Litecoin (LTC) is the fifth popular digital currency by market capitalization. Invented by Charlie Lee in the year 2011, the cryptocurrency relatively had a low time on the price charts. Overtaken by other cryptocurrencies pricewise, it is something that is not helped because of its similarity to Bitcoin. Either you can say that the shadow of Bitcoin was so dark that Litecoin (LTC) was not visible. However, the situation seems to be changing in 2018 as per the crypto market experts.
Popularly referred to as ‘silver to Bitcoin’s gold’, Litecoin had a fantastic year from March 2017. The price of Litecoin seemed to steadily grown by 3900 percent. In early 2017, LTC value was $4; however the rise in value of Litecoin hit to $367 prior to the present decrease that is $186. Considering the rise, then possibly it can be said that the performance of Litecoin was great. Though, peers’ price movements indicates that they might have performed better. Owing to this, this has been said that Litecoin can rise from the shadow of Bitcoin. It might be a big task, but as it is a renowned cryptocurrency so difficulties can flip upside down in just a second.
Will Litecoin be able to defeat Bitcoin?
Bitcoin enthusiasts will never tell you. If we consider it on face value, so it is hard to disapprove this assertion. Bitcoin is most popular and larger in comparison to all other cryptocurrencies and it will remain the bearer for every digital currency. While Bitcoin will continue to top the cryptocurrency world as payment network, Litecoin is slowly moving towards the recognition. The target of Litecoin is to become the best online payment cryptocurrency.
How is it possible?
There are two things that set Litecoin different from the leading cryptocurrency Bitcoin. Both of the cryptocurrencies have a similar underlying technology, Blockchain. Bitcoin is popular; however, it remains behind in transaction cost and transaction speed. And here Litecoin (LTC) takes the lead and becomes a suitable peer-to-peer payment network. Thus, it is used by SMEs and traders. Micro-payments and day-to-day shopping becomes easier with Litecoin as compared to Bitcoin owing to the high costs and time involved in completing a transaction.
Popularity of Bitcoin indirectly supports Litecoin
The major factor, supporting Bitcoin is its exponential growth. BTC popularity means miners or investors flock to the Bitcoin network and that leads to the slowing down of network and congestion. On the contrary, merchants are unable to find the appeal possessed by Litecoin.
The Litepay launch could be great for the project of Charlie Lee. Litecoin has a great advantage of getting adopted as peer-to-peer payment digital currency out of the top 10 cryptocurrencies listed on coinmarketcap.com. Owing to the continuous adoption as a payment mode, this could happen.
Even crypto market experts agree to this. Nicholas Cawley (an analyst of DailyFX) thinks that Bitcoin will remain on the top forever. According to him, a rival digital currency, Bitcoin Cash has a realistic target that needs to be surpassed in the year 2018. As per him, Bitcoin has successfully achieved serious mass that results in drawing merchants and investors to Bitcoin. In an interview with Express.co.uk, Cawley explained his feelings that Litecoin might improve in comparison to Bitcoin Cash.
Further, he said, “In my opinion, Litecoin can overhaul Bitcoin Cash; however in terms of capitalization it will face difficulties to surpass Bitcoin.”
“At present, the circulation of Bitcoin Cash is within 17 million and total market capitalization is 21 million. On the other hand, Litecoin has a total supply of 84 million and total circulation of Litecoin is 55.5 million. Therefore, if Litecoin price will remain same, the market cap of Litecoin will grow at a faster pace.”
So, overhauling Bitcoin is an uphill task. Ethereum and XRP are two cryptocurrencies that seems huge for overtaking. Hence, only Bitcoin Cash is left in the firing line of Litecoin.
Even after that, remember that Bitcoin Cash possesses a good price value. It is popular. The cryptocurrency won’t have appeal similar to other two crypto coins and thus in case Bitcoin remain as well-known store value, then Litecoin will surely become the famous cryptocoin for making payments or transactions. You can think about small, medium enterprises, and retail too.
Andrei Barysevich (Director of Advanced Collection, Recorded Future) once said that Litecoin was the second popular cryptocoin on darknet, sums nicely by saying,
“Everybody knows that Bitcoin is not going to fade away and in my opinion, it will remain as gold standard as it is. Miners or investors will carry on to utilize it and store their money in the form of Bitcoin.”
“Although, in regular, in my view Litecoin can become a dominant cryptocurrency as soon as well-renowned e-commerce websites start accepting Litecoin and that time, you can think of Litecoin dominating Bitcoin Cash.”