Litecoin, the seventh largest digital currency in the globe is seven years old. It has also consolidated its name as the oldest and most famous token in the globe.
Litecoin (LTC) Price Today – LTC / USD
A member of the LTC community recently posted on Twitter about the coin’s anniversary. Litecoin founder and former Google employee, Charlie Lee, reposted the tweet. It talked about how the coin started from the genesis block for Litecoin on 8 October 2011. The tweet also praised Satoshi and other people who build with Litecoin.
The digital currency was created in 2011 with a vision to defeat the drawbacks of BTC. Litecoin deviated from BTC’s SHA-256 and opted for Scrypt. Block confirmation on this network was just 2.5 minutes as opposed to ten minutes on BTC’s.
The digital currency was launched officially on 13 October 2011. This was after the genesis block was added a few days before.
Recently, Litecoin founder, Charlie Lee has been speaking about his plans for LTC. He believes that the Litecoin community focuses mainly on adoption. It doesn’t matter if it is a vendor, a merchant or a crypto exchange, Lee wants the coin to be a part of the daily lives of users.
Lee has a rather ambitious view on the digital currency’s performance. He has also pointed out that the cryptocurrency’s short-term performance does not matter. The main focus is the long-term results. Lee believes that this can only happen when there is more crypto adoption.
Litecoin developments in recent times
Litecoin has been in the news for lots of positive developments. Recently. A London based cryptocurrency exchange known as CEX.io relisted the digital currency on its platform.
It was removed over a year ago from the platform. The exchange gave a reason that they stopped supporting Litecoin to prioritize on upgrading their platform to meet the demands of the growing market. The exchange, after advancing its infrastructure and security procedures, made a move to reintroduce LTC. They also believe that the new addition will improve the trading experience for professional traders and retailers alike.
CEX.io currently supports LTC/USD and LTC/BTC trading pair. The exchange may consider expanding in the future to include other currencies such as LTC/GBP, LTC/EUR and LTC/RUB. The exchange already supports these currencies.
Charlie Lee purchases a voucher on Amazon with Litecoin
The Litecoin community was excited to hear that the founder bought Amazon vouchers or gift cards. Lee tweeted the news that he bought gift cards using LN on LTC. He also stated that the payment was swift and he received the card instantly.
The founder of Litecoin used BitRefill.com for the transaction. The site supports Litecoin, Bitcoin, Dash, Ethereum and Dogecoin.
Litecoin price analysis
LTC price for October has failed to sustain any trend. The upside that was observed is being sold by the bears and participants in the market are reluctant to make any commitments. This comes after the severe volatility in September caused by extreme swings.
The digital currency is trading in consolidation mode presently. Despite the market outlook, Litecoin looks promising.