Litecoin (LTC) is digital silver to Bitcoin’s digital gold as per the latest market research of eToro on Litecoin. The report highlights the Bitcoin’s biggest contender’s widespread adoption, “groundbreaking partnerships”, having the most vibrant and loyal community and more.
Litecoin [LTC] is silver to Bitcoin (BTC)’s digital gold
The world’s 7th largest cryptocurrency Litecoin (LTC) has been referred to as the digital silver to that of the bitcoin’s digital gold as per the market research of eToro by Mati Greenspan, the senior analyst. Even the ratio between Bitcoin (BTC) and Litecoin (LTC) is “rather similar to that of Silver and Gold.”
A social trading and investing network, eToro recently released a market research on Cardano (ADA) stating that it is one of the most promising blockchains in the crypto space.
Now, Litecoin (LTC) has taken the center stage which according to the report, is one of the most established networks in today’s crypto market. Being already used by many as a means of exchange and store of value, they find it apt to consider Litecoin as money.
“The metrics we have analyzed… the current price that LTC is trading at could be seen as a massive discount to what it should be worth”, states the report.
This $4.5 billion market cap digital currency has been created in 2011 as a hard fork of Bitcoin by Charlie Lee. He actually forked the Bitcoin repository while adding features like a shorter block confirmation time and a larger currency supply.
By creating a genesis block, Litecoin that is also referred to as the digital silver soon became a popular crypto in the market. Moreover, in order to make the transactions more cheaper and faster, Litecoin Network has been implemented.
Litecoin has “most vibrant and loyal communities”
Being considered the greatest contender to Bitcoin, Litecoin as a currency can act as a unit of account, medium of exchange and a store of value. It further points out that, “It is one of the most liquid coins and one of the main gateways from crypto to fiat currencies and vice versa.”
Also, the “groundbreaking” partnerships of Litecoin Foundation will further aid and play a part in this cryptocurrency’s success in the long term.
“This bold and groundbreaking move marks the first major public acquisition from a crypto company in the traditional finance world” the report points regarding Litecoin Foundation’s recent partnership with TokenPay to buy a 9.9% in German WEG. This will allow Litecoin to gain
more adoption including retail implementation, online payments, and debit cards.
In comparison to Bitcoin, Litecoin offers some diversification, affordability along with room for growth. It also has more widespread adoption in terms of trading volume and total address, and transactions in comparison to other cryptos like Bitcoin Cash (BCH), Ethereum Classic (ETC), and Dash (DASH).
The report also adds the
“interesting aspect is that Litecoin has experienced a very significant correction from the all-time highs of the cryptocurrency industry in January 2018. With respect to its all-time high of $378, Litecoin has fallen an 81% to its current price.”
A special mention has been given to its community with, “Litecoin is known for having one of the most vibrant and loyal communities of the whole crypto sphere.”
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.