The broader crypto market has been stuck in a narrow trading range over the short-term, but there’s one cryptocurrency whose value has nearly doubled year-to-date, and that’s Litecoin (LTC). The fifth-biggest coin, which is currently trading at $60.75, has benefitted from a few high-profile partnerships inked by Litecoin creator Charlie Lee, not to mention a push toward confidential transactions.
The Litecoin price has doubled in 2019. | Source: Yahoo Finance
After trading in the shadow of its larger sibling bitcoin (BTC) for so long, Litecoin, whose primary use case is “peer-t0-peer electronic cash,” is finally forging an identity of its own.
Cryptocurrency prime dealer SFOX outlined five catalysts that have driven the LTC price to levels it hasn’t seen since September 2018 on persistently-solid trading volume to boot.
1. Mainstream Litecoin Adoption
The Litecoin team are masters at getting merchants to integrate LTC payments into their systems. Just ask Bob Moore Auto Group, which according to Lee “signed on with @AliantPayment to accept Litecoin at their dealerships,” starting with an Oklahoma City location. This means customers can pay for their Subaru with LTC.
— Charlie Lee [LTC⚡] (@SatoshiLite) February 1, 2019
Merchant support of crypto is necessary for wide-scale adoption, and Litecoin has been one of the most successful projects for this. In addition to auto, Litecoin has also been featured in the UFC octagon, and LTC is being accepted as a form of payment at an upcoming K-pop concert the Litecoin Foundation is sponsoring. Also, according to SFOX: