Litecoin Price Gains Traction amid Merchant Adoption Push
The value of Litecoin rose sharply on Thursday, as investors rallied behind a recently announced campaign to boost the network’s adoption among vendors and merchants.
Litecoin’s price clocked in at a high of $63.17, matching Sunday’s peak. Prices would later consolidate at $62.68, having gained 8.2% from the previous close. The advance pushes Litecoin’s total market cap to nearly $3.7 billion based on daily trade volumes of $444 million. The most active markets for LTC transactions are DOBI Trade and OKEx, based on latest available data.
Ranked by value, Litecoin is the world’s seventh-largest blockchain, according to CoinMarketCap. When prices peaked in December, LTC was a top-five cryptocurrency. It has since been overtaken by EOS and Stellar following an 88% retracement peak-to-trough.
Litecoin’s quest to become the de facto payments standard shifted into higher gear recently with the launch of #PayWithLitecoin, a marketing campaign that presents new use cases for businesses exploring crypto. Touting LTC’s speed, security, low fees and liquidity, #PayWithLitecoin is designed to make it easy for vendors and merchants to accept crypto payments. The official website provides a ten-page primer for businesses considering Litecoin as a payment solution.
By emphasizing “decentralized money,” the Litecoin Foundation is looking beyond the investment appeal of cryptocurrency and focusing on real-world use cases. That was the core message of Charlie Lee’s recent keynote address to Litecoin Summit 2018, where he encouraged the community to promote the idea of “freedom of money.”
Lee has also promoted the use of LTC as an onramp to the Lightning Network, the scalability solution that purports to address bitcoin’s transaction bottlenecks. While promising, the Lightning Network faces several shortcomings, including still-present transaction fees and security issues that could make large volume transactions unsuitable.
In a July 11 tweet, Lee called the Lightning Network the “ultimate decentralized exchange” but said LTC was by far the most optimal payment channel.
“Litecoin will also be the easiest onramp onto the Lightning Network,” Lee said. “BTC takes too long and fees to high? No problem. Open an LTC payment channel on chain cheaply and quickly, then atomically swap for BTC if/when you need to. This can be done in one step using submarine swaps!”
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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