Litecoin supportive of Bitcoin, like silver does with gold: Market Analyst
Litecoin (LTC) isn’t aiming to unseat Bitcoin (BTC), said Mati Greenspa, a Senior Market Analyst of eToro. This was stated after a research which explored Litecoin (LTC) from all angles – history, market statistics, technical background, recent and future development, reported by Ethereum World News, in an exclusive commentary.
He explained further by saying that LTC actually plays more of a supportive role to Bitcoin, like silver does with gold. In fact, implementing Bitcoin’s new developments is made easier by LTC, for example with Lightning Network and Segwit.
Litecoin vs Bitcoin
Since Litecoin is known as ‘digital silver’ and Bitcoin as ‘digital gold’, both of them were treated the same for the research. It was observed that the ratio between Bitcoin and Litecoin was actually very similar to that of Silver and Gold.
Litecoin (LTC) Market Performance
The research paper also analysed the recent market performance of LTC. It was noted that the daily active addresses (DAU) of LTC with respect to its marketcap is much more compared to all other currencies considered except Dash. In fact, the daily transaction volume of LTC is much more as compared to any other currency. According to Greenspan’s research paper by Mati LTC has been oversold and noted that its worth is more, the current price is massively discounted.
Litecoin (LTC) Adoption
Litecoin Foundation recently bought 9.9% stake in German WEB Bank hoping for further adoption via debit cards, online payments and retail implementation. On the other hand, LTC-based payments are being offered in several places such as Alza.cz, Wirex, eGifter, CheapAir and others. Recently, Electronics giant HTC and Litecoin founder, Charlie Lee announced that their crypto phone will be supporting LTC.
Charlie Lee tweeted, “Met the HTC Exodus team last week and was really excited to hear the phone will support LTC and Lightning Network on Litecoin natively! I will be an advisor as I see having a secure crypto phone that makes LN simple is needed for mass adoption. P.S. No, they will not remove BTC.”
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