The virtual currency Litecoin has re-entered the top five ranking in terms of market capitalization (cap) as of late August 2017 due mainly to the reawakened support from Southeast Asian investors.
The digital currency has reached a market cap of more than $2.8 bln to dislodge IOTA at number five in the rankings.
Moreover, the cryptocurrency has also announced that it will be accepted as a form of payment at online retailer Overstock.com.
The performance of Litecoin is also boosted by the return of its founder Charlie Lee, who resigned from the digital currency exchange Coinbase to focus on developing the Litecoin Blockchain.
In his tweet, Lee signified that the Litecoin community is very solid and here to stay.
"If future generations buy their coffee with cryptocurrency, they will have ... Charlie Lee to thank for it." ???
— Charlie Lee (@SatoshiLite) August 20, 2017
https://t.co/UWV8Cv5Ibw
Recent developments
There have been several new developments in the Litecoin community lately. One of these is the launching of the first independent Litecoin wallet built for iOS called LoafWallet.
The wallet can be downloaded for free from the Apple App Store. Users of the LoafWallet application (app) can buy the digital currency directly from Coinbase even they do not have a Coinbase account.
According to the developers, the wallet is aimed to simplify Litecoin and the wallet’s functions to newer users and to improve the navigation and content structuring for existing app users:
“The anniversary update is a major reconstruction focused on a user interface overhaul, simplifying Litecoin and the wallet’s functions to newer users as well as improved navigation and content structuring for people already using the app. Along with this, the introduction of SegWit is in testing.”
The developers also announced that an Android wallet for Litecoin is already under development.