UK market analysts have pointed out that cryptocurrency market leaders are starting to take notice of Litecoin and give it a serious look. Litecoin's recent increase in value was powered by strong demand from larger companies to diversify their investments portfolio, as demand for cryptocurrencies continues to grow. As a result, Litecoin is fueling interest in the cryptocurrency space the internet, and start to be seen as a sturdy digital asset.
LTC is currently trading at £118.07 (at the time of writing), up 6.60% on the day, it was its largest one-day percentage gain since May 31.
Litecoin is one of the longest-standing blockchain projects in the world. In an attempt to address Bitcoin's scaling issues, creator Charlie Lee created Litecoin in 2011. Today, Litecoin is a cryptocurrency that is used as a means of exchange by the small number of people who choose to avoid congestion in the Bitcoin ecosystem and other budgetary constraints that come with it. Despite its growing recognition, Litecoin is only sporadically used for transactions.
Litecoin has a small capitalisation relative to its more popular competitor, Bitcoin. However, crypto analysts are giving it serious attention which is drawing interest in the coin and impacting its price upward. The market cap of Litecoin is currently £7.88 billion GBP (at the time of writing) which puts it in 14th position behind Bitcoin, Ethereum, Tether, Bitcoin cash and Ripple just to mention a few. This shows that Litecoin still has some share to gain especially from market leader Bitcoin.
At its current market price, Litecoin is still down 60.92% on the chart from its market high of £303.00. However, on Monday, Litecoin was uptrending strongly and it was the largest one-day percentage gain. Over the past seven days, Litecoin has seen a rise in value, as it gained 14.93% according to today's data. A great performance that fueled some investor interest in the coin and created a momentum that could help fuel further gains.
The crypto leaders Bitcoin and Ethereum have helped fuel interest in other cryptocurrencies with investors and market analysts hoping that Litecoin will do the same as being a great asset of the crypto space. Litecoin has market leaders convinced that it would outperform Bitcoin in the future in terms of market capitalisation growth.
Litecoin's advantage over bitcoin is its faster transaction times and lower fees. Some analysts have pointed out that if Litecoin can adopt new technologies, it could be a market catalyst that will give Litecoin an advantage over Bitcoin.
While you can buy Litecoins, there are also other ways to get LTC by mining it. Litecoin mining is similar to Bitcoin mining in that you can use both CPU and GPU to mine it, although the market share of mined Litecoin from GPUs is much smaller. Mining Litecoin has increased in difficulty and decreased in profitability over the years, but is still possible. To make a profit mining Litecoin, you need to be able to invest lots of resources including finance and time. A more cost-effective alternative is investing money in the crypto-currency instead, but it's wise to do your homework first and get more information to make your own opinion.
In summary, no news from analysts or traders can change the fact that Litecoin still acts as a solid investment opportunity for digital currency investors who want to capitalize on altcoins.
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