The 7th largest cryptocurrency yesterday replaced Stellar (XLM) and regained its position on 7th rank with a market cap of over $2 billion.
At the time of writing, Litecoin has been trading at 33..75 with 24-hours gains of 3.20 percent. In the BTC market as well, it is in the green by 1.72 percent.
Litecoin Price chart, Source: Coinmarketcap
Meanwhile, the daily trading volume of Litecoin has been on a rise since November 2018. For the past 3 months, as Litecoin adds more exchanges and trading pairs to its name, the trading is seeing a surge in activity. Currently, it has been managing the daily trading volume of $650 million.
Litecoin Having a Great Time
Litecoin has a number of things working in its favor as Litecoin Foundation amps its marketing efforts. Recently, Litecoin went through a makeover by changing the colour of its grey logo to a light blue color.
The community is having mixed reactions to this change as some thinks it is confusing and the old grey shouldn’t have been tinkered with. However, given the fact that Litecoin is over eight years old, it is to be expected as change is hard at first.
Created by an Australian company called The Tokens Agency, the reason behind the new color was explained by the team member of company Robbie Coleman,
“For us, the blue elicits the notion of ‘trust’, which the community on Reddit identified as important for Litecoin. It’s also the color of calm and serenity, and as such inspires a feeling of security and safety. Plus it pops as an icon in wallets and on exchanges!”
He also shared, “As more people get exposed to it — and specifically the blue version we created for the UFC sponsorship — it has become apparent that the distinctiveness of the blue logo is well liked.”
One of the major developments can be seen in the form of the thriving Litecoin Lightning Network statistics.
As can be seen in the above image, the network capacity and the number of channels are surging over 100 percent in a month. The number of nodes is also on rise, close to touching 130.
Another one is the recently launched Litecoin futures on one of the biggest crypto exchange Huobi’s Derivatives Market that allow traders to long or short LTC. Litecoin has been the fourth digital asset after Bitcoin, Ethereum, and EOS, which according to Livio Weng, Huobi Global’s CEO,
“(Litecoin) is one of the biggest of the altcoins on the market today and we’ve seen quite a bit of demand for it by our users.”
Not to forget the important upcoming event that is Litecoin Block Reward Halving on 1 August 2019, about 194 days away.
Litecoin is already enjoying the greens but with so much going on, more price action can be expected while this cryptocurrency pushes for adoption as the next generation of payment option.