Thursday, October 6, 2022

Litecoin Booms as Market Cap Tops $2 Billion for First Time

Litecoin Booms as Market Cap Tops $2 Billion for First Time

Long-time bridesmaid cryptocurrency Litecoin today notched another milestone, its market cap topping $2 billion USD for the first time.

Also read: OTC Volumes Dip as Chinese Exchanges Start Withdrawals, but Market Is Changing

At press time, its unit price is $47.60 and overall market cap $2.456 billion. That’s the highest LTC price in over three years. Is is bound to please the loyal holders who lived through the dark days of 2015 when LTC went as low as $1.30.

Creator Charlie Lee was pleased, tweeting the news:

Although Litecoin briefly hit $50 during the last big crypto boom in late 2013, market cap was only $1.17 billion. However there are now 51.59 million litecoins in circulation, much more than three years ago.

Litecoin’s total maximum supply is 84 million, and a new block is mined every 2.5 minutes, unlike Bitcoin’s 10. Block rewards are currently 25 coins, and will halve to 12.5 LTC in August 2019.

The Second Coming of Litecoin

Litcoin has experienced a price jump in the past couple of days, its biggest ever. According to Coinmarketcap, the price jumped nearly 33 percent in the past 24 hours.

Lee announced just over a week ago that he was leaving Coinbase to focus on Litecoin development. Previously, the community had concerns that no-one was working on the code anymore, or that it was effectively dead.

If it was at any stage, it’s certainly resurrected now. Litecoin is not only active, but is even leading the way — if you support enhancements like SegWit.

Litcoin activated SegWit in May, thus “beating” Bitcoin. Many predicted the price would skyrocket as new markets adopted it. That price rush didn’t happen straight away, but several organizations have indicated a preference for litecoin as bitcoin transaction fees soar.

They include projects by developer Ryan X. Charles, online tech retailer Newegg, BW mining pool, and European hacker group Paralelní Polis.

Still some doubt the reasons for litecoin existing at all, although arguments for this view seem to be dwindling.

Litecoin tweets

If Bitcoin can sort out its problems without too much drama, it will keep its dominance. Otherwise, users and investors will look for alternatives. Second place currently goes to Ethereum’s ether, but for those who prefer a more “traditional” cryptocurrency model, litecoin may look attractive.

Do you believe in Litecoin, or is this more altcoin hype? Let’s hear your thoughts.

Disclaimer: the author of this article does not currently hold or trade litecoin.

Images via Twitter, Pixabay

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