According to coinmarketcap.com Litecoin is ranked 6th in terms of market cap. At the time of writing, Litecoin was priced at $79.39 USD. The market cap is $4,553,333,588 USD, while the volume (24h) was $311,872,000 USD. Litecoin was launched in 2011 and is one of the oldest and well-established crypto coins on the market. This means its availability extends to a wide list of exchanges and has a reputation of being credible.
While LTC still manages to be positioned among the top ten cryptos, its price has seen a drop of 40% over the last month, the drop was largely due to the other crypto markets.
In June, the number of transactions per day has decreased dramatically going back to pre-December levels. Average transaction fees also went down during the same period. But LTC still keeps on clearing more transactions per day than Bitcoin Cash, Monero, Zcash, and Tron while the fees are lower than Bitcoin, Ethereum, and Monero.
While the coin has seen a slight increase of $4.35%, Litecoin holders shouldn’t be so quick to trade their LTC just yet. Predicting how any crypto will perform is an extremely difficult feat. In Litecoin’s case, there are a few major opportunities and trials that could influence the coin’s price in the months and years to come. Here are a few reasons why this coin is worth holding.
For example, the Litecoin blockchain is capable of handling a much higher transactional volume in a much shorter time than Bitcoin. Faster confirmation times leads to a considerable difficulty level, meaning that the hackers cannot access and compromise the blockchain so easily. Just 5 minutes are required to confirm two confirmations.
Litecoin employs the Scrypt algorithm which means that mining can be done with GPUs and CPUs. This implementation was made to appeal to new miners which cannot afford expensive ASICs, and to also be less power consuming than Bitcoin mining.
Endeavors Involving LTC
Litecoin Core is an open source software that allows its traders to use LTC freely. Due to this release, substantial positive changes have been brought to the Segwit Wallet. Litecoin Core v0.16.0 was released on May 30, bringing new features, bugfixes and performance improvements, along with updated translations.
The Gemini Exchange, owned by Tyler and Cameron Winklevoss, has also added LTC in May, thus extending the long list of exchanges that support trading for the coin.
Recently, the Litecoin Foundation (LTC) announced that it had purchased blockchain startup TokenPay’s initial 9.9% stake in Germany’s WEG Bank in return for facilitating TokenPay with promotion and technology.
Amazon, one of the largest online vendors in the world, has expressed its interest in the ‘new’ technology considering Litecoin for a medium of payment. This makes Litecoin Ripple’s new competitor when it comes to Amazon’s cryptocurrency payment service.
The usability of Litecoin as a way of transacting makes it an ideal candidate for currency that can be used by the Amazon platform. To be entirely accepted by the system, Litecoin will have to keep on and increase the user experience on the vendor’s platform. Furthermore, the fast confirming time of an order will have to surpass the existing speed of approving a blockchain transaction.
The abovementioned cases are just a few the positive events in which LTC is involved.
Considering its past ability to bounce back after market plunges, Litecoin has the potential to reshape the payment market in the near future, if you take into account its many projects and endeavors. So hold on to your Litecoins (LTC), as it seems the coin will keep on growing in the following year.