Why Litecoin Popped More than 5% Today
It's been a mixed day thus far for crypto investors, with a bifurcation among various top-tier cryptocurrencies and their smaller counterparts appearing to build. One notable large-cap winner in today's market is Litecoin (CRYPTO: LTC), which has surged 5.3% over the past 24 hours as of 3:15 p.m. ET.
Now a top 20 cryptocurrency by market capitalization (currently ranked No. 18), Litecoin remains a top proof-of-work network investors view as a proxy for the crypto payments niche. Like Bitcoin, a significant driver of Litecoin's value comes from transaction volumes, with Litecoin distinguishing itself as a relatively faster, cheaper, and more efficient network for transactions.
Thus, recent news that Litecoin has actually become the leading crypto network for payments has stoked investor interest in this token over the past week. Nearly 40% of all blockchain-based transactions now take place on the Litecoin blockchain, suggesting growing adoption from users and merchants is driving a strong fundamental bull case for this token.
Source Fool.com
