Litecoin (LTC) Turns Eight Today
Despite attacks, LTC has survived and remains one of the most liquid altcoins.
Litecoin (LTC) turns eight today, and is just about two years younger than Bitcoin (BTC). Despite some severe price drops, the asset remains at the top, with robust liquidity. The Litecoin Foundation and Charlie Lee celebrated, dismissing talk of insolvency:
LTC currently trades at $56.98, relatively stable in the past months, though it has dropped to position six based on its market capitalization. LTC fell from above $140 in June, as the much-awaited halving event actually only caused preliminary hype. LTC also slid from 0.01 BTC down to $0.006 BTC.
But LTC trading volumes also continuously picked up since the lows at the start of 2019. The coin now sees volumes above $2.7 billion in 24 hours. Of those volumes, more than 48% belont go Tether (USDT), with cross-pairings in BTC and Ethereum (ETH).
More than 116 million USDT flow into LTC directly each day, based on Coinlib data. Another $196 million’s equivalent flow in from BTC markets.
The Litecoin hashrate remains depressed after the halving, at 290 TH/s, down by half since the summer months. Despite the launch of more powerful rigs, Litecoin’s network is not preferred by miners.
LTC also sees lowered transaction volume, with around 20,000 transactions per day, outpaced by its competitor, Bitcoin Cash (BCH) with 44,000 transactions per day. Even Dogecoin (DOGE) for now is more active than LTC.
But because of its widespread acceptance, LTC is also used in a new bout of sextortion scams. Since email servers were trained to scan for BTC addresses, the Litecoin network allows for an alternative, with a relatively safe way to send funds. The finding is further corroborated by the observations of dusting attacks on the Litecoin network. A dusting attack sends a small amount of coins, to confuse connections between addresses.
In case of a dusting attack, the user is urged not to spend the coins and leave them untouched, to avoid further spreading the confusing connections between wallets. A dusting attack may also reveal the wallet’s owner with further research.