The Litecoin Foundation has just released a report for the first quarter of 2021 – Litecoin Q1 Report. In which there is particularly prominent news such as Tesla buying and accepting Bitcoin, Miami becoming a cryptocurrency stronghold, and PayPal releasing the “Checkout with Crypto” pay option. In addition to this news, the Litecoin Foundation also mentioned Litecoin’s development with a milestone marked as the code completion of the MWEB project.
— Litecoin Foundation (@LTCFoundation) April 10, 2021
Litecoin Q1 Report proven to be a historical time, marked by the code-completion of the MWEB project
As mentioned, MWEB is a revolutionary upgrade to the Litecoin protocol (Mimblewimble via Extension Blocks) – the first of its kind, which will make Litecoin the most fungible cryptocurrency in the top 10. This upgrade will allow Litecoin to become much more scalable and make transaction amounts un-viewable to the public, making it the ideal choice for payments while protecting sender/receiver’s data.
Going deeper into Litecoin, specifically from January 1 to March 31, at the end of Q1, the price of Litecoin increased from $ 127 to $ 198, reaching a 55 percent increase in three months. Litecoin has also seen a significant increase in daily transactions, with a range of 50–60 thousand transactions per day in the first week of January, to the current range between 100,000 and 116,000. translation per day in the last week of March. Average daily transactions nearly doubled over the past 3 months.
The number of Litecoin new address creations every day has also doubled. Besides, the average number of “Litecoin”-related tweets per day during the first week of the quarter is approximate. 1280 Litecoin tweet/day. The average number of Litecoin tweets per day during the last week of Q1 was approximate 2,100 tweets/day, also doubling.
Finally, in Q1, 2 million LTC blocks were mined. Essentially, Litecoin is set to celebrate its 10th anniversary later this year with completely uninterrupted network service, maintaining 100% uptime since its inception. This is an achievement that contributes to Litecoin’s reputation as a reliable cryptocurrency with lasting consistency and functionality.
Litecoin has also become a popular choice among institutional investors through the Grayscale fund. Since January 1, Grayscale’s Litecoin AUM has increased by 100.69% – from $ 145 million to $ 291 million. Not to mention, the Litecoin Grayscale Trust currently has a massive premium of around 508%, meaning there is demand. Litecoin is currently the third most purchased cryptocurrency by the institution through Grayscale investments and has the highest premium. It is estimated that Grayscale purchased about 80% of all new Litecoins mined during February.
More and more institutions are attracted to Litecoin’s continued persistence over time
First to mention is PayPal. PayPal recently announced the “Checkout with Crypto” feature. US PayPal customers will now be able to spend their Litecoin online at around 29 million merchants.
Followed by the Vaultoro exchange – it was the first in the world to allow anyone to have the ability to check and ensure its reserves were at 100%, active. Vaultoro allows real-time transactions between Litecoin and physical gold, stored in a Swiss facility.
The third is the platform that allows built-in cryptocurrencies to have access to Ethereum Flare Network-style smart contracts. A pool of 5 billion Flare tokens is being offered to participants who use their Litecoin on Flare Network as an incentive for the community to engage on its platform.
Lastly is Moon a prepaid “virtual” card that you can load with Litecoin and spend at any online store that accepts Visa cards for payment. You can use your Litecoin almost anywhere online.
In just 3 months, most of Litecoin’s stats have doubled. Litecoin’s network and fundamentals have continued to demonstrate growth and strength.