Litecoin, one of the longest-standing digital assets in the industry, has recently experienced a significant revival. After a period of relative obscurity, it has emerged unexpectedly from being referred to as the “digital silver” to becoming a digital gold alongside Bitcoin.
The price of Litecoin has surged by 183% since its lowest point in June 2022. This significant increase is attributed to several factors, including its resilience during market downturns, increased adoption, and the upcoming halving event.
The ability of Litecoin to recover during market downturns has made it a safer choice for many investors.
Since 2017, only 41 assets have outperformed Bitcoin, and Litecoin is one of them. Its ability to recover and its high acceptance rate have made it an attractive investment. Furthermore, Litecoin is one of the most popular cryptocurrencies used for payments, alongside Bitcoin and Ethereum.
The recent upgrade of Litecoin, MimbleWimble Extension Block (MWEB), has also played a significant role.
Activated in May 2022, the upgrade allows senders of LTC to hide the address and amount of cryptocurrency they are transferring, similar to privacy coins like Monero and Zcash. This upgrade, along with the upcoming halving event on August 2, 2023, may have contributed to the increased accumulation of Litecoin.
In the recent regulatory landscape of the cryptocurrency market, Litecoin, Bitcoin, and Bitcoin Cash have managed to avoid being declared securities by the SEC.
However, it’s not just cryptocurrency enthusiasts on Reddit who have noticed the revival of Litecoin. The recent listing of Litecoin on EDX Markets and its exclusion from the SEC’s “unregistered securities” list are potential factors contributing to this growth.
Recent news has also highlighted positive prospects for Litecoin. From the halving event to its inclusion in the top 10 digital assets by market cap and partnerships to support new security protocols, all contribute to the optimistic sentiment surrounding Litecoin.