill a transaction with a merchant at the point of purchase. All one has to do now is load their Litecoin Visa card with a Litecoin amount. This is similar to a “secured” debit card, if that makes sense. The distinction is that as the value of one’s Litecoin balance increases, one will continue to earn more cash.

In actuality, users can also deposit Bitcoin, Ethereum and Ripple (CCC: XRP-USD) as well as Litecoin. Any digital merchant who accepts Visa as a payment option uses LTC debit card according to Litecoin. It is approximate to be around 50 million merchants globally.

As this type of approach grows within the decentralized finance (Defi) world. It anticipates to radically change traditional finance. How long until a mortgage firm allows customers to borrow money in Litecoin or another cryptocurrency? People pays in USD, LTC, or another cryptocurrency. This virtual Visa Litecoin debit card is just a taste of what’s to come.

Is LTC Worth Keeping?

Therefore, notwithstanding Litecoin’s poor performance compared to Bitcoin, one it is evident that the currency offers some innovative features. These innovations could enable it catch up to Bitcoin’s customary 50 percent speed lag. As a result, LTC investors may consider now to be a good moment to invest in LTC crypto.

Mary Santos
Mary Santos
Mary Santos has a degree in economics and after a successful career as an investment analyst, she found an interest in Cryptocurrency. Mary enjoys finding the latest scoop on crypto news.

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