Litecoin is the latest talk of crypto space. Litecoin's rapid rise over the last few months, which has been on the rise since it hit recent lows of $23 per coin in December last year. Litecoin has almost doubled in price and saw the highest on 2 March this year, though it remains well below the all-time high it hit in December 2017.
Whereas, Bitcoin has been rising and falling to break the psychological $4,000 mark. Experts believe that, one of the oldest rivals to bitcoin, litecoin is a potential competitor for bitcoin and Ripple’s XRP and it could overtake Ripple's XRP to break into the top three biggest cryptocurrencies by market capitalization.
According to the report by cryptocurrency brokerage SFOX explains,
Meanwhile, the third largest cryptocurency by market capitalization Ripple's XRP has been following a downward trend for the past couple of months. In September 2018 the firm announced the collaboration with the banking giant J.P.Morgan and Chase which helped the bank for cross border currency exchange. But recently banking giant J.P.Morgan revealed plans to launch private blockchain-based digital token that would work in a similar way to Ripple's XRP. This worsened the current situation of XRP more.
It is not as easy as it sounds for litecoin to flip XRP which has the third biggest cryptocurrency by market capitalization.
Mati Greenspan, senior market analyst at brokerage eToro claims that by using litecoin people can send money to exchanges and private wallet as well. It’s much quicker and economical to do this with litecoin than it is with bitcoin. He pointed out that is why litecoin deserve to receive a title called digital silver.
The CEO of decentralized payment platform TokenPay, Derek Capo and litecoin founder Charlie Lee, will reveal details of their partnership later this week. The partnership is expected to integrate crypto in banking services that integrate crypto.