Analyzing the crypto-markets, we find that Litecoin (LTC) is highly oversold and is currently at a discounted price. The coin that is the brain-son of Charlie Lee, is currently trading at $ 52 at the time of writing this. This is only 16.5% of its maximum value of $ 363 in December. In terms of depreciation, LTC has made a downward spiral since then, which is equivalent to 84%. This is a scary figure.
Why Litecoin (LTC) Mooned was then unloaded in January
Already in December, at the epicenter of the bull race that was gaining experience in those days, the cryptotradists suffered from high commissions on transactions both Bitcoin networks (BTC) and Ethereum (ETH). Both networks were clogged because the crypto-operators were "firing" their funds through exchanges to get the next big pump in the markets. Then the same skilled traders realized that LTC was faster in transferring funds through the stock exchanges, its network was less congested and the transactions were much cheaper than the other two coins. LTC was then King and not Bitcoin (BTC).
It is with such an event that it may be time for the foundation of Litecoin (LTC) to capitalize on the suggestion of money to market it as an alternative to Bitcoin. The current marketing that is there that puts LTC as a support for BTC is wrong. Cryptographic markets are a jungle and to survive, coins must be advertised accordingly.
Returning to the December events and the start of this year, Charlie Lee announced that he had sold all of his LTC holdings to focus more on the project. This motif was very noble, but many loyal fans considered it a abandonment and a quick payday for Charlie. These feelings still resonate today in the crypto-verse with Charlie receiving tons of FUD to date. But you can not blame the guy if he really cashed. The crypto-market is a jungle and only the savvy survive with their profits.
LTC must shoot to dethrone BTC or fall from the rankings
Litecoin has shown that it is a more efficient alternative to Bitcoin (BTC) and more friendly way of Ethereum. Therefore, Charlie Lee needs to wear the combat helmet and gun for the top or risk being outdated. There are other coins and projects that aim at the efficiency of the LTC and it is only a matter of time before they are successful.
Three examples are XRP, Cardano (ADA) and XLM. XRP has proved to be the fastest way to transfer funds to the stock market according to a recent Twitter poll according to Weiss evaluations. With this fact, XRP has eliminated LTC in this usage scenario.
Which is the best for moving funds between exchanges?
– Weiss Ratings (@WeissRatings) 20 July 2018
Cardano, on the other hand, has numerous developments under his belt and more. Stellar is gradually growing in the markets and will soon become one of the top 5 coins. He cut out Litecoin and is at number 6, with only EOS at his ease and according to coinmarketcap.com.
In conclusion, LTC is slowly and evidently losing relevance in the crypto-verse because of its long philosophy of complimenting Bitcoin. It is time for the Litecoin foundation to remove the "boxing gloves" and make a "bare handed" fight to get back to the top.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels