Will Litecoin Overthrow Ethereum And Claim 3rd Position In 2019
Today has been a great day for Litecoin price as it surged over 18 percent. At the time of writing, Litecoin has been trading at $39.29 with 24-hours gains of 18.35 percent. In the BTC market as well, it is up by 14.72 percent.
With a market cap of $2.3 billion, Litecoin surpassed Bitcoin Cash and EOS both and claimed its spot on 4th position.
Crypto market broadly is seeing the greens but Litecoin is leading the market with gains. It has been managing the daily trading volume of $1.2 billion which is more than that of other top coins viz. XRP, EOS, Tron, Bitcoin Cash, Stellar, and Binance Coin.
As Litecoin captures the 4th position, the question is will it now overtake Ethereum? The question put forward by Max Keiser through a poll still has time left to draw a conclusion. However, in order to overthrow Ethereum, the difference in market cap that LTC has to cover is $120 million, at the time of writing.
In order to replace Ethereum, the price of one Litecoin needs to be about $194. In December, when Bitcoin hits its peak, Litecoin surged to about $360. So, it is entirely possible for Litecoin to surpass Ethereum, given the 3rd largest cryptocurrency doesn’t move from here.
The possibility of Litecoin taking the third place could be a real one as crypto trader, Moon Overlord shared the upcoming bullish event in the form of Litecoin halving.
The $LTC halving coming up and the TA in BTC and USD is bullish.
But yet people on here tell me its useless https://t.co/bh1UFWyvJl
— Moon Overlord (@MoonOverlord) February 2, 2019
The clock of Litecoin reward halving is ticking that can take Litecoin prices upward. There is only 180 days left for the Litecoin reward to decrease from 25 to 12.5 coins. This, as shared by Moon Overlord, could have an uptrend in LTC price if history is to repeat.
Major Developments On The Way
In the meantime, Litecoin Foundation is already at work as founder Charlie Lee has planned the next battleground for Litecoin in the form of privacy and fungibility. The dev team is apparently spending hours discussing confidential transactions and mimblewimble extensions on Litecoin.
Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions.
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
The team has been also been in talks with the team of the Beam and just recently collaborated with them to implement “MimbleWimble on Litecoin with Extension Blks.”
“One of Beam’s goals is to advance privacy in cryptocurrency space and promote Mimblewimble protocol, and we are glad to provide Litecoin Foundation with our help and expertise.”
Just today, CoinGate also announced that they have finally enabled Litecoin Lightning Network payments to all of its 4,500 merchants.
Great news! We are finally enabling #Litecoin #LightningNetwork payments to all our 4,500 merchants! So, feel free to use #LiteningNetwork for making purchases online, or accept LTC Lightning payments with your business. Go $LTC! @SatoshiLite @litecoin @LTCFoundation pic.twitter.com/j5Zrd8KXtz
— CoinGate (@CoinGatecom) February 8, 2019
With all these developments going on and Litecoin halving approaching, Litecoin price surely has the momentum on its side.
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