Litecoin has been gaining momentum recently and has been talked about as one of the most preferred cryptocurrencies for trading, even surpassing Bitcoin at one point.
But what is the reason behind its meteoric rise and the prevailing bullish sentiment among investors towards it? In this article, we will explore the growth of Litecoin and the factors that are driving its phenomenal rise. Let’s analyze in detail what you think.
Litecoin trajectory
Looking at the coin’s trajectory from November 2023, it marked a historic moment when Litecoin overtook Bitcoin as the most used payment method on Bitpay, one of the world’s leading payment processors.
A quick look at Litecoin’s recent performance reveals a lack of optimistic conviction, especially from March 2024 onwards. Despite the slow rebound, that seemed to hold true even after this crash.
This significant achievement saw the number of HOLDLers increase from 4.62 million to 8.16 million in the past few months. Litecoin therefore offers exciting prospects for those seeking to invest in cryptocurrencies with practical applications.
What is Litecoin?
Litecoin may not have made headlines like prominent crypto tokens like Bitcoin (BTC), but it is one of the most popular crypto assets and one of the oldest in the crypto market. There’s even one.
Founded in 2011 by former Google developer Charlie Lee, the digital asset Litecoin is considered the “silver to Bitcoin’s gold.” This is because this crypto asset is designed to address many of Bitcoin’s shortcomings, such as slow transaction processing speeds.
It’s worth noting that over time, Bitcoin has evolved as more of a “store of value,” but Litecoin is still more suitable for everyday transactions due to its faster block generation time and larger supply.
Based on the information in Chagelly’s forecast table, Litecoin has a predicted upward trend until 2024 (August to December).
Reasons to be bullish on Litecoin in 2024
There are many reasons to be bullish on Litecoin in 2024, but here are five reasons to do your research and make the right investment decision.
Litecoin expands into banking services
Recently, Litecoin founder Charlie Lee announced at the recent Litecoin Summit that Litecoin is expanding into banking services.
This integration of Litecoin aims to achieve the goal of partnering with financial institutions to improve accessibility and acceptance. This measure is part of a larger plan to give consumers easier access to digital currencies like Litecoin by bridging the gap between traditional banking and the world of cryptocurrencies. .
Litecoin dominates crypto ATMs.
According to CoinATMRader, over 19,000 ATMs around the world support Litecoin. These ATMs allow you to easily complete transactions using cash or debit cards. Litecoin ATMs are internet-based, so all transactions take place online. Depending on the machine type, some crypto ATMs send money to a public key on the blockchain, while others provide a paper receipt with a QR code to complete the transaction. I will.
crypto mining
Litecoin’s dominance in Scrypt mining makes it stand out in a market dominated by Bitcoin’s SHA-256 mining algorithm. Litecoin’s Scrypt hashing algorithm aims to prevent large-scale mining operations from dominating the market and create a truly decentralized and secure payment option.
This advantage has improved the security of LTC. Other cryptocurrencies such as Bitcoin Cash and Bitcoin SV are still vulnerable to malicious attacks because they have less control over their algorithms.
Litecoin ETF acceptance
Litecoin founder Charlie Lee is confident that the SEC will approve the listing of the Litecoin (LTC) exchange-traded fund (ETF), allowing it to be traded on US stock exchanges. Lee thought that would happen eventually.
The recent launch and acceptance of Bitcoin and Ethereum EFT by the SEC furthers this strong position and, if approved, could be a good investment for those looking to invest.
conclusion
Litecoin clearly has a promising future, and the potential for expanding banking services, crypto ATMs, and ETF approvals could make it a promising investment. Apart from this, Litecoin remains one of the leading crypto assets on the market. Litecoin’s predicted trajectory for Q4 2024 also looks good, according to analysts, so it’s definitely a coin to keep an eye on.
