Fidelity Adds Litecoin to Its Crypto Offerings: Will LTC Price Explode?

Fidelity Investment, a financial giant boasting over $13T in assets has announced that it has added Litecoin to its digital asset offering.
This is a significant milestone for both Fidelity Investment and Litecoin as it is the third token after Bitcoin and Ethereum to be available through Fidelity Crypto

Litecoin (LTC) has joined crypto hulks Bitcoin and Ethereum as the only cryptocurrency currently available through Fidelity Crypto. In a recent development, Fidelity Investment, a titan in the financial real priding itself with over $12 trillion in assets under management has announced the inclusion of the token often referred to as the “silver to Bitcoin’s gold” in its digital asset offering.

Litecoin, founded by computer scientist Charlie Lee, joining the crypto heavyweights was created as a faster, more cost-effective alternative to Bitcoin. Notably, as earlier reported on CNF reported that LTC’s hashrate hit 1.1 PetaHash per second, allowing millions of transactions to be handled with little cost. The token, allows users to send digital assets without an intermediary with its peer-to-peer network. Additionally, Litecoin unlike Bitcoin which has a total of 21 million tokens, has a maximum supply of 84 million coins with halvings occurring approximately every four years. These features have seen the token emerge as a favorite for completing payment transactions.

One of the features that has cemented Litecoin’s position as a leading network, is its MimbleWimble Extension Blocks (MWEB) privacy protocol. This feature ensures that nobody can see the sender’s wallet balance.

As per CNF, activity on Litecoin’s MimbleWimble Extension Block (MWEB) is at all-time highs. Both MWEB-specific transactions and balances have increased over the past year. Furthermore, Litecoin boasts high transaction speeds averaging around 2.5 minutes per block. Also, Litecoin gives precedence to efficiency and affordability with lower transaction fees that can occur due to high transaction speed hence a slight trade-off in security.

As earlier reported on CNF, data reveals that Litecoin has been outperforming other digital assets. According to data insights from IntoTheBlock, Litecoin (LTC) has recently outpaced Dogecoin (DOGE) in on-chain activity. Litecoin has processed $2.85 billion in transactions over $100,000 daily on average. Despite Dogecoin having three times Litecoin’s market capitalization, the memecoin daily transaction surprisingly falls below. Per the record, Dogecoin has processed just $590 million in transactions.

Litecoin (LTC) Adoption Sets Bullish Stage

At the time of writing, LTC is currently trading at $72.75 marking a 2.24% in the last 24 hours. Additionally, LTC’s trading volume has surged by 5.28% to $285,874,050. These figures highlight the renewed interest in Litecoin as the broader cryptocurrency market shows signs of recovery.

In summary, Litecoin’s inclusion in Fidelity’s digital asset offering will potentially fuel demand for LTC taking into consideration Fidelity’s vast popularity. Additionally, LTC’s growing demand from both retail and financial institutions will conceivably lead to LTC price surging.