The creator of Litecoin (LTC) – Charlie Lee, has been bullish on digital currencies. He is also very active and outspoken in the crypto space. Recently, Lee talked about what Bitcoin (BTC) could achieve together with the Lightning Network. He explained how the Lightning Network and Bitcoin (BTC) helps to realize the original concept of Satoshi for the digital currency.
Charlie Lee said that the Lightning Network can make Bitcoin (BTC) perform as Satoshi intended. It would make it function as a fully decentralized P2P payment network. Although, the Lightning Network wasn’t in existence when Bitcoin (BTC) was launched back in 2009.
About Lightning Network
Lightning Network is a layer-two payment protocol which settles transactions off-chain and functions on top of a blockchain. It makes the confirmations of blockchain very fast since it settles its transactions off-chain. The Lightning Network can also process hundreds of millions of transactions per second.
Charlie Lee made this explanation in a series of tweets. In one of his tweet, he said, “Bitcoin (BTC) together with the LN more closely fits the whitepaper of Bitcoin. The whitepaper of Bitcoin is titled ‘A peer-to-peer Electronic Cash System’ and that is the vision of Satoshi”
Lightning Network brings peer-to-peer payments to Bitcoin (BTC). It even makes the digital currency more flexible, scalable, cheaper, and more private, according to Lee.
Litecoin (LTC) Price Today – LTC / USD
Litecoin (LTC) is currently worth $57.57 after an increase of less than one percent over the past twenty-four hours. The digital currency currently has a market cap of $3.38 billion with a trading volume of $262.51 million over the past twenty-four hours.
Litecoin Price Analysis
Over the past few days, the value of Litecoin (LTC) has been capped on the upside at the $60 mark. LTC recently surged over the $60 level. However, the $59 support level wasn’t able to prevent losses as the digital currency started a downward move.
Litecoin (LTC) is now supported at the $56 mark, and the next support after that is at the $54.50 level. On the upside, the immediate hurdle of the coin is at the $58.86 mark. A break over this level is needed for more gains towards the $59 and $60 resistance levels.