Chart for LTC / USD (1W)
Litecoin (LTC) has been the subject of heated debate in the crypto community regarding its value proposition. The number of people who believed in the value of Litecoin (LTC) as a project contributing to something of value to the cryptography industry is in decline. It is normal for Bitcoin (BTC) to resolve its problems that Litecoin (LTC) has decided to tackle. If Bitcoin (BTC) ends up doing the same things as Litecoin (LTC), it will leave practically zero uses for Litecoin (LTC). This realization is growing stronger than ever, but despite the negative criticism of Litecoin's (LTC) value proposition, we have not seen a major impact on its short-term price. The chart above for LTC / USD on the weekly timeframe shows that Litecoin (LTC) has strongly defended its support against the US dollar (USD) and seems to be starting a new trend now. The price may be appreciated along with the rest of the market in the short term, but it would be unreasonable to suppose that going forward, the investors of the crypto community will set aside all the debates and discussions on the Litecoin value proposition (LTC). There are two reasons why this problem has come to light now.
The first reason is that the growth of the cryptographic market has opened many doors for investors. There are many investment opportunities and it is no longer necessary to purchase Litecoin (LTC). The pioneers of the cryptocurrency space know that Litecoin (LTC) was once the silver of this space if we considered Bitcoin (BTC) gold. This is because the currency is almost as old as Bitcoin (BTC) and before Ethereum (ETH), it was the second largest currency by market capitalization. So, certainly those who thought that Bitcoin (BTC) had run its course and there could be no room for 50x or 100x gains turned into Litecoin (LTC). It was in their interest to promote Litecoin (LTC) and they did so. When Coinbase quoted Litecoin (LTC), it was the cheapest available currency that played a key role in Litecoin's growth (LTC) during the previous market rally.
Chart for LTC / BTC (1W)
The second reason is the ongoing debate on Bitcoin (BTC) and Gold. If investors accept Bitcoin (BTC) as digital gold, should they accept Litecoin (LTC) as digital silver? If they do, where does it all end? What prevents another cryptocurrency from claiming digital platinum, digital palladium or digital copper? The reason why people buy Bitcoins (BTC) is not the same reason they buy cryptocurrencies. Investing in cryptocurrency projects like Ethereum (ETH) or Ripple (XRP) is like investing in stocks. People are trying to profit from the success of these companies or organizations; they are not trying to adopt their tokens as a digital currency, because there can only be one. If we accept Litecoin (LTC) or Bitcoin Cash (BCH) in the same way as Bitcoin (BTC) it totally cancels the purpose of having a digital currency like Bitcoin (BTC) in the first place.