The latest news on the price of the Litecoin crypto and the performance of the network.
Litecoin crypto: price, review and scenarios
Litecoin, like Bitcoin, is an “old-fashioned” peer-to-peer crypto that relies on mining using hardware that enables the processing of complex equations for which the miners are rewarded precisely with the digital currency itself.
The speed of confirming transactions is the flagship of Litecoin, which in this specific case beats out much more emblazoned currencies such as Ethereum or Bitcoin by positioning itself as one of the most practical currencies for online payments.
Much like its big brother (BTC), LTC also follows the concept of scarcity as a value.
In the same way as Gold which is a finite commodity so too so-called “scarce” digital currencies have the characteristic of having a limited quantity and for this reason the greater their adoption the greater the value attributed to them by the market.
Bitcoin boasts a maximum number of 21 million coins among other things not yet fully mined and similarly, Litecoin counts on only 84 million coins planned when fully operational.
The cap that places a limit on the number of coins in circulation can be a great advantage for the holder as increasing use of it would increase its value.
A key aspect of this currency is the fact that it is based on a scrypt and is in no way managed by a centralized entity which makes it impossible to control the issuance of new coins in the market.
The issuance of Litecoin occurs exclusively through the Mining process.
For the past month, the currency has been performing well in the cryptocurrency market.
On 13 October, it began an upward consolidation run starting at $48.45 per coin.
Projections are bullish and it is going long from a low of $55.18 to target peaks at $59.39 and $61.98/62.50.
Should the trend stall, the price range is expected to stall in a channel estimated by analysts above $50.
The MoneyGram case and mass adoption
MoneyGram, a rib of Western Union that broke away over time, is a major company in the money transfer business.
The Texas-based company allows purchases of Bitcoin and Ethereum, and now Litecoin, via its smartphone app and other devices.
Starting in 2023, the company plans to give its account holders the ability to transact with more and more Coins and not just in Bitcoin, Litecoin, and Ethereum.
MoneyGram’s crypto segment is supported by the Coinme cryptocurrency exchange hub.
Mass adoption of Litecoin and other currencies goes through bureaucracy and regulatory approval before slicing the upgrade.
CEO of MoneyGram Alex Holmes said cryptocurrencies are “additive” and functional to the company’s development and opening it up to more and more people around the world.
In the past, the US company had linked up with Ripple to enter the crypto world, the company was notorious for its legal disagreements with the SEC.
The back-and-forth that began in 2019 soon ended in May last year when Ripple was sued by the United States Securities and Exchange Commission.
Meanwhile, MoneyGram bought a 4% stake in Coinme to make up for not working with Ripple.
The crypto-to-cash service on the Stellar Network launched by the company in June is to date a major competitor to Ripple.
In July, a Bloomberg report surfaced how the Stellar Development Foundation was also considering a potential acquisition of the remittance company.
U.Today also reported that Western Union Money Transfer, once the “mother” of MoneyGram was considering buying back the company in 2020 but then the deal fell through.
Final notes on the Litecoin crypto and analysis of its price
MoneyGram’s move to introduce Litecoin in payments as a third currency is a great endorsement of it and its progressive mass adoption.
The markets are currently responding well and positive months are also expected for futures due to various reasons.
Not only are the markets appreciating but Litecoin traffic has also increased both in terms of trading and use as a means of payment in online transactions.
The currency, which as of today touches $55.74, appeals to markets and investors, both institutional and non-institutional, due to its solidity and characteristics, demonstrating their interest with copious purchases in recent weeks.
The pump on the currency does not seem to be fleeting, but rather the currency is increasingly seen as a concrete alternative to Ethereum for those who are looking at speed, security and methodology, and to Bitcoin for those who would like a clone in features to use as an alternative to differentiate their wallets.
To support the flurry of optimism there’s also the statistic that reiterates that historically bear markets don’t last more than a year and a half and since cryptocurrencies have already been in this spiral for a year we can hope for the faint light at the end of the tunnel, although merely talking about it is premature.