Things are looking good for Litecoin as it attains the third most valuable public digital currency globally. In 2020, the coin performed impressively alongside the three top public digital assets, XRP, valued at $10 billion. ETH is worth around $100 billion, while Bitcoin is just some billions above the $600 billion price tag.
Generally, digital assets are broadening their earlier market and expanding to institutional interests. Most digital currencies performed well, even till the end of 2020. XRP, the former third, had an unexpected 2020, with an SEC lawsuit that threatens its existence, leading to the deteriorating market capitalization that made it drop from its former position.
Litecoin becomes the world’s fourth most valuable digital currency
There are publicly issued currencies like BTC, ETH, and LTC, while private ones like the Tether stablecoin. Stablecoins are usually pegged to real money like the dollar, which is why USDT is considerably stable in value than publicly accessible assets.
The USDT is not only the largest stablecoin globally; it’s also the third most valuable digital asset when you remove the private or public segmentation. The coin has a market cap of $20 billion, giving it a stance amongst the world’s two.
Despite being fourth globally, a position it gained from XRP’s constant underperformance in 2020, it performs better than it did in years., some sources claim that Paypal is a significant influence behind LTC’s recent rise and performance. Paypal explained in 2020 that it would partner with industry players to accommodate popular cryptos so that they are utilized by interested parties when using the online payment platform.
Paypal supports the world of digital assets, which creates a form of publicity and assurance for doubting parties. Bitcoin, Ethereum, Litecoin, and Bitcoin cash are the company’s four assets assured that it would add to its system. The remittance company also explained that people could purchase with their crypto through the new addition and ensure easy trading within the framework.
Litecoin rises above the $100 price tag
Recently, LTC surged and exceeded the $100 price tag, presently around $120. The coin’s co-founder, Charlie Lee, explained via Twitter some reasons behind the recent surge. He revealed that high liquidity and its use on every exchange, the 350 million users on the PayPal platform, the hefty GrayScale fund, and its nine years in existence with no downtime are notable reasons.
The co-founder opined that apart from partnering with Paypal that LTC on its own performs impressively. A significant reason for everybody’s mind is XRP’s abrupt fall due to SEC’s suit, making the Ripple company lose millions daily. The US regulatory body accused Ripple’s executive of selling unregistered tokens to the public.
In Ripple’s defensive, it explained that XRP was not a security but a true cryptocurrency. The company recently demonstrated that it would write an explanatory note to the public to prove its innocence and equally criticized SEC for having an unclear regulatory framework causing problems for the American market.
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