Litecoin has massive fundamentals lined up ahead, says Charlie Lee

19 August 2020

in Litecoin

Reading Time: 3 mins read

Litecoin — long called the “digital silver” — has strong developments lined up to ensure the token’s long-term growth, said founder Charlie Lee on Twitter earlier today.

Some of those include a Litecoin-branded debit card, Grayscale’s Litecoin Trust, and the much-awaited rollout of MimbleWimble, the privacy implementation on Litecoin led by Grin developer David Burkett.

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Tons of great Litecoin news recently.
• Litecoin Visa card
• Grayscale Litecoin Trust (LTCN)
• Privacy/fungibility with Mimblewimble testnet soon
• Hashrate up 50% this year
• Transactions up 100% this year
• Total addresses up 400% since Aug 2017
• $500M sent per day
🐔🚀 pic.twitter.com/SK2rL4C0fw

— Charlie Lee [LTC⚡] (@SatoshiLite) August 19, 2020

Fundamental developments for Litecoin

Charlie Lee pointed out the following developments for Litecoin today:

[crypto-donation-box]

Grayscale Litecoin Trust (LTCN)
Litecoin Visa card
Privacy/fungibility with Mimblewimble testnet soon
Hashrate up 50% this year
Transactions up 100% this year
Total addresses up 400% since Aug 2017
$500M sent per day

Together, these represent increasing retail and technical activity for LTC, which serves as a meaningful metric for investors and fund managers to consider the currency as either a viable investment or a long-term currency alternative to fiat money.

Earlier this week, crypto-asset fund Grayscale announced its Litecoin Trust (LTCN), an investment vehicle for accredited investors in the US and worldwide to gain exposure to LTC, without holding the currency itself.

Investors can gain exposure to the price movements of $BCH and $LTC without the challenges of buying, storing, and safekeeping them directly via $BCHG and $LTCN, respectively. https://t.co/96ZSxVomjB

— Grayscale (@Grayscale) August 17, 2020

The Foundation also announced its native debit cards for the retail masses this month, these include innovative ones like the Ballet Litecoin Block card, a .999 fine silver card with a full block reward of 12.5+ LTC.

Today on the #LiteningSeries livestream, we also announced the Ballet Litecoin Block in collaboration with @balletcrypto and @ltcpool.

This is a .999 fine silver card with a full Litecoin block reward of 12.5+ LTC. These are sold for 18 LTC at https://t.co/Pza4neEicW#litecoin pic.twitter.com/kkH8UvN1vM

— Litecoin Foundation (@LTCFoundation) August 11, 2020

Data also shows that LTC transactions, and addresses, have gone up multifold in 2020. This is likely as participants search for a cheaper alternative to Bitcoin and Ethereum, with the latter’s fees reaching almost $50 on average this year.

1/ #Litecoin can handle up to 56 transactions per second

It is currently averaging 0.5 #LTC trx/ps (1 every 2 seconds) & rising steadily over the past 4 months (March was 0.22)

The last time the average trx rate was this high, was early Dec ’17

Cont… pic.twitter.com/Kx0ofnySwP

— David Schwartz (aka – Dasch) (@DaddyCool1991) August 7, 2020

On-chain metrics show growth ahead

As CryptoSlate reported this week, activity on the network is seeing a resurgence amidst a broader bull run in the crypto markets, on-chain data metrics show. The fundamental sentiment is similarly growing, especially as the date for a MimbleWimble implementation draws closer.

Franklyn Richards, the founder of the Litecoin Foundation, said in a tweet that Litecoin’s network activity is continuing to rise as crypto markets prepare to “breakout.”

Litecoin Network Activity Continues to Rise as Markets Prepare to Breakout. $ltchttps://t.co/k3YZ6E5x3z

— Litecoin.com (@LitecoinDotCom) August 16, 2020

Richards said the transactions:price ratio — which pegs asset prices based on underlying transactions — is currently “undervaluing” the network. He noted the daily network transactions had risen from “20,000/day to 45,000+/day, a drastic increase which gives us the lower, middle, and upper bounds of $52.5, $75 and $97.5 respectively.”

All in all, the strong fundamentals, technicals, and retail offerings up head are positioning Litecoin for long-term adoption, one that it’s holders and believers could stand to gain from.