Should you buy Litecoin after it allows users to create DeFi tokens, smart contracts, NFTs, and stablecoins?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Sep 8, 2021
  • Litecoin has implemented non-fungible tokens (NFTs) with OmniLite.
  • OmniLite will use OP_RETURN to record token transactions on the Litecoin blockchain.
  • It supports wallet mode through Litecoin Omni, available for different operating systems.

Litecoin LTC/USD was released initially in 2011 and was a fork of Bitcoin, where it decreased the processing time to 2.5 minutes when compared to the 10 minutes offered by Bitcoin. This increase in confirmation and transaction time made it an appealing option for a lot of cryptocurrency owners.

The OmniLite implementation as a catalyst for growth

On September 7, OmniLite was released, allowing users to create tokens on the Litecoin network.

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OmniLite is based on the earlier Omni Protocol, which was known as Mastercoin. It was a secondary layer on the Bitcoin blockchain, where Bitcoin users were given the opportunity to create custom tokens.

Developed by Omni and Litecoin Developer Loshan, alongside the assistance of the Omni Foundation, OmniLite is an effort to allow users to create as well as manage assets on the Litecoin Blockchain.

OmniLite will use OP_RETURN to record token transactions on the Litecoin blockchain and supports wallet mode through Litecoin Omni, which is available for Windows, Linux, and macOS at the current time.

Additionally, the application programming interface (API) is also available.

Should you buy Litecoin (LTC)?

On September 8, Litecoin (LTC) had a value of $178.35.

As an indication of the value it currently has, we will be going over its performance in August, as well as its all-time high value.

When it comes to it’s all-time high value, it occurred on May 10 where the token hit a value of $410.26.

Here, we can see that it’s all-time high value was $231.91 higher or 130% higher.

Now that we have the highest value point let’s look at its recent performance.

The lowest point of LTC was on August 4, where the token dropped to $136.56. The highest point of LTC was on August 23, where the token raised its value to $190.32. Here, we can get a clear view that the price increased by $53.76, or 39%.

LTC’s recent highest point was on September 6, where the value got up to as high as $231.33. This made it 21% higher in value than on August 23 and 30% higher than the value on September 8.

According to data from IntoTheBlock, Litecoin (LTC) saw $9.75 billion in transactions greater than $100,000 in the last seven days.

Additionally, Litecoin saw 4.03 million addresses as its 30-day average, with the high being at 4.12 million and the low being at 3.92 million.

With all of this in mind, we can expect the Litecoin token to grow to $197 by the end of September, making it a worthwhile investment.

Where to buy right now

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