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With a collective market capitalization of over half a trillion, it is safe to say that almost every major digital asset on the market is impressing its racks right now. Litecoin is no different and right now, for unexpected reasons, many are a little bit back on its bandwagon.
Source: LTC / USD on Trading View
Since October 20, Litecoin’s value has risen by a staggering 91.26%, with its price at press time coming very close to its 2020 high. In fact, there’s a good chance the crypto asset reach a position above $ 100 before the end of the year. Okay, yeah? Well, not really.
This is because, at the moment, a short-term price trend is not something that should or would reinvigorate the optimism lost in Litecoin traders. Because? Well, because the asset hasn’t really proven anything different on the market in recent times.
Litecoin 2020: has something changed now?
Source: Santiment
To its credit, Litecoin’s transaction volume is quite high at the moment, a finding that is indicative of significant activity. However, it doesn’t take away from the fact that it’s just another trigger reaction. Thanks to Bitcoin and other cryptocurrencies in the market, Litecoin has been able to experience some growth in recent months.
Throughout 2020, Bitcoin and Ethereum participated in their individual rallies. LINK and Cardano also had their own short periods of progressive growth. Such an individual period was absent for Litecoin because there is a fundamental difference between LTC and other assets: LTC lacks all-round developments.
Now, some Litecoin supporters may say the same for Bitcoin and its technical developments, but Bitcoin is Bitcoin. Its sentimental factor and growing institutional interest offset all the stagnation at the end of development. Ethereum remains relevant thanks to ETH 2.0 and DeFi, and most of the other assets in the top-10 have had different projects, integrations and developments.
Will LTC survive the next bear race?
This is where the other major crypto assets remain a cut above Litecoin. During a bear race, most major cryptocurrency advocates are usually able to remain patient by relying on the development process of their favorite project. Here, the price doesn’t drop much because hodlers keep the faith.
For Litecoin, this was by no means the case. The end of Litecoin development was very shortened in 2020, apart from a few updates to MimbleWimble. With all due respect, that may not be enough.
Guilty Charlie?
It can be argued that Charlie Lee is also guilty of lack of interest. Lee, the creator of Litecoin, hasn’t tweeted anything original about Litecoin or tried to promote the project from a fundamental point of view for weeks. Just a series of retweets to stay “relevant”. Hmmm … Sounds like a project I know.
Congratulations on that. Seriously. @SatoshiLite @alangaustin @ DaddyCool1991 @ johnkim77 pic.twitter.com/RKQvlDy5t9
– Samson Mow (@Excellion) November 16, 2020
Consider this: Blockstream CSO Samson Mow recently tweeted about Litecoin’s price hike. Even though he said “seriously”, that’s not exactly encouraging. In fact, even this isn’t the first time it has presented itself as fake against Litecoin.
During an episode of Magical Crypto Friends, Mow was asked (10:15 minutes) what coins he usually sells to his friends / family. Bitcoin, he replied, before adding that it also promotes Litecoin. While his comments were followed by a chuckle from Riccardo Spagni, Charlie Lee was more honest with his answer. He said:
“I don’t think you say that.”
Neither do we, Charlie. Neither do we.
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