Litecoin recently had an incredible surge, where it grew well off the $100 price range early this year. Sources linked the new gains to two crucial factors presently working within the crypto space. PayPal’s decision to add Litecoin and several other cryptocurrencies increased volumes of retail buyers reported by several exchanges, making many assets used on the platform climb.
Last year, PayPal took several steps in the space, including partnering with crypto-tech companies to create a platform that assures safe and easy buying of digital assets. Another factor is the recent rallies that improved the prices of most cryptos. Also, it became the fourth largest cryptocurrency used within the past few weeks.
Litecoin’s new smart contracts powered by Flare Networks
Flare Networks will empower Litecoin to take smart contracts on the latest developments. The project explained that Litecoin’s empowerment was necessary and should occur within the next six months this year. The smart contracts feature similar to Ethereum-based smart contracts on several levels, according to Flare Networks.
The project mentioned that the new move would improve the digital asset in many aspects. The project did not share much details concerning smart contracts, but sources imagine it will be to create decentralized applications.
It’s also great news to Litecoin users as they will perform in subsequent Flare Network airdrops alongside several holders that receive tokens from the projects. The project explained that it would share billions of its tokens to those who participate in the event. Apart from Litecoin, Flare Network has plans for Ripple’s cryptocurrency in a bid for it to partake in its airdrops.
The Litecoin team is very receptive to the new idea and hope for the new feature. Historically, cryptocurrencies are hardly responsive to third-party involvements in their operations, but Flare Networks manage to gain some trust.
Litecoin’s previous smart contracts feature
The digital asset seems interested in gaining smart contracts ability due to its use on Abra. Abra is a platform that supports Litecoin smart contracts, but people suggested that Abra limits the crypto’s smart contracts feature based on the exchange’s infrastructure. Since then, the firm envisioned a brighter future for the currency in smart contracts, and Flare Network’s new opportunity could significantly change things for digital assets.
Despite plans going on to create the new feature for the crypto, the adoption and usability is a source of concern to the crypto space. Some are afraid that people will not use the third-party platform even though the popular project created the platform. Additionally, experts see the altcoin rising soon. The cryptocurrency performed relatively well in 2020, creating the perfect platform for performance in the crypto space.
Crypto volatility is one of the biggest problems facing the new industry, discouraging investors from putting in lots of money in Altcoins. Last year saw some institutional buyers of digital assets, mainly the Bitcoin; altcoins are yet to stand against the strong monopoly Bitcoin has in the institutional markets. Other coins see primarily retail investors, being the primary reason volumes from altcoins cannot beat Bitcoin’s market cap.