Last year, Charlie Lee, the creator of Litecoin, sold all its LTC shares in a now infamous move. While the encryption expert attributed this sudden move, which occurred when Bitcoin (BTC) reached its peak, to an attempt to avoid conflicts of interest, claiming that he believes in cryptocurrency of his creation, many asked Litecoin to fail.
And for most of 2018, these critics were apparently right, since LTC fell from a cap of about $ 350 to a disastrous $ 22 in mid-December 2018. At that time, the operators started writing a post mortem analysis of the asset. long-time digital, claiming he was breathing his last breaths. However, LTC began to show signs of life at the eleventh hour and has been steadily gaining momentum back then.
In December 2017, @SatoshiLite told us that $ LTC could go back up to $ 20.
In December 2018, $ LTC reached $ 22.
I still have to see a more accurate prediction of any cryptography. It's crazy.
- The crypto monk ⛩ (@TheCryptoMonk) April 3, 2019
Buy Bitcoin, Sell Litecoin
As NewsBTC has previously reported, Litecoin has behaved stellar over the last three months. Prior to the recent Bitcoin incursion above $ 5,000, assets grew 160% from its lowest level in terms of the US dollar. And after Monday's rally, LTC continued to climb, while the altcoins found their legs in what some have rightly dubbed "Altseason". The litecoin is $ 85 (almost $ 100 Wednesday night), up to the time of writing, and continues to show bullish trends such as Bitcoin and most other cryptocurrencies stagnated.
While marketers felt happy about the monumental price action litecoin, Mike Novogratz, Galaxy Digital has recently questioned its fundamentals in a Twitter joke joke. Novogratz, one of the Bitcoin and Ethereum supporters, said the market capitalization of $ 15 billion is 0.17% of gold, which has a valuable value of $ 8,500,000,000,000. However, LTC, which has always been Bitcoin's money to digital gold, holds 6.4% of BTC's market capitalization.
Gold has a market capitalization of $ 8.5 billion. The money is $ 15 billion, or 0.17%. BTC $ has a limit of 90 billion mkt. The ltc represents $ 5.7 billion, which represents 6.4% of the BTC. Money is at least useful for industrial production. $ ltc is an enriched test network for $ btc. I do not understand this gathering. Sell $ ltc buy $ btc.
- Michael Novogratz (@novogratz) on April 3, 2019
Although many see this as a problem, especially given the often irrational nature of the market's cryponomedas, Novogratz has had choice words for the unofficial litecoin ranking as a "glorified network test for Bitcoin". The little cousin of Bitcoin before Bitcoin himself. Even several times before and after this technical implementation, Litecoin was the testing ground of some protocols intended to start in Bitcoin.
And with that, Novogratz came to the conclusion that he did not understand why LTC was meeting, stating that they should sell that asset and buy Bitcoin instead.
Litecoin seems to separate from the crowd
While Novogratz seems certain that Litecoin does not have the power to stay long-term in its current form, Charlie Lee tries to ensure that this feeling does not continue. Over the last few months, the former employee of Coinbase has made every effort to keep Litecoin's ecosystem dynamic and active thanks to leading companies. One of these companies aims to strengthen the protection of privacy and fungibility, an indispensable monetary feature, currently absent from market leaders, Bitcoin and Ethereum. As Lee explained to NewsBTC in a recent interview:
"Recently, we worked hard to add more fungibility to litecoin protocol. So, what we are seeing now is to make an updated MimbleWimble expansion block for litecoin. Therefore, we are looking for a lot of things on how we could do this implementation so we want more fungibility and confidentiality in the ecosystem. "
Developments have been slow on this front, but the Litecoin Foundation has made waves in other areas. In late 2018, the official LTC logo appeared on the carpet of a UFC event, which led to martial arts legend Ben Askren to bring Twitter to openly praised criptomonedas and LTC, for having led to an influx exposure in this space ", as Lee explains. therefore, one could argue that the continued existence of is a net cryptocurrency benefit to the wider ecosystem, rather than a disadvantage.
Even if all these companies fail, LTC could still go further from here. As noted in a series of other reports, historic reductions in blockchain premiums have increased the number of LTCs by several hundred percent. And the next "halving" approach, some are convinced that this asset could see higher profits and could even be the spark that once kills the Bitcoin bear and for all.