Litecoin — long called the “digital silver” — has strong developments lined up to ensure the token’s long-term growth, said founder Charlie Lee on Twitter earlier today.
Some of those include a Litecoin-branded debit card, Grayscale’s Litecoin Trust, and the much-awaited rollout of MimbleWimble, the privacy implementation on Litecoin led by Grin developer David Burkett.
Tons of great Litecoin news recently.
• Litecoin Visa card
• Grayscale Litecoin Trust (LTCN)
• Privacy/fungibility with Mimblewimble testnet soon
• Hashrate up 50% this year
• Transactions up 100% this year
• Total addresses up 400% since Aug 2017
• $500M sent per day
— Charlie Lee [LTC⚡] (@SatoshiLite) August 19, 2020
Fundamental developments for Litecoin
Charlie Lee pointed out the following developments for Litecoin today:
- Grayscale Litecoin Trust (LTCN)
- Litecoin Visa card
- Privacy/fungibility with Mimblewimble testnet soon
- Hashrate up 50% this year
- Transactions up 100% this year
- Total addresses up 400% since Aug 2017
- $500M sent per day
Together, these represent increasing retail and technical activity for LTC, which serves as a meaningful metric for investors and fund managers to consider the currency as either a viable investment or a long-term currency alternative to fiat money.
Earlier this week, crypto-asset fund Grayscale announced its Litecoin Trust (LTCN), an investment vehicle for accredited investors in the US and worldwide to gain exposure to LTC, without holding the currency itself.
— Grayscale (@Grayscale) August 17, 2020
The Foundation also announced its native debit cards for the retail masses this month, these include innovative ones like the Ballet Litecoin Block card, a .999 fine silver card with a full block reward of 12.5+ LTC.
— Litecoin Foundation (@LTCFoundation) August 11, 2020
Data also shows that LTC transactions, and addresses, have gone up multifold in 2020. This is likely as participants search for a cheaper alternative to Bitcoin and Ethereum, with the latter’s fees reaching almost $50 on average this year.
1/ #Litecoin can handle up to 56 transactions per second
It is currently averaging 0.5 #LTC trx/ps (1 every 2 seconds) & rising steadily over the past 4 months (March was 0.22)
The last time the average trx rate was this high, was early Dec ’17
— David Schwartz (aka – Dasch) (@DaddyCool1991) August 7, 2020
On-chain metrics show growth ahead
As CryptoSlate reported this week, activity on the network is seeing a resurgence amidst a broader bull run in the crypto markets, on-chain data metrics show. The fundamental sentiment is similarly growing, especially as the date for a MimbleWimble implementation draws closer.
Franklyn Richards, the founder of the Litecoin Foundation, said in a tweet that Litecoin’s network activity is continuing to rise as crypto markets prepare to “breakout.”
Litecoin Network Activity Continues to Rise as Markets Prepare to Breakout. $ltchttps://t.co/k3YZ6E5x3z
— Litecoin.com (@LitecoinDotCom) August 16, 2020
Richards said the transactions:price ratio — which pegs asset prices based on underlying transactions — is currently “undervaluing” the network. He noted the daily network transactions had risen from “20,000/day to 45,000+/day, a drastic increase which gives us the lower, middle, and upper bounds of $52.5, $75 and $97.5 respectively.”
All in all, the strong fundamentals, technicals, and retail offerings up head are positioning Litecoin for long-term adoption, one that it’s holders and believers could stand to gain from.
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