Litecoin price finally rallying hard towards its previous ATH, expected to form new highs very soon
The price currently which is in an accumulation phase, is expected to pull out a leg and rally above $700 soon
A well-known cryptocurrency investor is examining the Bitcoin fork Litecoin (LTC).
Litecoin, which is currently valued at around $14 billion after this week’s severe crypto-correction, possesses many of the characteristics that Coin Bureau’s pseudonymous host seeks in a cryptocurrency.
Guy, the host, claims that Litecoin has “not only survived, but thrived” since its inception in 2011.
“It has all four qualities I mentioned… A use case as a medium of payment, super robust tokenomics, global awareness and adoption, and the best slogan in crypto: the silver to Bitcoin’s gold.”
Guy believes that institutional demand fuelled Litecoin’s recent bullish price action prior to its crash back down to the $200 level, as crypto investment giant Grayscale reportedly ate up 80% of the mined Litecoin (LTC) supply in February.
Litecoin bills itself as a “payments cryptocurrency.” Its network enables low-cost currency transactions in real-time. The proof-of-work validation scheme used by LITE is based on Script. This implies that blockchain transactions must be validated by miners like bitcoin.
Script is a unique proof of work (PoW) consensus system used by Litecoin. The script was created to allow users to mine LTC on a standard computer. The Litecoin blockchain would become more decentralised as a result of this, as everyone would be able to join the network. This contrasts with Bitcoin’s Sha-256 mining algorithm, which could only be mined with specialised computers known as Asics.”
Guy also points out that Litecoin (LTC) developers are operating quicker than Bitcoin (BTC) developers, implying that it could be changed more quickly than the leading digital asset for storing value.
Another significant distinction from Bitcoin is that the LITE aims for a block time of 2.5 minutes. The blockchain transaction time limit for Bitcoin is ten minutes. As a result, it can validate transactions more quickly than Bitcoin. It should boost the popularity of Litecoin.
He went on to say that,
In practice, Litecoin seems to be lacking in more than one department. For one transparency has not been its strong suit and there’s no question that Charlie Lee selling his Litecoin back in 2017 was bad optics. As hard as the Litecoin developers are working, it seems like a slow pace of development, though it has still been much faster than Bitcoin.”
Litecoin price has seen a sharp recovery after Wednesday’s massive sell-off. As of writing LTC is trading at $213.