Litecoin Poised For Widespread Adoption – Reportbr>
Social investing platform eToro has published a market research report on Litecoin, the cryptocurrency originally created as a fork from bitcoin that has become one of the most established networks in the crypto space.
The report concludes that Litecoin is a fast and adaptable network with the potential for widespread adoption and use for small transactions. Litecoin’s fast network speed, complementary price to bitcoin, and recent purchase of a stake in a German bank all position the cryptocurrency to become the best for widespread retail adoption, according to the report. eToro senior market analyst Mati Greenspan has previously covered ADA, Stellar, EOS, and Dash.
Key takeaways from the Litecoin report and token analysis include:
“If You Can’t Fight It, Buy It!” Litecoin’s transaction speeds, in addition to its greater market capitalization (which sits at 84 million coins, compared to Bitcoin’s 21 million), position it to become the standard for smaller transactions – leading the way for mainstream retail adoption. It also has the most widespread adoption in terms of total addresses, transactions, and trading volume than other cryptocurrencies.
This past July, the Litecoin Foundation partnered with TokenPay to buy a 9.9% stake in German WEG Bank to propel Litecoin and gain even more adoption – potentially opening the door to crypto debit cards, online payments and retail implementation.
Litecoin is the digital silver to bitcoin’s digital gold. The price of Litecoin is highly correlated with Bitcoin – offering investors diversification, and closely mirroring the correlation between silver and gold. Both are similar assets with different applications and properties.
Litecoin is the testing ground for bitcoin. Its faster block and transaction speeds have made the network a superior testing ground for crucial updates to bitcoin’s code, including Segwit and Lightning Network. For that reason, these updates have been applied to the Litecoin network before any other cryptocurrency.
At its current price, Litecoin is undervalued. The coin’s daily transaction volume is larger than any other currency analyzed – suggesting it is active and established beyond its current valuation.
The full Litecoin report also includes a technical description and outlines investment risks.