Bitcoin has been trying and repeatedly failing to break the psychological $ 4,000 mark, but while Bitcoin’s price has calmed, Litecoin’s and Binance’s token have skyrocketed.
Litecoin has almost doubled its price so far this year, although it remains well below the historic peak it reached in December 2017.
Now, Litecoin, one of Bitcoin’s oldest rivals, launched in 2011, looks set to surpass Ripple’s XRP this year to enter the three main crypto-currencies by market capitalization.
Litecoin’s rapid rise in recent months, which has been on the rise since it reached recent lows of $ 23 per currency in December last year, has been largely attributed to developers’ efforts to improve security, privacy and several high profile associations.
Meanwhile, referring to the Venezuelan crisis:
Venezuela launched a cryptocurrency remittance service approved by the government this month, which allows users to send Bitcoin and Litecoin to the country, which demonstrates a bit the use case of Litecoin and Bitcoin in a country that depends on cryptocurrency.
These developments for Litecoin could be starting, along with an upcoming halving scheduled for August this year, which will increase the supply of new LTC. The previous divisions in the cryptocurrency have seen an increase in the prices of their digital Tokens, although there is no guarantee that this will happen again.
While Litecoin is at the center of attention, there is a long way to go before it replaces the XRP or perhaps even Ethereum, as the third largest cryptocurrency by market capitalization.
Ripple’s XRP currency has a total value of just over 13 billion dollars, compared to Litecoin’s 3.5 billion dollars.
Litecoin has so far had a good 2019, but it’s still a long way back to the days of the end of 2017.
“Litecoin’s number one use in the real world seems to be a method of settlement for crypto traders,” Mati Greenspan, senior market analyst at eToro brokerage said in a note to clients this week.
He also expressed:
“For people who often send money and switch to private Wallet, it’s much cheaper and faster to do this with Litecoin than with Bitcoin.”