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Cryptocurrency, Litecoin (LTC), Tether (USDT) –While cryptographic markets fall into another price path to kick off the final month of the year, with the price of Bitcoin falling below $ 3800, the controversial sttecoin USDT has managed to overturn Litecoin for become the seventh largest cryptocurrency by market capitalization.
Litecoin, the invention of the industry fulcrum Charlie Lee and often described as the silver of Bitcoin's gold, has been steadily declining in prices since it reached an all-time high of $ 350 in December 2017. While the currency has traced the value of Bitcoin closely in the year, moving in a direction similar to that of the currency number one by market capitalization, it was a series of related events that triggered the precipitous fall in prices last December which led to a 91% fall in value.
The increase in Bitcoin Cash including the fiasco of the Coinbase listing led to a rapid erosion of BTC's prices, as investors were not sure which currency would reign supreme after the bullish race. This has had subsequent effects on LTC prices, which, as mentioned above, have usually moved on to the price next to Bitcoin. In addition, founder Charlie Lee, who had established himself as an integral and beloved leader for the currency and LTC community, announced that he had sold his entire stake in the currency and would gradually make efforts to distance himself from the project in an effort to promote decentralization. Charlie has also made a series of posts on Twitter to warn investors not to be too greedy in the upward rush, and to expect a serious next bear market that could last for several years (a prediction that proved to be salient in the month of closure of 2018.
While some came to Lee's defense, claiming that his actions would benefit Litecoin in the long run by removing himself as a focal point for the currency, many investors felt that Lee had acted irresponsibly with his ads, especially considering the sell times. -off coincides with LTC reaching a historical maximum. The end result was a disastrous drop in prices, similar to that experienced by almost all the high-end ones in 2018, with the price of LTC extending well below what it traded in the middle of last year.
Tether, the parent company behind USDT, has not had its share of this year's controversy despite seeing its token scale the ranks of market capitalization. The USDT, unlike most cryptocurrencies, has its value anchored to that of a single US dollar. While the currency should support 1: 1 with dollars held in reserve by Tether, a series of investigations and self-control failed to provide conclusive evidence to investors, even with the company change bank in November.
Given the severity of the bear market throughout 2018, it is not surprising that a greater focus on development is moving from market-based cryptocurrencies to currencies that provide similar characteristics but with price stability from an external source. Last month, EWN reported on a stablecoin supported by gold that appears in a Bloomberg article on the best investment advice for 2019. Just yesterday, the Chinese cryptogenite Li Xioalai provided a to update on his position at the head of a new stablecoin, despite having already made remarks about the fact that he would no longer invest in blockchain projects because of corruption.
While the adoption of cryptocurrencies remains on the rise with the majority of community members optimistic for 2019 and beyond, the rise of stablecoin could continue a trend that sees unstable coins on the price, such as Bitcoin and Litecoin, not managing to find favor for developers and those who accept coins for market transactions.
