Many people are taken by surprise by the current Litecoin price trend. For an altcoin that receives far less attention than others, few expected it to reach $200 or more. Several intriguing developments are taking place that might warrant the ongoing momentum.
Grayscale Is Still Buying
Similar to nearly all other assets under the Grayscale umbrella, Litecoin is in high demand. Over the past week, the company added over 69,000 LTC to its holdings. Whether that signifies growing institutional interest in this altcoin is impossible to determine. It is a strong signal to those who contemplate selling LTC shortly. Doing so may not be the best idea, although these markets are always unpredictable.
Growing Bitcoin ATM Support
Most people consider cryptocurrency ATMs to be a way for buying and selling Bitcoin. Slowly but surely, more and more machines support alternative currencies, including LTC. Today, over 10,000 ATMs globally support Litecoin purchases. A significant number, putting it well ahead of Ethereum, Bitcoin Cash, and Dash.
Over 2 Million Blocks
Seeing any cryptocurrency network progress nicely over time is always a good sign. For Litecoin, the network has surpassed 2 million blocks on the network in the past week. Another crucial milestone for this altcoin, as it also pushes the circulating supply closer to 67 million LTC. There is seemingly no shortage of people willing to mine this currency today.
Litecoin Is A Remittance Tool
Although the following sample only represents statistics by Cash2vn – a company using cryptocurrencies for remittances in Vietnam – it shows Litecoin usage is growing.
Some #cash2vn #remittance usage stats :#Bitcoin (50.4%)#Ethereum (17.46%)$BCH (12.03%)$USDT #ERC20 (10.68%)$LTC (5.28%)$USDC (2.72%)$USDT #SLP (1.13%)$DASH (0.22%)$DAI (0.08$)
(in terms of value transferred)@Tether_to @SimpleLedger @MakerDAO @centre_io pic.twitter.com/1odXg5uLKK
— cash2vn (@cash2vn) February 10, 2021
More specifically, Over 5.2% of transactions occur via LTC. The altcoin is ahead of USDC, Dash, and Dai, but behind Bitcoin, Ethereum, Bitcoin Cash, and ERC-20 USDT.
Conclusion
The support for Litecoin is growing globally, even if it doesn’t generate too many media headlines these days. That doesn’t mean these changes can be overlooked, as they all pave the way for broader cryptocurrency adoption in a way. Ensuring the growth continues is a different matter, though. When prices go up, everything may seem better than it really is.
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