litecoin [LTC] It is one of the most affected coins in the bear market. Total capitalization has fallen below $ 2 billion and it appears that the shedding is not over yet.
It is a well known fact that Charlie Lee has sold at the peak of the LTC price and tweeted a very good advice to the rest of the owners: December 12th, 2017, Charlie Lee sent to Tweet tell people not to get too excited about the unsustainable rush to the bull. Charlie has warned of the bear market that has been going on for many years and anyone who can not handle Litecoin (LTC) down to $ 20 should not buy it. While many attacked him as a FUD instigator, his reasons for making these assertions were solid and since LTC now hovers around $ 30. Charlie explained that every time the crypto market goes up too fast, it exceeds its real value, which leads to a huge correction and price consolidation. Charlie's predictions have come true.
Charlie has not been active in LTC for some time – years have passed since he helped develop the cryptocurrency, a second largest, which is now ranked 7th in the CMC rankings.
This drop in rankings will probably continue and LTC may soon be among the top 10 in the CMC. Coinbase should soon add ZCash that could push them to the top 10 places and a whole series of stablecoin is traveling upward like a caravan planning to invade the top 10 seats and join the elder brother Tether.
Repeat parts of my previous article on the sad LTC perspective.
The reason why LTC has no future is the lack of a single value proposition – it's just a blunt bitcoin copy with a couple of modified parameters.
Litecoin can do all that Bitcoin can do and is often called testnet for bitcoins. But who needs a multi-billion testnet – who needs two identical projects as one is enough and this is a winner takes all the battles.
Litecoin depends on Bitcoin. This is not just a hypothesis, this was Charlie's vision from the start of the project.
LTC appreciated the bitcoin's little brother's treatment: technology was similar, so exchanges and wallets could easily integrate it where they had never integrated bitcoins. This gave him an exposure and a liquidity that pushed his price high, mainly because many would use it for faster transactions between purses or wallets, since it had faster transaction times than bitcoins. In the meantime, there are many other coins that can be used for this purpose that are even faster and cheaper, almost free (Nano for example).
With Coinbase and other exchanges that add new projects, the top 10 markets are dominated by very different and colorful coins and a general lack of media attention and attention to Litecoin unless it makes a significant price movement, I'm not sure what could motivate newcomers to do the research necessary to know the potential of Litecoin.
So, if Litecoin's utility as a micro-payment solution is now in question, where is it? I suppose it could be silver for Bitcoin gold, but if Bitcoins are (basically) divisible to infinity and behave like a good store of value, then what does Litecoin do?
As the Bitcoin network continues to be optimized and updated with new innovations such as Lightning Network, Litecoin's cases will disappear and so will its reason for existence.
Litecoin does not recognize the name Bitcoin has. It has a great advantage in improving itself much faster than Bitcoin, but with the increase of many other projects that have basic codes that are already more suitable for micro-transactions and scalability, Litecoin has lost the train? I would say yes.
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