As the market for cryptocurrency grows, Bitcoin and Ethereum will most likely become household names—but Litecoin, the current #3, ain’t bad either.
Everybody wants to be number one…
If you say you don’t, then you’re not American—that, or you’re just more of an intellectual.
For many Americans, being number one is important.
Now, I don’t know where this mentality came from. Maybe it stems from the fact that our nation was built upon the proud credo of “liberty or death.” Had the Founders lost the Revolutionary War, we likely wouldn’t be a country right now, so maybe that’s why winning is so ingrained in the American psyche.
If we didn’t win, we wouldn’t be here, and we carry that with us in everything we do.
High stakes, man.
Well, regardless of the reasoning, the fact remains that being number one is important to a lot of people…and, apparently, that same mentality is attached to Blockchain and cryptocurrency now.
When it comes to the number one coin, it’s still undeniably Bitcoin (BTC).
It was the first cryptocurrency to exist, and it is also the most sought-after, making Bitcoin the most valuable coin going today.
When we talk about records in the crypto market, there’s a reason that Bitcoin is the metric to which we measure all other by.
We Know #1 and #2… But Which Is #3?
When BTC hit $69,000, we weren’t talking about what any of the other coins were doing. All anyone cared about was the fact that the OG cryptocurrency was worth an incredible amount of money.
However, there are a plethora of coins out there (over 400 worldwide) that prop up the entire market, going far beyond Bitcoin.
Bitcoin is number one…but there’s no doubt that Ethereum (ETH) is number two.
Now, what makes ETH so hot is the fact that the NFT (non-fungible tokens) market is funded almost exclusively with this coin.
If you want to buy the newest and hottest NFT, you better have some ETH in your digital wallet or else you’ll find yourself SOL.
Bitcoin is solidified in the number one slot and Ethereum has a firm hold on the number two slot… but what about number three? Which of the 400+ other coins is going to take that slot?
Well, it looks like Litecoin (LTC) is staking its bronze medal claim, as this coin is getting more and more love from retailers.
In fact, it’s getting so much love that the price of Litecoin is predicted to DOUBLE every two years.
Litecoin: #3 Is Good… For Now
Cryptwerk, an online directory of companies, websites, shops, services where you can pay for items and services with cryptocurrencies, shows that Litecoin is now the third-most accepted cryptocurrency among merchants, right after BTC and ETH.
In fact, Litecoin is now accepted at 3,151 merchants worldwide, which is up from 50 new retailers from just a little over a month ago.
Why is this happening at such a fast pace?
Well, it most likely has to do with the fact that LTC now has its own virtual debit card, which helps merchants trust the coin as it gains acceptance.
If that debit card takes off like Litecoin expects it to—and so far, all indications point to the fact that it IS taking off—it’s very possible that LTC could move up the ranks, meaning there’s NO way the coin will stay at its current $10.6 billion market value.
For example, if it takes three years for Litecoin to triple in value due to merchant acceptance, this implies a compounded annual return of 44.22% per year—and that’s an INCREDIBLE return for most investors.
Even better, this number is close to the YTD gains LTC saw before the recent crypto crumble.
The bottom line is that the more readily merchants accept Litecoin, the more LTC coins are spent…and someday, LTC might rival its “big brothers.”
This may be the coin we go with when we decided to buy…
Regardless, I’ll let you know when we pull the trigger.
Stay gold, Pony Boy!
“In 13 years I’ve come to the conclusion that I need to play for second or third place.” – Sergio Garcia