Cryptocurrency

The ‘Lit’ cryptocurrency? Why Litecoin is the next big thing in the making

Investors related to the cryptocurrency landscape seem to be confused on how they can up their return-on-investment (ROI), as on when Bitcoin crashes. And vola! Litecoin (LTC), a decentralised peer-to-peer cryptocurrency inspired from BTC, is believed to be the answer to their woos, on account of its speed, low cost, and security in financial transactions.

According to Bybit Learn, a crypto knowledge platform, in November, 2022, LTC’s price witnessed a 35% increase and reached a high value of $81.52, despite implications associated with FTX’s downfall. “LTC is a peer-to-peer cryptocurrency and open source platform that has been created from the BTC blockchain. While it may have similarities with BTC, LTC has a different algorithm and maximum supply. The altcoin has seen some volatility in 2022, and would hope for some kind of breakthrough in pricing this year,” Prashant Kumar, founder and CEO, weTrade, a cryptocurrency-based platform, told FE Blockchain.

Market-based research has shown LTC’s adoption being stretched to merchants and businesses as a means of payment. Insights from NerdWallet, a personal finance company, stated that LTC was part of 42.5 million transactions in 2021. Furthermore, LTC is considered to be a better medium of exchange compared to BTC, which functions as a store of value. 

“In terms of importance in cryptocurrency industry, I believe LTC has played a role in helping to popularise the use of cryptocurrency and has served as a testbed for new features that have later been 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,” Amanjot Malhotra, country head – India, Bitay, a cryptocurrency exchange, stated. 

Reportedly, exchanges such as Coinbase, Binance, Kraken, among others, permit LTC-based investment options for users. As reported by Trality, a digital asset-based platform, LTC has collaborations with companies such as Travala, BlockFi, eGifter, MeconCash, NordVPN, among others. Also, 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 financial industry. LTC could benefit the decentralised finance (DeFi) landscape by providing aN alternative to Ethereum, which is currently the dominant platform for DeFi applications,” Sathvik Vishwanath, co-founder and CEO, Unocoin, a cryptocurrency exchange, mentioned.

Moreover, future predictions indicate that blockchain and cryptocurrencies’ driven adoption by business entities could result in LTC’s increased demand.  As per TradingBeasts, a forex and crypto education portal, LTC is expected to reach $75.34 in 2023, and could achieve $100.17 in 2024 before concluding the year at $80.14. For 2025, it is predicted that LTC could be valued at $124.

“I think LTC has a strong track record and has been around since its inception, indicating its potential and relevance as an important player in the crypto industry. In the coming years, we might see increased adoption of LTC for micropayments, especially for making everyday payments,” Edul Patel, co-founder and CEO, Mudrex, a cryptocurrency investment platform, highlighted.

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