Summary
- Litecoin has been updated to increase its efficiency.
- Institutional affinity towards LTC remains positive.
LTC prices were on resurgence today, rising by 2.5% in 24 hours to trade at $194 at the time of writing. At that price, Litecoin was still significantly way off the all-time high of $360, recorded in 2017 but was 55% higher year-to-date.
Institutional adoption of LTC
Litecoin has reported outstanding growth in the past year. LTC’s current daily addresses have increased five-fold over the past year to approximately 100,000. Additionally, the active addresses for LTC have increased to about 300,000. These active daily addresses have increased by six times in the past year.
As security is a great concern in the crypto-sphere, Litecoin has launched a new update. The new update includes a technology that gives users enhanced privacy and conceals their transactions on the Litecoin network.
Similarly, David Burkett, the Lead Developer of the Litecoin Foundation, announced that the Mimblewimble code for Litecoin was completed a few days ago. The code will enhance the privacy and compatibility of Litecoin. The code is expected to go live this year. Currently, it is being edited, and some of the developers will be granted permission to review the code.
Litecoin Foundation stated that the exact date for completion of the code would depend on how easy the process is, the issues that will be experienced, and the bugs that would be tracked.
Elsewhere, Asia Broadband Inc. has recently announced upcoming sales of the company’s digital currency token, AABBG. To purchase the token, users will have to download the latest version of the app. Users will then be able to exchange the token for LTC, ETH, BTC, and other digital currencies.
LTC ran into headwinds about a week ago in South Africa. Trading in LTC and BTC at iCE3, an exchange platform, has been suspended due to deviations in balance. The director, GC Grobler, announced that the company made the decision after consultations among key shareholders, Merkeleon.com and Coinspaid.com. LTC will now be unavailable, pending the completion of investigations.
An online sportsbook Bovada has shown support for LTC, revealing its preference for the crypto-asset over Bitcoin. The company stated that it preferred LTC because of its shorter transaction times and lower fees.
A digital asset exchange, Abra, also launched a feature for traditional lending, with LTC on board. Abra’s clients will be able to borrow affordable loans, to be received in the form of fiat currency. Litecoin is among four cryptocurrencies that will qualify for use as collateral under the scheme. The others include Bitcoin, Ethereum, and Tether.
Litecoin looks set to miss out on the benefits of Non-Fungible Tokens (NFT), which has enjoyed growing popularity in recent weeks. Despite the good returns reported by the segment, Charlie Lee, the creator of LTC, does not welcome the idea. He has expressed his disapproval of NFTs in a recent tweet, terming them as “worthless.”
Positive outlook
Michaël Van De Poppe, a digital currency analyst, has recently given a positive outlook for Litecoin. According to Michael, LTC is undervalued since most investors are only paying attention to BTC and ETH. He further stated that he views Litecoin as a potential asset that should also be given much attention by investors.
LTC/USD technical outlook
The price of LTC today is $194. Support will be established at $181.The Relative Strength Index (RSI) of Litecoin dropped below the midpoint to around 45. This gives room for a marginal rise in price. Further price action will push the price to the first resistance at $202. However, a push past the second resistance level at $209 will provide momentum to reach for the $220s.
