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A few months ago, this publication covered a story about Litecoin's founder, Charlie Lee, who predicted that LTC would become the fourth largest cryptocurrency for total value. His prediction of the price of Litecoin was based on his belief that LTC would find more widespread use than other cryptocurrencies.
Lee claimed in a tweet published in late February that the market capitalization of LTC would exceed that of Bitcoin Cash (BCH) at some point in 2018; The total value of Litecoin at the time was $ 12.1 billion (BCH was $ 19.5 billion) and the individual coins went to $ 185.
Litecoin is a peer-to-peer cryptocurrency and one of the oldest out there; having been developed in 2011. When the LTC payment application, LitePay, surprised the followers with the news that it had plans to launch the payment cards prepared for Litecoin in February, the price of the LTC rose to almost $ 300.
The long-awaited cards were unexpectedly postponed to the release date. Although approved by the Litecoin Foundation, it became clear that the LitePay team was unable to reach any of their publicized milestones. Following requests for additional funding, LitePay ceased operations at the end of March.
Enthusiasm for LTC cooled due to LitePay debacle; what was originally a claim for LTC soon turned into a public relations disaster. Litecoin has attempted to start over and has announced partnerships with Aliant Payments and TenX in an effort to resurrect the project; so far these have failed to capture the public's imagination.
Having started the year at 12.6 billion dollars and almost 14 billion dollars in mid-February, the currency has fallen downwards. At the beginning of April, it had fallen to $ 6.3 billion and just over $ 4 billion by the end of June. In the last seven months, the price of Litecoin has fallen by 61%.
What a show of falling Litecoin prices
It is very easy to become too worried about the price. It is an imperfect metric that makes it difficult to determine the quality of a project. Welcomed by the community of cryptocurrencies, Cardstack's value plummeted on the first trading day. Growth expectations 10 times did not materialize immediately, leading to mass sales on the stock exchange. One is enough to shout & # 39; focus & # 39; because the market is in crisis.
Lee designed Litecoin as a fast alternative to Bitcoin, which has long suffered from scalability problems. This would be fine if cryptocurrencies were actively used as alternatives to legal currencies, but …
Sometimes, the basic metric is the most important. Especially when the token was specifically created as a valuable currency / store.
The projects launched today in the crypto-space tend to have specific objectives. There are encrypted ones that try to renew the world of scientific publishing; build an ecosystem that facilitates easier access to market bots; also one to bring more transparency for the equine industry.
On balance, the Litecoin price is representative of its value. Lee himself suffered the wrath of the Litecoin community when he got rid of the project (read: he sold all his coins) when the price was about $ 322 per coin. Despite citing a "conflict of interest", Lee was unable to convince all critics that his move was 100% altruistic.
LTC will continue to sink as investors move towards more realistic projects in their goals. Successful projects are not the ones that plan to replace the dollar: they are trying to solve otherwise unsolvable problems without blockchain and cryptocurrency.
Charlie Lee kicked off a little tweet earlier today, apparently to congratulate the Stellar Lumens (XLM) community on overcoming Litecoin as the seventh cryptocurrency by market capitalization.
Congratulations to Stellar for passing the Litecoin marketcap. That said, it makes no sense to compare the markets for coins that are "printed", b / c have an inflated market. Maybe I'm old school, but I'm only interested in decentralized coins. Https: //t.co/n6va1YWoiD pic.twitter.com/4IMJ7iqg3H
– Charlie Lee [LTC⚡] (@SatoshiLite) 20 July 2018
XLM spoke about the city this week because it was the first crypt to be officially recognized by the Islamic authorities as a means of exchange allowed. He is also working in partnership with IBM to create effective cross-border payment solutions.
In comparison, from today you can use Litecoin to buy Amazon gift cards … but only if you are in the United States.
The silver of bitcoin gold? This year the cryptocurrency community has learned that Litecoin is actually the gold of the crowds.
Disclaimer: the author is not invested in any cryptocurrency or token mentioned in this article, but holds investments in other digital resources.
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