Here’s Why Litecoin OmniLite Could Help $LTC’s Bull Case Amid NFT Frenzy

Litecoin ($LTC) currently ranked fifteenth on the coinmarketcap is recovering from Tuesday’s market crash and is up 5% for the day trading at $184.57. The altcoin recently caught everyone’s attention as its price rose to a new 3-month high of $232.10 right before the market crash. Many analysts believe the hard-forked sibling of Bitcoin could be up for a mammoth run as the development activity has surged on the network.

Analysts have pointed towards the very bullish cup and handle pattern forming on the long-term chart that could help the altcoin people to new ATHs. Currently, $LTC is down by over 55% from its ATH of $412.96, but many believe it would not only surpass the price but might dwell into four figures by the end of this year.

Litecoin Beats Cardano to Smart Contract and NFT Launch

Keeping up with the market trend, Litecoin foundation announced the launch of Omnilite, a layer-2 NFT marketplace that would allow traders to mint NFTs using smart contracts.  The launch comes at a crucial juncture when the NFT hype is at its highest and many age-old digital collectibles are fetching millions. By launching a layer-2 NFT solution, traders could utilize Litecoin’s privacy and low fees to mint a new range of million-dollar NFT collections.

“OmniLite is an open-source platform that facilitates the creation of decentralized tokens and smart contracts along with crypto-assets such as tokens and NFT’s. OmniLite, being a layered protocol built on top of Litecoin’s blockchain, takes advantage of its reputable network security and low fees. The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its block.”

Solana ($SOL), one of the fastest-growing blockchains which also launched its NFT marketplace recently has seen instant success. Along with new ATH price rises, the altcoin’s NFT collectibles are also creating new records despite being comparatively new to the game. Similarly, Litecoin’s Omnilite could also prove to be a gamechanger amid growing NFT hype. The Litecoin blockchain has also beaten Cardano to smart contract launch with Omnilite. The Cardano Alonzo upgrade is scheduled to integrate the smart contract this coming Sunday.

Litecoin seems to be ahead of Ethereum as well since Vitalik Buterin, the co-founder of Ethereum recently proposed the use of L2 for NFTs to improve scalability and transaction costs.