What is Litecoin?
Litecoin has been around since 2011 and it’s founder Charlie Lee fought the Bitcoin code at the time. The coin currently has a value at $105.36. Considering google search trends at 2021, a lot of people mainly searched on Bitcoin and Ethereum, however the search trends increased to other smaller coins like the Litecoin which some people till date believe is the ” Silver Coin”.
A lot of people searched on Litecoin which meant the pressure on the coin was high and had a high possibility of people buying it which definitely increases its value.
When the Bitcoin dipping became massive, a lot of investors in the crypto currency market including the the crypto newbies make up for their losses so some dived into the Litecoin.
As at three years ago, Litecoin had over 40,000 merchants which means the number has increased.
Are there similarities between Bitcoin and Litecoin?
Yes there are, a lot of investors actually consider this before jumping into buying a coin, they consider all options. Both Bitcoin and Litecoin are decentralized, they are also similar coins when it comes to project ratings.
What are the statistics between, Litecoin, Ethereum and Bitcoin?
From Gatehub as at January 1, 2021 to January 8, 2021, we only saw one activity for Litecoin, it is true they might have done activities the previous years. However when you look at Ethereum within the same time frame, a lot of activities occurred: they had 24 merged pull requests, 12 open pull requests, 26 closed issues.
Also within the same first week of January 2021, Bitcoin had 33 merged pull requests, 31 closed issues, 22 open pull requests.
Obviously the statistics Gatehub had at the time meant that Litecoin wasn’t improving then, maybe they had their own program running their statistics which weren’t on Gatehub. However most decentralized coins use Gatehub which is easier to view statistics.
Is Litecoin a security?
Charlie Lee and crypto rating council confirmed Litecoin is not a security in 2019. Because back in 2019 a lot was said about crypto currencies that had high chance of being considered securities included POLY, Maker and XRP.
Is there a future for Litecoin?
So far we can now see institutions coming in to buy Litecoin in huge premiums through GRAYSCALE.
GRAYSCALE’s Litecoin Trust is becoming huge, they have over 195 million assets under management.
Big interests are coming into Litecoin from institutional investors. Institutions are coming in because they see this as the next big thing, considering the hierarchy now we can list it from Bitcoin to Ethereum and then to Litecoin.
Also it not being a security allows it be a safe and fast place to invest and move funds around.
Obviously Litecoin didn’t do better than Bitcoin and Ethereum, some analysts might debate this but all we know is, Litecoin is a great and promising cryptocurrency regardless of it’s competitors, it’s worth investing into it for the long run.