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Against the backdrop of a falling crypto market, the Litecoin coin unexpectedly showed itself firmly - over the past day, the LTC rate has grown by 27%, which allowed the cryptocurrency to take 13th place in the CoinMarketCap rating.
A significant increase in the rate allowed Litecointo move the “dog token” Shiba Inu (SHIB) from 13th place in the ranking by capitalization. And if stablecoins are excluded from the list, then Litecoin will become the 9th coin by capitalization.
Litecoin was created in 2011 as afast and cheap analogue of bitcoin. The long history of the cryptocurrency project now seems to be attracting investors. In times of crisis, market crashes, and the bankruptcy of the FTX exchange, investors are looking for a "safe haven" to ride out the storm.
As Litecoin Foundation Managing Director Alan Ostin emphasized, Litecoin has a “boring reputation” without glamour, but this coin gives holders a high level of stability.
Glassnode analysts have suggested thatInvestors increasingly see Litecoin as a wealth asset rather than a payment cryptocurrency. Since Q1 2021, the number of LTC coins that have been idle for a long time continues to grow.
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.