Litecoin Back in the Limelight with A Network Bustling with Activity
In the middle of last week, Litecoin started surging. With a jump of 30%, LTC went to nearly $70; a level last seen in February 2020 before the coronavirus sell-off, only to come crashing back down to $61 along with the rest of the crypto market.
The digital asset, which has fallen down to the 8th spot and is up only 47% in 2020, is still down 83% from its all-time high of $373.
Litecoin, which was once purported as Bitcoin’s silver, has been absent from the market for some time now. It was in early last year, late January 2019, that Litecoin creator Charlie Lee tried to bring the limelight back to this digital asset by announcing that fungibility and privacy will be coming to it.
But it has been much later that the development started in this direction, for which the community and Lee have been providing the funding.
Grin developer David Burkett is the one who is working on Litecoin mimblewimble implementation, and according to his monthly updates, the testnet is on track for a September launch.
There are also some talks of a possible collaboration between Litecoin and Cardano, but that’s to be seen, if and when it will materialize.
Lee, who is infamous for selling his LTC stash at the top of the market, today took to Twitter to share that Litecoin has seen a bustle of activity recently.
Privacy/fungibility with Mimblewimble testnet is coming soon with the Litecoin Visa debit card to be launched as well.
Grayscale Litecoin Trust (LTCN) has also become publicly tradeable, joining five of its other products.
On the network front, Litecoin’s hash rate is up 50% this year and transactions 100% with about $500 million sent per day, shared Lee. Total LTC addresses meanwhile are up 400% in the last three years.
Moreover, Litecoin SegWit usage has reached 80%, more than Bitcoin’s 50%, which Lee highlighted is because of Blockchain.com not implementing SegWit.
When it comes to transfer counts, Bitcoin recorded 178k per day while Litecoin only had 2.7k on January 1st, 2017, which has now reached 345k and 50k, respectively. Meanwhile, in terms of the transfer value, currently, Bitcoin is processing about $3.5 billion compared to around $100 million on the Litecoin network, as per Coin Metrics.
All this activity and price action is surely working on Litecoin’s favor as people take notice of it. Analyst Mati Greenspan has 18.17% of his portfolio in this digital asset.