While the rest of the crypto market is rather quiet, Litecoin is growing by almost 40 percent on a weekly basis. What are the reasons? The market update.
The crypto market never sleeps. Over the weekend, however, most coins ran without major outliers. Litecoin, the digital silver in the crypto space, is one of the few projects that can look forward to a big plus.
After the long-awaited update Taproot for the Bitcoin Network (BTC) went live on November 14th, the largest cryptocurrency is trading at around $ 65,973 at the time of writing, a meager 1.5 percent increase over the previous day. DeFi top dog Ethereum (ETH) also shows an increase of 1.5 percent in the last 24 hours and is currently around 4,717 US dollars. Binance Coin (BNB), Solana (SOL), Cardano (ADA) and Ripple (XRP) did not show any major outliers in the course of the course and thus show changes between 0.8 percent and 2.7 percent each. Although Polkadot (DOT) remains almost unchanged on a daily basis, the coin has to lose a good 10 percent on a weekly basis. The situation is similar with the Memecoin faction: the hype currency Shiba Inu (SHIB) has to cope with a price drop of around 7 percent. Meanwhile, Dogecoin (DOGE) is at a more or less stable level at around $ 0.26.
Litecoin (LTC) is currently an exception on the crypto market. With a price increase of over 37 percent in the last 7 days, the Bitcoin derivative is trading at around 276 US dollars at the time of writing. The coin thus prescribes an increase of 7 percent in the last 24 hours.
Litecoin as digital silver
The cryptocurrency, often referred to as digital silver, emerged from a Bitcoin fork in 2011. As one of the oldest digital currencies, Litecoin had set itself the goal of being easier and faster to function than Bitcoin. The architecture of the coin is very similar to the structure of its big golden brother. But the cryptocurrencies differ primarily in terms of transaction speed. While a new block in the Litecoin network takes around 2.3 minutes to process, the value in the Bitcoin network climbs to 7.3 minutes.
Although no direct conclusions can be drawn about causal relationships between developments in the crypto space, the silver coin seems to be on its way. Reasons for this could be announced partnerships that give the crypto currency a tailwind.
Accordingly, the entertainment giant AMC announced last week that it would now also accept payments in crypto currencies – including Litecoin. But Litecoin is not only slowly seeping towards mass adoption at the box office. On the institutional side, cryptocurrency is doing just as well. Just recently, Ripple (XRP) announced through one Liquidity Hub Wanting to offer B2B (business-to-business) transactions in various cryptocurrencies. Among the supported currencies: Litecoin.
Litecoin’s upward trend, however, was presumably brought about as early as the end of October. Because recently Litecoin announced with payment service provider Visa and start-up Unbanked to launch a crypto card – and thus take full speed ahead in the direction of the crypto mainstream.