March 28, 2024

Litecoin aims for top 10 cryptocurrencies

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1 min.

Litecoin aims for top 10 cryptocurrencies

Against the backdrop of a falling crypto marketThe Litecoin coin unexpectedly showed itself firmly - over the past 24 hours, the LTC rate has increased by 27%, which allowed the cryptocurrency to take 13th place in the CoinMarketCap rating.

Significant rate growth allowed Litecoindisplace the “dog token” Shiba Inu (SHIB) from 13th place in the ranking by capitalization. And if we exclude stablecoins from the list, then Litecoin will become the 9th coin by capitalization.

Litecoin aims for top 10 cryptocurrencies

Litecoin was created in 2011 as a morefast and cheap analogue of Bitcoin. The long history of the cryptocurrency project now seems to be attracting investors. During the crisis, the market decline and the bankruptcy of the FTX exchange, investors are looking for a “safe haven” to wait out the storm. 

As Litecoin Foundation Managing Director Alan Austin emphasized, Litecoin has a “boring reputation” without glamor, but this coin provides owners with a high level of stability.

Glassnode analysts suggested thatinvestors increasingly see Litecoin as a wealth accumulation asset rather than a payment cryptocurrency. Since the first quarter of 2021, the number of LTC coins that remain idle for a long time continues to grow.

Let us recall that in the summer of this year, cryptocurrency exchanges from South Korea removed Litecoin from the listing. This is due to the introduction of the MimbleWimble (MWEB) transaction anonymization function.