Investors related to the cryptocurrency landscape seem to be confused as to how they can increase their return on investment (ROI), such as when Bitcoin crashes. And fly! Litecoin (LTC), a decentralized peer-to-peer cryptocurrency inspired by BTC, is believed to be the answer to their courtships, due to its speed, low cost, and security in financial transactions.
According to Bybit Learn, a crypto insights platform, in November 2022, the LTC price saw a 35% rise and reached a high value of $81.52, despite the implications associated with the FTX crash. “LTC is a peer-to-peer cryptocurrency and an open source platform that has been built on the BTC blockchain. While it may have similarities to BTC, LTC has a different algorithm and maximum supply. The altcoin has experienced some volatility in 2022, and I would expect some sort of price rally this year,” Prashant Kumar, founder and CEO of weTrade, a cryptocurrency-based platform, told FE Blockchain.
Market-based research has shown that the adoption of LTC is spreading to merchants and businesses as a means of payment. Data from NerdWallet, a personal finance company, indicated that LTC was part of 42.5 million transactions in 2021. Also, LTC is considered a better medium of exchange compared to BTC, which functions as a store of value.
“In terms of importance in the cryptocurrency industry, I think LTC has played a role in helping to popularize the use of cryptocurrencies and has served as a testbed for new features that were later implemented in other cryptocurrencies. For example, LTC was the first cryptocurrency to implement Segregated Witness (SegWit), which is a protocol that improves the scalability and security of the blockchain,” said Amanjot Malhotra, India Country Head, Bitay, a cryptocurrency exchange. .
Exchanges like Coinbase, Binance, Kraken, among others, reportedly allow LTC-based investment options for users. As reported by Traality, a platform based on digital assets, LTC has collaborations with companies such as Travala, BlockFi, eGifter, MeconCash, NordVPN, among others. Additionally, Liteverse, the first LTC-oriented non-fungible token (NFT) marketplace, is believed to be functional.
“Global sectors that could potentially benefit from LTC include e-commerce, cross-border payments, and the financial industry. LTC could benefit the decentralized finance (DeFi) landscape by providing an alternative to Ethereum, which is currently the dominant platform for DeFi applications,” said Sathvik Vishwanath, co-founder and CEO of Unocoin, a cryptocurrency exchange.
Additionally, future predictions indicate that blockchain and cryptocurrency-driven adoption by business entities could result in increased demand for LTC. According to TradingBeasts, a forex and cryptocurrency education portal, LTC is expected to hit $75.34 in 2023 and could hit $100.17 in 2024 before ending the year at $80.14. By 2025, it is anticipated that LTC could be worth $124.
“I think LTC has a strong track record and has been around since its inception, which indicates its potential and relevance as a major player in the cryptocurrency industry. In the coming years, we could see increased adoption of LTC for micropayments, especially for making daily payments,” said Edul Patel, co-founder and CEO of Mudrex, a cryptocurrency investment platform.
