Litecoin has massive fundamentals lined up ahead, says Charlie Lee ๐จ This article is 4 years old...
Litecoin has massive fundamentals lined up ahead, says Charlie Lee
2 min read
Updated: Aug. 19, 2020 at 10:33 pm UTC
Photo by PAUL SMITH on Unsplash
Litecoin โ long called the โdigital silverโ โ has strong developments lined up to ensure the tokenโs long-term growth, said founder Charlie Lee on Twitter earlier today.
Some of those include a Litecoin-branded debit card, Grayscaleโs Litecoin Trust, and the much-awaited rollout of MimbleWimble, the privacy implementation on Litecoin led by Grin developer David Burkett.
Tons of great Litecoin news recently.
โข Litecoin Visa card
โข Grayscale Litecoin Trust (LTCN)
โข Privacy/fungibility with Mimblewimble testnet soon
โข Hashrate up 50% this year
โข Transactions up 100% this year
โข Total addresses up 400% since Aug 2017
โข $500M sent per day
?? pic.twitter.com/SK2rL4C0fw— Charlie Lee [LTCโก] (@SatoshiLite) August 19, 2020
Fundamental developments for Litecoin
Charlie Lee pointed out the following developments for Litecoin today:
- Grayscale Litecoin Trust (LTCN)
- Litecoin Visa card
- Privacy/fungibility with Mimblewimble testnet soon
- Hashrate up 50% this year
- Transactions up 100% this year
- Total addresses up 400% since Aug 2017
- $500M sent per day
Together, these represent increasing retail and technical activity for LTC, which serves as a meaningful metric for investors and fund managers to consider the currency as either a viable investment or a long-term currency alternative to fiat money.
Earlier this week, crypto-asset fund Grayscale announced its Litecoin Trust (LTCN), an investment vehicle for accredited investors in the US and worldwide to gain exposure to LTC, without holding the currency itself.
Investors can gain exposure to the price movements of $BCH and $LTC without the challenges of buying, storing, and safekeeping them directly via $BCHG and $LTCN, respectively. https://t.co/96ZSxVomjB
— Grayscale (@Grayscale) August 17, 2020
The Foundation also announced its native debit cards for the retail masses this month, these include innovative ones like the Ballet Litecoin Block card, a .999 fine silver card with a full block reward of 12.5+ LTC.
Today on the #LiteningSeries livestream, we also announced the Ballet Litecoin Block in collaboration with @balletcrypto and @ltcpool.
This is a .999 fine silver card with a full Litecoin block reward of 12.5+ LTC. These are sold for 18 LTC at https://t.co/Pza4neEicW#litecoin pic.twitter.com/kkH8UvN1vM
— Litecoin Foundation (@LTCFoundation) August 11, 2020
Data also shows that LTC transactions, and addresses, have gone up multifold in 2020. This is likely as participants search for a cheaper alternative to Bitcoin and Ethereum, with the latterโs fees reaching almost $50 on average this year.
1/ #Litecoin can handle up to 56 transactions per second
It is currently averaging 0.5 #LTC trx/ps (1 every 2 seconds) & rising steadily over the past 4 months (March was 0.22)
The last time the average trx rate was this high, was early Dec '17
Cont… pic.twitter.com/Kx0ofnySwP
— David Schwartz (aka – Dasch) (@DaddyCool1991) August 7, 2020
On-chain metrics show growth ahead
As CryptoSlate reported this week, activity on the network is seeing a resurgence amidst a broader bull run in the crypto markets, on-chain data metrics show. The fundamental sentiment is similarly growing, especially as the date for a MimbleWimble implementation draws closer.
Franklyn Richards, the founder of the Litecoin Foundation, said in a tweet that Litecoinโs network activity is continuing to rise as crypto markets prepare to โbreakout.โ
Litecoin Network Activity Continues to Rise as Markets Prepare to Breakout. $ltchttps://t.co/k3YZ6E5x3z
— Litecoin.com (@LitecoinDotCom) August 16, 2020
Richards said the transactions:price ratio โ which pegs asset prices based on underlying transactions โ is currently โundervaluingโ the network. He noted the daily network transactions had risen from โ20,000/day to 45,000+/day, a drastic increase which gives us the lower, middle, and upper bounds of $52.5, $75 and $97.5 respectively.โ
All in all, the strong fundamentals, technicals, and retail offerings up head are positioning Litecoin for long-term adoption, one that itโs holders and believers could stand to gain from.
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In this article
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Grin
$0.03269
Grin empowers anyone to transact or save modern money without the fear of external control or oppression.
Litecoin Foundation
The Litecoin Foundation is a community-led organization promoting the accessibility, adoption and development of Litecoin (LTC).
Charlie Lee stands prominently in the cryptocurrency community as the founder of Litecoin and currently holds the position of Managing Director at the Litecoin Foundation.