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The cryptocurrency market continues to generate new surprises. In the last hours, Litecoin (LTC) has been able to overcome Bitcoin Cash (BCH) in terms of market capitalization. In this way, Litecoin is now the seventh largest virtual currency on the market by market capitalization, having passed not only BCH but also Bitcoin Satoshi Vision (BSV).
Litecoin shows strength in the bear market
The cryptocurrency market has not had a good year in general terms. The value of most virtual currencies in the market has declined sharply during this year. In fact, some virtual currencies have lost more than 95% of their value while others have disappeared from the market.
Litecoin has been influenced like many others. Litecoin has lost more than 93% of its value from its historical peak. In December 2017, Litecoin reached $ 363 dollars, according to CoinMarketCap. It is now trading near $ 24.
However, Bitcoin Cash seems to have been hit more than Litecoin. On November 15, Bitcoin Cash underwent an update of the network that resulted in a division of the chain. Bitcoin Cash implemented the Bitcoin ABC proposal while Bitcoin SV followed the proposal by Craig Wright and Calvin Ayre. Bitcoin ABC was supported by Roger Ver and Jihan Wu.
From that moment, both networks started a hash war to see which one would be the dominant one. However, none of them was able to remain as the main network, which is why Bitcoin SV decided to split. At the time of network upgrade, Bitcoin fell below $ 6,000 for the first time in several months and scored new lows this year.
Bitcoin SV quickly entered the top 10 and moved the Litecoin which was traded close to EOS in the seventh position that has kept most of the year in progress. After weeks of wars and divisions among the BCH community, Litecoin began to show its resilience. As the market continued to fall, Litecoin worked steadily during the last hours. This shows that the creation of Charlie Lee could be used by many people all over the world.
At the time of writing the article, Litecoin has a market capitalization of $ 1.42 billion while Bitcoin Cash has a market capitalization of $ 1.4 Bitcoin SV has a market capitalization of $ 1.19. If both networks are combined, Bitcoin Cash would be the fourth largest cryptocurrency, a position that was held during most of 2019.
Each Litecoin can now be purchased for almost $ 24. In the meantime, Bitcoin Cash can be bought for $ 80. In the last 24 hours, Litecoin has grown by 2.56% while Bitcoin Cash has grown by 0.35%. Staying together, Bitcoin Cash and Bitcoin SV would not be in the current situation.
At the beginning of the year, Charlie Lee wrote a tweet in which he said that ETH would never exceed Bitcoin. However, he was sure that Litecoin would surpass Bitcoin Cash during the current year.
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
Of course, this is very positive for Litecoin who has been accused many times of being a dead project. The community is not very enthusiastic about this after months of feeling that the prices of virtual currencies are diminishing at all times.
2019 can be a good year for Litecoin with new implementations analyzed by the teams working behind Litecoin. Some of the new implementations may be related to the Lightning network or to private transactions.
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