Litecoin Heads Large-Cap Gains While Bitcoin Went Over $11k
Litecoin (LTC) has been long heralded as the digital silver to Bitcoin (BTC). And this week, it led gains in the border crypto market as the DeFi boom, weak economic outlook in the traditional market, and the surge of gold sparked somewhat of a crypto run.
In addition to that, founder Charlie Lee noted that the digital currency was once again leading alongside Bitcoin. This cements its strong demand and uses even as newer tokens plan to displace the status quo.
Before, Litecoin has served as a leading indicator of BTC prices for some in the market. It moves ahead of BTC instead of lagging behind the pioneer.
Famous trader and on-chain analyst Willy Woo highlighted this aspect in a tweet in April. During that time, he said that Litecoin has a habit of leading Bitcoin.
Even though he was not referring to that model, his recent tweet hinted the crypto market went bullish. He wrote, “Alts frothy, ETH getting a DeFi tailwind volatility returning, BTC mempool peaking, BTC txs clogging, this is all great signs for the months ahead.”
With the 15 percent gain among all large-cap cryptocurrencies compared to Bitcoin’s 7 percent, the model for Litecoin as a leading indicator might still hold weight.
Tech Development to Separate from Bitcoin
Litecoin, founded in 2011, was an early Bitcoin spinoff – the first so-called altcoin. As far as technical terms, it is quite similar to the this type of coin. However, it features a shorter block time, a larger market cap, and another hashing algorithm.
Back in May 2017, Litecoin became the first of the top 5 cryptos to adopt Segregated Witness. Then, later in May of the same year, the first Lightning Network transaction became complete though using LTC. It transferred 0.000000001 LTC from Zürich to San Francisco in just a second.
But, even with these developments, many in the crypto industry think that Litecoin is a BTC imitator, with no new innovations on its own.
And that might soon change because of Litecoin’s MimbleWinble testnet. It is now on its way, as developers expect it to ship in September 2020.
Theta Collaborates with Korean Gaming Platform
Elsewhere, Theta, the crypto-powered Esports streaming platform, is working with Ludena Protocol, a Korean social gaming platform. They plan to reward their gamers for watching or streaming content.
The said collaboration will see Theta protocol integrated into GameTalkTalk, Ludena’s first decentralized application (DApp). This lets the gaming-centric social platform’s over three million users access Theta’s streaming services through the platform.
Also, its users will receive a reward for engaging in the form of Theta’s TFUEL token.
Aside from that, the agreement will see an exclusive GameTalkTalk channel added to Theta’s streaming platform, Theta TV. With that, it enables Ludena to tap into Theta’s audience of over five million users.
The integration will also be the initial launch of Theta’s Live Mobile Embed service for Android in Korea. And this lets Theta TV content be broadcast via a smartphone.
After that, Theta Labs and Ludena protocol will join forces on marketing GameTalkTalk to Theta’s European and North American communities.
