Litecoin Surpasses Solana In Market Volume, Outpaces Wider Crypto Market
Many industry experts refer to it as the silver of crypto assets, while they refer to Bitcoin as gold. Litecoin (LTC) is currently leading the broader industry by market performance.
Hence, it has displaced Solana (SOL) in the last week based on a larger market capitalization. Formed in 2011 as a fork of Bitcoin, Litecoin offers near-zero cost peer-to-peer (P2P) transactions.
What sets it apart from Bitcoin is that it comes with a low transaction processing time, affordable fees, and a maximum supply of LTC tokens (approximately 84 million).
Charlie Loo, a former Google engineer, is the developer of the Litecoin cryptocurrency. Loo described the token as “Bitcoin lite.”
In a surprising move, the asset has outperformed other crypto assets, including the leading digital coins, Bitcoin, and the largest altcoin, Ethereum.
Meanwhile, Solana’s decline is heavily influenced by the FTX contagion. FTX’s balance sheet has shown that Solana has significant exposure to the firm, with tons of assets becoming illiquid.
Litecoin is currently the 15th largest crypto token by market capitalization after an almost 19% move to the top in the past seven days. It also recorded a 27.64% increase over the past 24 hours and currently trades at about $79, according to recent Coinmarketcap data.
On the other hand, Solana shed almost 23.7% of its value over the past week. Hence, its market cap is now roughly $4.1 billion. However, the token has surged by 16.94% in the past 24 hours despite the sell-off on the broader crypto market.
Keeping the Momentum Going
Litecoin, like Bitcoin, undergoes a periodic halving process where the coin’s base rewards miners who can create new blocks on the network. Thus, the Litecoin network will be under its next halving phase in August 2023. However, its new mining rewards are set to 6.25 LTC, a 50% drop from the previous 12.5 LTC.
Despite being behind most of the top crypto assets, especially Bitcoin, Litecoin is seen by industry players as the token to watch for the remainder of the year. Since last year, LTC has been tracking Bitcoin’s performance, and the current metrics suggest that the network can sustain the momentum.
The token has followed the upward movement of the leading virtual asset but with occasional underperformances. Although its performance is slow compared to Bitcoin’s, Litecoin has come a long way to position itself among the top tokens.
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