Litecoin support project “Lite.Space” publishes report on its crowdsourcing successes

Lite.Space, a support project for the development and expansion of Litecoin, has now published a detailed report on its crowdsourcing efforts . Since its inception in November 2023, Lite.Space has driven innovation and community-driven activity in the Litecoin ecosystem

Additionally, prominent figures such as Charlie Lee have pledged funding contributions totaling 136,00,099,634 LTC raised on the platform. The Litecoin ecosystem has seen a surge in innovation through a series of campaigns and rewards . The MWEB Support in ltcsuite Funding Campaign, aimed at integrating Mimblewimble into ltcsuite, has received significant response and raised funds to improve Litecoin’s privacy features.

Additionally, the launch of the Stackwallet campaign promises to promote Litecoin with best-in-class privacy features and user-friendly experiences. The focus is currently on the Upgrade Electrum-LTC reward. Their goal is to improve the security and speed of Litecoin transactions.

Lite.Space supports key initiatives in the Litecoin ecosystem

Lite.Space will charge a 15% service fee on contributions starting March 1, 2024 to achieve sustainable growth. Additionally, this change will make Lite.Space better able to support key initiatives in the Litecoin ecosystem and ensure long-term viability. The introduction of the service fee is another example of Lite.Space’s commitment to openness and long-term growth.

With the introduction of the service fee, an important step towards the growth and sustainability of Lite.Space was taken. Lite.Space aims to create a dynamic and welcoming community for FOSS and Litecoin projects, with a focus on improving operational capabilities, promoting community development and ensuring long-term sustainability.

Litecoin is recording a steady rise

LTC experienced a remarkable rise in value, recording its largest single-day percentage increase since June 30, 2023. Trading at $84.39, the increase was 2%, pushing its market capitalization to $6.262 billion. It is a notable rebound in the last seven days, with an increase of 15.97%.

At its peak, Litecoin’s market capitalization rose to $25.609 billion. Despite this recent success, Litecoin is still 80.44% below its all-time high of $420.00, reached on December 12, 2017.

In the last twenty-four hours, Litecoin has been trading in a range of $81 to $84, showing significant movement in the market. Litecoin volume traded during this period was $895 million, accounting for 0.45% of the total volume of all cryptocurrencies.

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Litecoin’s Network Value to Transactions (NVT) ratio showed a significant decline, an analysis of data from Glassnode revealed. This metric is a useful tool for determining the market valuation of LTC. It is calculated by dividing the market capitalization by the transferred on-chain volume, expressed in dollars . A decline in the NVT ratio indicates a possible undervaluation of its price and a likely upward trend in its price.