Litecoin (CCC:LTC-USD) has had a rough three months since it hit $294.56 on Nov. 10. As of Jan. 6, 2022, it was trading at $137.06, giving it a loss of around $157 in the last two months. That is a significant decline of about 53% during this short period of time. It goes to show that LTC crypto can be just as volatile as some of the smaller cryptos.
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As it stands now, Litecoin still has a market capitalization of $9.25 billion. This puts it at a rank of number 24 among the top cryptocurrencies in the world. It is just behind Algorand (CCC:ALGO-USD), which I just wrote about, as well.
Recent Developments
Litecoin is a secure peer-to-peer-crypto focused on payments transactions. Right now, Litecoin is accepted at 3,183 merchants worldwide. This is up from 3,111 in October 2021 when Cointelegraph wrote on the subject. At the time, the site said LTC was at an “all-time high.”
Recently, Litecoin has been going through an upgrade and it appears to be nearing the end of that process.
For example, a recent article in Medium described the mechanics of a “testnet” version of the distributed ledger technology, i.e., the blockchain. The net result is that Litecoin will be much more secure as a payment and transaction closing mechanism.
Where This Leaves LTC Crypto
As I pointed out in a previous article, LTC crypto now has a virtual debit card. This will help it gain more acceptance with more merchants.
Litecoin indicated at the time that this will give it exposure to 50 million merchants around the world. This can allow many people to use Litecoin to buy, sell, and trade assets and transactions. It could also help to raise the value of LTC crypto tokens.
However, in the long run, Litecoin suffers from one great drawback, limiting its ability to rise much further. This is its lack of smart contract functions of cryptocurrency blockchains like Ethereum (CCC:ETH-USD), Polkadot (CCC:DOT-USD) and Solana (CCC:SOL-USD).
As a result,…
