Can STEEM ever catch the growth of Litcoin- it may do it in the future and why?
LTC rose 10 times in six months and 6.25 times just in one month. It is currently valued at $328 and has market cap of $18B.
The main reason for its rise is that it is one of the most traded cryptocurrenty by exchanges and volumes. It is traded in more than 400 market pairs in 100s of exchanges. LTC sometimes matches closely to BTC's volume, currently at $8B. It is called silver to Bitcoin's gold. It is fundamentally better than BTC in only in speed (2.5 minutes per confirmation).
It is one of three coins beside ETH and BTC listed in Coinbase/Gdax, the largest exchange in the Western countries, particularly US. It has 118,316 redditors. It has more than 10000 accounts with $100K value at current value of LTC at $330.
It probably has 1.1 M wallets and active Addresses last 24 hour is 309,247. It has 4720 BitcoinTalk posts and probably more than 10K posts in LiteCoinTalk.
What does it mean for STEEM?
Compared to LTC, STEEM is traded for only 15 pairs in 10 markets (approximately). It has more than 4.5M wallets and has active users in around 30K..
It has more than 5 times transactions than LTC (805K vs 147K) and more user activity (120K redditors +forums vs 450K users in STEEM). STEEM takes 3 seconds to confirm vs 10 mins for LTC.
LTC is just a curreny and store of value, while STEEM is not only a currency but also a smart contract coin (not yet, SMT) and a small economy (Dapps, delegations, powerup, bots, posts, reputations etc.)
Therefore, if STEEM can catch-up with market adoption though more exchanges (finally Coinbase) and pairs, it can easily surpass the marketcap of LTC which is currently $18B due to its fundamentals, user base and utilities.
See also:
Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger
Litecoin is not the best example. Steem has inflation and is not limited
Litecoin is. It’s s tough comparison
You make some good points though my friend👍 Upvoted indeed!
I just think it’s not a real comparison when one is unlimited and one is set amount
For time being, LTC is inflationary too at least in our lifetime. STEEM has 9.2% inflation rate with decreasing rate until 0.5%. 0.5% is not a bad number since LTC will always have inflation through miner's fee. Moreover, both STEEM and LTC's user base is increasing, I would assume STEEM has faster growth.
Good theme
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