- Litecoin Reaches Milestone of $500 Billion Worth of LTC Transactions on its Eighth Anniversary
- Litecoin is the Number Six Largest Cryptocurrency by Market Cap
According to reports, Litecoin, the sixth-largest digital asset by market capitalization, has marked a fresh milestone in terms of achievements. This occurs as the Blockchain network celebrates its eighth anniversary. The network had a whopping $500 billion worth of LTC transactions as it marks been up and functional for eight years.
The digital token has defied numerous gloomy predictions. Litecoin is now one of the oldest cryptos, having turned eight years. While there is no reason to deny the fact that the altcoin has been in Bitcoin’s shadow since its journey began, it has performed remarkably well as a top coin should.
Litecoin was the Second Most Traded Digital Asset After BTC
The public launch of LTC occurred back on October 13, 2011. This was after the first block was mined a few days earlier (on October 5 of the same year). On that day the world lost someone integral to the tech sector (the death of Steve Jobs the founder of Apple).
Before the coming of networks/tokens like Ethereum (ETH) and Ripple’s XRP, Litecoin was only behind BTC. LTC would go on to retain its position as the second most-traded crypto after the number one coin, Bitcoin. Now it is four steps below its former position but still doing well.
Litecoin (LTC) Price Today – LTC / USD
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Charlie Lee, the founder of Litecoin and mastermind behind Bitcoin-lite, pointed out that the Blockchain network has been running endlessly all these years without downtime despite a large number of doom-laden predictions. According to the Litecoin foundation:
“A lot has happened over the past 8 years since Litecoin began. We have seen two significant bull market markets that have propelled the crypto sector to the forefront of the public’s consciousness. New technologies such as Lightning, Segwit, and MimbleWimble have emerged to help with advancing crypto usability and improving its prospects in the space.”
Litecoin is the Number Six Largest Cryptocurrency by Market Cap
Back in August this year, Litecoin founder once again faced some form of criticism after his conversation (suggesting that Litecoin developers had stopped working on the project) was leaked. However, going by an earlier report, Lee played down these rumors.
It is noteworthy to point out that Litecoin is still doing well. The digital asset is quietly sitting at the number 6 spot having amassed a total market capitalization of $3.6 billion as of press time.
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.