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The Flappening
During the early months of 2018, when Ethereum (ETH) rose above $ 1,000 in a surprising round of events, many began to think that the platform-base cryptocurrency outweighed Bitcoin (BTC), the undisputed leader of the crypto, in terms of market capitalization. Charlie Lee, creator of Litecoin, a former employee of Coinbase, and apparently skeptical of ETH, took his Twitter feed to defend BTC, noting that the aforementioned "will never happen".
At the same time, Lee added that the cryptocurrency of his creation, Litecoin (LTC), could surpass Bitcoin Cash (BCH), since many believe that the former performs what the latter has been trying to do – a cryptocurrency that recalls close up "OG" Bitcoin, but with slightly altered characteristics to be classified as "real digital money".
Flippening (ETH> BTC) will never happen. But the flapping (LTC> BCH) will take place this year. 🐔🚀 pic.twitter.com/vn9XBdZNC3
– Charlie Lee [LTC⚡] (@SatoshiLite) 25 February 2018
In response to Lee's tweet, the ardent Litecoin community has flocked to the side of the industry, launching LTC v.s. The data aggregator BCH Flappening.watch, whose name is a clear sign of the "flippening" (ETH> BTC) and the mascot of Lee – a chicken clad in an armor. For most of the year, the valuation of the entire BCH remained well above the capitalization of LTC, moving relatively higher thanks to the approval mark of Bitmain and other catalysts.
Yet, with the recent market downturn, coupled with the Bitcoin Cash chain's appeal, Charlie Lee's idea began to earn on Bitcoin.com CEO's favorite cryptocurrency Roger Ver, Bitmain and Jihan Wu.
Litecoin (LTC) exceeds Bitcoin Cash (BCH) in the Crypto ranking
On Friday afternoon, in the midst of a further sell-off of BTC to $ 3,150, BCH began to capitulate hard, dropping below key support levels and underperforming the market in general. At the same time, LTC started to undergo a slight recovery, bouncing off the lows from the beginning of the year to ~ $ 22.5, publishing the only positive performance in the top 20 of the crypto.
And how it happened, to the displeasure of the hard supporters of Bitcoin Cash, who clung to the resource for life after the network update of November 14, Lee, who is a brother of BTCC co-founder Bobby Lee , he took on Twitter to give an update.
Through the use of three emojis, the resemblance of a chicken, a flying dollar bill and a spaceship, coupled with a GIF, Lee emphasized the fact that his prediction came true, cutting the Twitter flapening into pure ecstasy.
According to data from Flappening.watch, the market capitalization of LTC is $ 5 billion higher than its rival in BCH. Not only did the creation of Coblee displace the most important Bitcoin fork in terms of standing, but Litecoin also boasts 384% more active addresses, 340% more transactions per day and 288% more in trading volume.
The data collected by CoinMarketCap also indicate that this relevant industry event has occurred, with the price tracker making it more than clear that Litecoin has surpassed Bitcoin Cash on the long-standing charts of crypto – full up to the edge of each cryptocurrency brand.
It remains to be seen whether LTC will remain on top of its brothers altcoin, but considering the trajectory that is taking BCH, some believe that the relative increase of Litecoin will be a permanent game.
Title Image Courtesy of Taras Chernus on Unsplash
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