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Here’s Why Litecoin OmniLite Could Help $LTC’s Bull Case Amid NFT Frenzy

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Litecoin ($LTC) currently ranked fifteenth on the coinmarketcap is recovering from Tuesday’s market crash and is up 5% for the day trading at $184.57. The altcoin recently caught everyone’s attention as its price rose to a new 3-month high of $232.10 right before the market crash. Many analysts believe the hard-forked sibling of Bitcoin could be up for a mammoth run as the development activity has surged on the network.

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Source: TradingView

Analysts have pointed towards the very bullish cup and handle pattern forming on the long-term chart that could help the altcoin people to new ATHs. Currently, $LTC is down by over 55% from its ATH of $412.96, but many believe it would not only surpass the price but might dwell into four figures by the end of this year.

Litecoin Beats Cardano to Smart Contract and NFT Launch

Keeping up with the market trend, Litecoin foundation announced the launch of Omnilite, a layer-2 NFT marketplace that would allow traders to mint NFTs using smart contracts.  The launch comes at a crucial juncture when the NFT hype is at its highest and many age-old digital collectibles are fetching millions. By launching a layer-2 NFT solution, traders could utilize Litecoin’s privacy and low fees to mint a new range of million-dollar NFT collections.

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“OmniLite is an open-source platform that facilitates the creation of decentralized tokens and smart contracts along with crypto-assets such as tokens and NFT’s. OmniLite, being a layered protocol built on top of Litecoin’s blockchain, takes advantage of its reputable network security and low fees. The tokens created via OmniLite can be considered to be an extension of Litecoin and as a result, the transactions from these tokens are recorded on its block.”

Solana ($SOL), one of the fastest-growing blockchains which also launched its NFT marketplace recently has seen instant success. Along with new ATH price rises, the altcoin’s NFT collectibles are also creating new records despite being comparatively new to the game. Similarly, Litecoin’s Omnilite could also prove to be a gamechanger amid growing NFT hype. The Litecoin blockchain has also beaten Cardano to smart contract launch with Omnilite. The Cardano Alonzo upgrade is scheduled to integrate the smart contract this coming Sunday.

Litecoin seems to be ahead of Ethereum as well since Vitalik Buterin, the co-founder of Ethereum recently proposed the use of L2 for NFTs to improve scalability and transaction costs.

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Litecoin And Solana Outperform Bitcoin-Based Investment Products in November

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It’s been just revealed that Bitcoin-based investment products are seeing some pretty strong competition these days for altcoin-based products.

This is what crypto data company CryptoCompare revealed recently.

The latest reports from CryptoCompare are out

The crypto data firm explained that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.

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“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”

The online publication the Daily Hodl notes that CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.

“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products. 21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”

The very same notes also revealed that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.

“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”

Bitcoin adoption intensifies

The mass adoption of Bitcoin continues despite the multiple corrections that the digital asset has been seeing lately.

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Check out the latest report coming from Cointelegraph about this exciting move that has been made.

It’s been reported that Fintonia Group, a Singapore-based fund manager regulated by the Monetary Authority of Singapore (MAS), has launched two institutional-grade Bitcoin (BTC) funds.

The new funds are the Fintonia Bitcoin Physical Fund and the Fintonia Secured Yield Fund.

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This is what Fintonia announced on Thursday.

“The funds are live and investors can subscribe and redeem regularly as they are open-ended funds, similar to a mutual fund. The funds are only available for accredited Investors.”

Keep your eyes on the market to see where the prices of the digital assets are going.

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Litecoin Forecast November 29 — December 3, 2021

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Litecoin LTC/USD ends the trading week at 194.81 and continues to move within the correction and the bullish channel. Moving averages indicate a bullish trend. Prices are testing the area between the signal lines again. This indicates pressure from buyers of the digital asset and a potential continuation of the decline in the Litecoin rate in the current trading week. At the moment, we should expect an attempt to develop a price decline and a test of the support area near the level of 185.05. Where can we expect a rebound again and an attempt to raise the value of Litecoin with a potential target above the level of 335.05.

Litecoin Forecast November 29 — December 3, 2021

An additional signal in favor of raising the LTC/USD quotes in the current trading week November 29 — December 3, 2021 will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the growth option for the Litecoin digital asset will be a fall in price and a breakdown of the area of ​​145.05. This will indicate a breakdown of support and a continued fall in the LTC/USD rate below the level of 95.05. Confirmation of the rise in the cryptocurrency will be the breakdown of the resistance area and the closing of quotations above the level of 245.05.

Litecoin Forecast November 29 — December 3, 2021

Litecoin Forecast November 29 — December 3, 2021 implies an attempt to test the support area near the level of 185.05. Then, continued growth to the area above the level of 335.05. An additional signal in favor of an increase in Litecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the area of ​​145.05. This will indicate a continued decline in cryptocurrency with a target below 95.05.

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Litecoin and an Ethereum Rival Outperformed Bitcoin-Based Investment Products in November, According to Crypto Data Firm

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Bitcoin (BTC)-based investment products are facing strong competition from altcoin-based products, according to cryptocurrency data company CryptoCompare.

The crypto data firm says in a new report that the investment products based on Litecoin (LTC) and smart contract blockchain Solana (SOL) had better returns than those based on BTC over the 30-day period leading to November 19th.

“BTC-based investment products were outperformed by Solana & Litecoin-based products, led by 21Shares’ ASOL (Solana-based product) and Grayscale’s LTCN (Litecoin-based product), which returned 22.0% and 14.9% respectively.”

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CryptoCompare says Bitcoin-based investment products recorded losses over the same period while products based on Ethereum and Solana registered profits.

“BTC-based products experienced losses over the last 30 days, ranging from -6% to -13% while ETH products saw gains ranging from 0.5% to 7% for ETH products.

21Shares’ ASOL ETN [Exchange-Traded Notes] experienced the largest gain at 22%…”

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The report also highlights that the level of assets under management (AUM) for Bitcoin saw a significant drop on a month-on-month basis while the AUM for other crypto assets surged.

“Bitcoin AUM fell 9.5% to $48.7 billion in November, its largest month-on-month pullback since July. Meanwhile, Ethereum and other cryptocurrency products saw their AUM rise 5.4% to $16.6 billion and 10.4% to $2.6 billion, respectively.”

The decline drives Bitcoin’s market share as a percentage of the total crypto assets under management fall month-on-month from 73.7% to 70.6% in November.

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