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Litecoin LTC/USD is an alternative cryptocurrency created in October of 2011.Â
The LTC cryptocurrency token is used as a form of payment anywhere in the world, where an intermediary is not required to process the transaction.
Litecoin Foundation announcements as catalysts for growth
On October 24, Litecoin announced the launch of the LTC Visa Debit Card on Twitter, where the card is powered by Unbanked.Â
On October 28, the number of Litecoin (LTC) transactions neared an all-time high, with an increase of over 140,000.
This number of LTC transactions is further rising, following the partnership of BitPay and Verifone.
According to the card’s home page, potential customers would first need to register for a Litecoin Card Account, put some LTC into a specific wallet address, and pass a Know-Your-Customer (KYC) check. They would then receive a virtual Litecoin Card.
This card is meant to enable users to spend LTC at all digital merchants who accept the use of Visa as a payment processor, which is estimated to be around 50 million.
Should you buy Litecoin (LTC)?
On October 28, Litecoin (LTC) had a value of $186.45.
To get a better perspective as to what kind of value point this is for the token, we will be comparing it to it’s all-time high-value point as well as its performance in September.
Litecoin (LTC) had an all-time high value on May 10 at $410.26. This means that the token was $223.81 higher in value or by 120% at its peak.
On September 6, the LTC token had its highest point with a value of $231.33.
On the other hand, its lowest point was on September 29, when the token fell in value to $140.6. Here we can see that the token decreased in value by $90.73 or by 39%.
That said, from September 29 to October 28, the token increased in value by $45.85 or by 32%.
According to data from IntoTheBlock, Litecoin (LTC) saw $4.88 billion in transactions greater than $100,000.
Additionally, LTC has seen 4.27 million addresses as its 30-day average.
With this in mind, we can expect the LTC token to reach $200 by the end of November, making it a solid purchase.
The post LTC price analysis: has the increase in transactions led to an increase in value? appeared first on Invezz.
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Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.