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Litecoin Futures could go live for trade as early as April 1, 2024. They will represent 5 Litecoin, with Coinbase reserving 10,000 LC futures to its name. This translates to 50,000 LTC with a nominal value of $1.02 billion.
Litecoin takes its inspiration from Bitcoin. Analysts have stated that it is in the market primarily to complement Bitcoin. Early statements have also emerged wherein the team specifically said that nothing good about BTC would be changed or modified in Litecoin. PoW, for one, has been retained. It highlights the fact that Litecoin also comes with practical daily use.
It has been put on the table as the oldest surviving fork of Bitcoin with sufficient talent to undertake adaptations. LTC comes to the market as a complement to Bitcoin because of faster transactions and greater throughput. Plus, the deployment of the Scrypt algorithm makes it accessible to everyone.
However, there is a difference between them: Litecoin’s deployment specifically hints at the Scrypt Algorithm, which is slightly different from SHA-256 by Bitcoin.
Coinbase has presented Litecoin’s currency-like attributes to make it refreshing. This includes the scope of adoption and use cases. It has also been linked to precious metals, highlighting that the supply is capped at 84 million. Hence, earning a tag of digital silver. This is in contrast to the tag of Bitcoin, digital gold.
Litecoin Futures going live at the beginning of April will likely expose the token to a larger trading volume. This has already marked an uptick in LTC. The token has increased by 2.71% in the last 24 hours and is listed at $104.33 at the time of writing this article. Predictions about the future of Litecoin highlight that the token could end this decade on a higher note. The decade effectively ends with 2030, when LTC could mark a climb to $300.
The token could be driven by volatility, just like other tokens in the crypto market. However, for Litecoin, it comes with less impact, considering the 30-day volatility has been less than 2%.
The rise has been significant, with the listed value surging 15.40% in the last 7 days, 23.80% in the last 30 days, and 12.17% in the last 365 days. The market cap and 24-hour volume are also up by 2.76% and 117.29%, respectively. The future of the crypto market hangs in the balance for many reasons, but there are also reasons to back them amid the constant inflow to Bitcoin’s ETF product.
Ether’s ETF making its way into the market would facilitate the thought process that other cryptos can also have their own ETF. That would soar values and bring a bull run. With Futures Contracts already in the picture, expect LTC to bounce back if it ever falls before Litecoin Futures goes live.