Litecoin leads bigger-cap gains on the broader crypto market over the week alongside the DeFi boom and the poor economic outlook on the traditional markets. Currently, the rise of gold sparked a slight crypto run and Bitcoin surpassed the $11,000 level so let’s see how is Litecoin positioned in the latest LTC news.
The founder Charlie Lee said that Litecoin leads bigger-cap gains alongside Bitcoin, cementing the strong demand and use-cases despite the newer tokens aiming to displace the current situation. For some on the market, Litecoin served as a leading indicator of BTC prices that moves before the number one cryptocurrency instead of lagging behind it. Willy Woo, the prominent trader, and on-chain analyst pointing out this aspect in a tweet in April noting that LTC has a habit of leading BTC. While he didn’t refer to that model, he suggested that the crypto market turned bullish:
In this run up, Bitcoin is destroying ratios of all the major altcoins except for one. 🐔😁 pic.twitter.com/YKl2vCExNI
— Charlie Lee [LTC⚡] (@SatoshiLite) July 28, 2020
“Alts frothy, ETH getting a DeFi tailwind, volatility returning, BTC mempool peaking, BTC txs clogging, this is all great signs for the months ahead.”
With the 15 percent gain from yesterday among all large-cap cryptocurrencies compared to the BTC increase of 7%, the model for LTC to be leading indicator still seems to work well. Founded in 2011, Litecoin was an early BTC Spinoff as it was identical to the latter but with a few different features such as block time, larger market cap, and different hashing algorithm. In 2017, LTC became the first of the top 5 altcoins to adopt Segregated Witness. In the same year, the first Lightning Network transaction was completed with Litecoin transferring 0.0000001 LTC from Zurich to San Francisco in less than one second.
LTC has a habit of leading BTC.
Shorters gonna be rekt (not from just this chart but from other fundamentals too). pic.twitter.com/v1JeeVyd1Q
— Willy Woo (@woonomic) April 7, 2020
Despite these developments, most of the crypto industry suggest that Litecoin is the Bitcoin’s silver or imitator whit no new innovations. This could soon change however as LTC’s MimbleWimble testnet is upcoming and the developers are expecting to ship in September 2020. The MimbleWimble-focused testent will launch in September 2020 and is one of the longest awaited features for the LTC ecosystem.
The mempool logic for implementing Mimble Wimble on Litecoin turned out an area “a bit more complex” that it was expected. The lead developer for integration David Burkett confirmed that MimbleWimble implementation remained on track.
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