Litecoin (COIN: $LTC) is a peer-to-peer technology that allows users to send any type of payment all over the world quickly and cost-effectively. Litecoin launched as a fork of Bitcoin in 2011 and was designed as an upgrade to Bitcoin, but it has lagged behind BTC since its inception.
On Monday, March 11, 2024, It broke past the crucial resistance level of $100 after surging over 17% in 24 hours. As of writing, the coin is at $104.92. It previously hit $100 back in July 2023, making the current price an eight-month all-time high.
Litecoin used to be popular in the crypto world when it went live; it was among the first altcoins, with a market cap that placed it among the top ten coins. Lately, however, it has fallen out of favor due to the lack of new or exciting developments.
LTC Gains Popularity As A Payment Method
On BitPay, LTC became the most used cryptocurrency for transactions last week, beating BTC, ETH, and Dogecoin, bringing it into focus. It reached a new ATH of 41% on BitPay, and BTC remains in second position with 24.36% of the total payments.
Although Bitcoin has experienced a recent surge in price due to the popularity of spot Bitcoin ETFs, its adoption as a payment method has not seen similar growth, as shown by the statistics from BitPay.
Moreover, LTC became the third cryptocurrency with the most preferred method for cryptocurrency transactions on Coingate.com, accounting for 11.9% of transactions last month. This could be one of the reasons behind the recent surge.
Litecoin to Release PSBTs Update
The company gave an update on their X account about the major Litecoin core update that will happen soon. One aspect of the latest update will involve incorporating PSBTs (Partially Signed Bitcoin Transactions), the technology used to boost security by allowing transactions to be signed by one or multiple parties partially before being completed by others.
PSBTs is a restructured technology that is comprised of MimbleWimble Extension Blocks (MWEB) transaction elements. For clients to enable this, they must get and verify the MWEB data from peers.
The implementation of MWEB will support the ecosystem, and future updates will bolster the value of Litecoin over time.
LTC Price Update
As of writing this, LTC is trading at $104.11, with a gain of 17.41% in the past 24 hours. The token has surged significantly by 43.94% in the last month. However, if there is a bearish trend this week, the price of LTC could fall back to the $66.11 support level. The market cap is $7 billion, with a 24-hour trading volume of $1 billion.
Should you buy $LTC?
$LTC is currently quite bullish, with analysts forecasting a price correction could soon occur to support levels. The recent update by the Litecoin Foundation on X makes it a good opportunity to invest in the long term. However, staying updated with the recent updates and news is crucial.
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