Fidelity Investments, a financial giant with over $13 trillion in assets, announced that it has added Litecoin to its digital asset offering. This is a significant milestone for both Fidelity Investments and Litecoin as it is the third token to be made available through Fidelity Crypto after Bitcoin and Ethereum.
Litecoin (LTC) joins crypto behemoths Bitcoin and Ethereum as the only cryptocurrencies currently available through Fidelity Crypto. In a recent development, financial giant Fidelity Investments, which boasts over $12 trillion in assets under management, announced the inclusion of a token often referred to as “silver to Bitcoin gold” in its digital asset offering.
Founded by computer scientist Charlie Lee and joining the ranks of cryptocurrency heavyweights, Litecoin was created as a faster and more cost-effective alternative to Bitcoin. Notably, as previously reported by CNF, LTC’s hashrate has reached 1.1 petahash per second, allowing it to process millions of transactions at a fraction of the cost. This token allows users to send digital assets through peer-to-peer networks without intermediaries. Additionally, unlike Bitcoin, which has a total of 21 million tokens, Litecoin has a maximum supply of 84 million coins, with halvings occurring approximately every four years. These features have made this token emerge as a favorite for completing payment transactions.
One of the features that cemented Litecoin’s status as the leading network is the MimbleWimble Extension Blocks (MWEB) privacy protocol. This feature ensures that no one can see the sender’s wallet balance.
According to CNF, activity on Litecoin’s MimbleWimble Extension Block (MWEB) is at an all-time high. MWEB-specific transactions and balances have both increased over the past year. Additionally, Litecoin boasts high transaction speeds averaging around 2.5 minutes per block. Litecoin also prioritizes efficiency and affordability, with lower transaction fees that may be incurred due to faster transaction speeds, at the expense of some security.
As previously reported on CNF, data reveals that Litecoin is outperforming other digital assets. According to data insights from IntoTheBlock, Litecoin (LTC) has recently outperformed Dogecoin (DOGE) in on-chain activity. Litecoin processed $2.85 billion in transactions averaging over $100,000 each day. Surprisingly, even though Dogecoin’s market capitalization is three times that of Litecoin, the memecoin’s daily trading volume is lower. Records show that Dogecoin has processed just $590 million in transactions.
Litecoin (LTC) adoption sets bullish stage
At the time of writing, LTC is currently trading at $72.75 and is up 2.24% in the past 24 hours. Additionally, LTC’s trading volume increased by 5.28% to $285,874,050. These numbers highlight renewed interest in Litecoin as the broader crypto market shows signs of recovery.
In summary, given Fidelity’s huge popularity, the inclusion of Litecoin in Fidelity’s digital asset services is likely to increase demand for LTC. Additionally, the increased demand for LTC from both retail and financial institutions may result in higher prices for LTC.
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