The Crypto Hedge Fund by Major Slams Litecoin, calling Altcoin a "relic"


Not all are sold on the future prospect of Litecoin ( LTC ), the cryptocurrency often considered the gold for Bitcoin gold, and some hedge funds They went even further than the short film

In a recent report published by Multicoin Capital, a considerable cryptocurrency fund supported by VC Fred Wilson with $ 75 million AUM, the study defines Litecoin as a "relic of l & # 39; pre-smart platform cryptography ecosystem

Multicoin continues to break down more factors that make up the bearish thesis of the company, including the growing usability of Bitcoin, the lack of a differentiated roadmap and activities of questionable development until 2018. [19659004] The company also notes that Litecoin has benefited greatly from being the coin with the lowest unit price on Coinbase for a prolonged period, as retail investors delights they often buy based on price and not on market capitalization. As Coinbase is moving towards a more aggressive listing program, Multicoin sees the suffering of Litecoin.

The Litecoin Foundation, which oversees the development of Litecoin and its ecosystem, held approximately $ 322,000 in total assets as of May 31st. In particular, most of these assets are held by Litecoin and only 1.2% in cash. It means that if the price of Litecoin falls significantly, the basis of digital money could struggle to stay afloat without drastic methods or inflationary donations.

Given these factors, Multicoin put a sale recommendation on Litecoin and at the moment a non-disclosure amount is short. The short interest of on Litecoin has recently reached its all-time high, despite the price being at least 52 weeks

Short Interest LTC / USD via TradingView

This bearish relationship comes shortly after [19659009] Charlie Lee the founder of Litecoin, revealed that he was considering adding privacy features to bring true fungibility to the popular altcoin. Moreover, Lee recently stated that he is not currently considering buying back LTC after selling and donating all his holdings last year. This continues to be an important point of contention for many investors.

LTC is currently ranked 7th in the AltDex 100 index ( ALT100 ), a benchmark index for high capitalized cryptocurrencies and tokens.

Other: Debunking Market Narratives: Litecoin (LTC) Edition
Related: eToro: Litecoin (LTC) trades at a huge discount

Disclaimer: The author of this article has participations in cryptocurrency that can be traced here . This article is for informational purposes only and should not be taken as investment advice. Always conduct your due diligence before making investments.

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