Litecoin (LTC): Growing Support And Competitor Vulnerabilities Is Good News
Most of the coins are in the green today, trading in positive trends over the last 24 hours as pockets of optimism begin to seep into the market. While some of the coins are doing double figures, Litecoin (LTC) isn’t far much behind with +8.09% over the same period.
This has pushed its price beyond the $120 level. In the process, it has put some distance between the current $121 against the USD and the $111 traded on Monday.
Even though the prevailing sentiment may yet change, signs are that Litecoin is about to put recent struggles behind it. The prices may sway in the coming hours, but the fear of dropping below $110 might have been banished for now. Here is why growing support and competitor woes is good news for LTC.
NASDAQ adds to Litecoin’s growing recognition
Whenever the top coin Bitcoin gets a mention, be it in the media or otherwise, the expectation is that Litecoin isn’t far off. It may turn out negative sometimes, but quite often, it’s for the benefit of Charlie Lee’s coin.
The latest in good news for Litecoin revolves around NASDAQ exchange. The platform has revealed that it would be supporting the crypto alongside a few others in the market.
It’s been known for quite a while that NASDAQ was keen on getting into the crypto business, but the idea that LTC would be among the top coins to get priority wasn’t set in stone. The support being received is a sign that the coin could be primed to get more traction from increased visibility.
One of the reasons the exchange has chosen LTC stems from its growth potential. For the record, Litecoin can now be used for cross-chain transactions after it became compatible with Blocknet. In addition, its network is faster and cheaper compared to the leading coin- an added advantage favorable to NASDAQ’S aims.
The support continues the trend that has seen several payment providers and merchant services begin to accept LTC.
LTC on 6 other exchanges
Other than NASDAQ, Litecoin will be listed by at least six more cryptocurrency exchanges. These exchanges operate via the Tokyo Stock Exchange. It’s expected that Bitcoin, Ethereum, and Ripple may be listed on the new exchanges, with Litecoin being the fourth.
The development is indeed big news for the 6th ranked LTC as every listing brings with it two advantages. First, it helps to inject new capital into the market, drawing liquidity. Secondly, it helps stabilize the coin’s prices- a factor that could make it gain more acceptability by merchants.
Ever since Lee created it, the coin has grown and established itself among the top cryptocurrencies. However, it has always been in Bitcoin (BTC)’s shadow. It might remain in that shadow for the foreseeable future. However, as far as the other altcoins are concerned, it may be a matter of time before it steps ahead of all.
Vulnerability of other networks
The key takeaway here is that a 51% attack is less likely on Litecoin.
Recent 51% attacks and bug vulnerabilities that have beleaguered some coins has thrown a shadow of doubt across cryptocurrency. The issues surrounding Verge (XVG), Bitcoin Gold (BTG), and the latest troubles at EOS, has only served to highlight LTC’s strengths.
Charlie Lee, Litecoin’s founder, waded into the debate by tweeting a few hours ago.
“In lite of recent 51% attacks and crypto51.app info, rest assured that the Litecoin is extremely secure and mining is very healthy.”
He went on to highlight the reasons why Litecoin faces no risk of attack from rogue miners. It is because LTC mining pools are well distributed with the largest controlling just 22%, the hashrate has gone up by at least 50 times in the past 1 year, and the extremely high capital costs that it would take to attack (estimated to be between $322-761 million)
As for the fact that the top mining pools on the platform could collude and instigate an attack on the network, Lee believes it can happen. However, he doesn’t see it happening, saying:
“Sure, but then they will lose all their miners. There are no good financial reasons to do that”
So Litecoin’s security should serve to assure its community and rally more support.
As the market looks for a way out of the decline, LTC could have just been handed a major boost by NASDAQ and the woes befalling other coins. Can it go on and reclaim its position among the top 5? Signs are it could.