Litecoin Reaches Major Milestone

According to new reports, Litecoin has reached a new major milestone after the Litecoin lightning network records over 1,000 channels. According to The Merkle:

“It is pertinent for all cryptocurrencies to keep growing and evolving at all times. For Bitcoin and Litecoin, the Lightning Network is considered to be the “holy grail” of scaling and instant payments right now. While it remains to be seen if that will effectively be the case, it appears things are progressing smoothly. Litecoin still has a lot of catching up to do, but that is entirely to be expected.”

By breaching this figure, Litecoin is proving to still remain as a popular cryptocurrency, despite it’s sudden price crash during 2018. It’s clear that investors still believe in Litecoin’s technology and that Litecoin still remains as a positive and adoptable cryptocurrency. We should highlight that the end goal for Litecoin is to exist as a payment solution that is used in day-to-day life. It’s a ‘light’ version of Bitcoin that makes cryptocurrency less frightening and thus, more adoptable by the mainstream.

Litecoin has reached this milestone as a result of an increase in the value of Litecoin, it’s no coincidence that the two have occurred at around the same time. Moreover, Litecoin has also seen a huge increase in market capitalisation, making it one of the highest ranked cryptocurrencies, recovering from it’s 2018 decline. At the time of writing, Litecoin is ranked 5th, just behind EOS and ahead of Bitcoin Cash with a value of $54.06. Litecoin is up a huge 14.74% on yesterdays price.

Why has the price changed affected Litecoin channels?

According to The Merkle:

“It is possible this rise in value has led to more LN payment channels being created, although that is always difficult to confirm. The current 1,012 channels are operated between 161 participants, further confirming this is still a rather small-scale effort. That situation will keep changing constantly, as cryptocurrencies are always evolving.”

Furthermore, we should consider the increase in liquid funds on the Litecoin network:

“For Litecoin, there is just over $7,000 in liquid funds, which is not necessarily impressive. However, a few weeks ago, that figure sat at just under $4,000. A very promising increase in such a short span of time. It seems unlikely Litecoin’s LN will ever reach the same level as Bitcoin, although one never knows how things will pan out in a few months or years from now.”

Litecoin promises to continue to grow. Given the current price surge, if this continues over the next few weeks we can only expect the Litecoin network to continue to expand. In turn, this might even help push the price up. Perhaps this time next month, Litecoin could move beyond $100.00?