[ad_1]
In February, Charlie Lee predicted a "flapping" of Litecoin and Bitcoin Cash before the end of the year. Well, just two weeks after the end of the year, the forecast has come true, while Litecoin's market capitalization has exceeded Bitcoin Cash.
Natural rivals
In many ways, Bitcoin Cash has always been a more natural competitor to Litecoin than Bitcoin. Since its conception, it has sought to address several perceived shortcomings of Bitcoin, which Litecoin has tried to fill years before.
Both allow faster transactions and confirmations, aimed directly at the retail sector to encourage the adoption of smaller payments. This is one of the areas of utility with which Bitcoin has traditionally struggled, although the development of Lightning Network is trying to correct this balance.
While Litecoin had an advantage in terms of the first market, Bitcoin Cash had the weight of the Bitcoin brand. It also did not hurt that the entire Bitcoin user base suddenly found itself with some, after the 2017 fork.
Two ways to seize a chicken
Litecoin's supporters have long waited for a "flapping" (combining "flippening" with Lee's "Chikun" nickname), creating a website that monitors the situation. With many metrics, Litecoin has always been ahead of BCH, but in most eyes (and particularly those of CoinMarketCap), the key figure is … well, market capitalization.
While most assumed that a overtaking would occur with gains in the LTC price 00at the end other forces were at stake. In fact, the creator of Litecoin, Charlie Lee, complained in September of some third parties that "artificially" suppressed the price of Litecoin.
Whether it was true or not, it turned out to be a controversial point. In the end, it was the hash (un) civil war that followed the recent hard-fork, which he did for Bitcoin Cash. The constant bleeding of the BCH value [coion_price coin=bitcoin-cash] in the end it brought the market capitalization below that of its rival.
The effect of Flappening
Internet and Twitterverse, in general, seemed generally very satisfied, congratulating creator Charlie Lee for the business. But flapping also had another side effect.
The flapping! @SatoshiLite Congratulations on this. Seriously. $ LTC $ BCH $ BSV pic.twitter.com/LTcL1mzrUb
– WhalePanda (@WhalePanda) December 14, 2018
As news spread, the price of the LTC started to rise and at the time of writing recorded a 24-hour increase of almost 12%. This pushed its market capitalization simply from overtaking BCH, to almost 10% higher.
Will Litecoin continue to outperform Bitcoin Cash or recover the BCH price? Share your thoughts!
Images kindly granted by Shutterstock, the BItcoinist archives
[ad_2]Source link
