Charlie Lee explained why LTC rallied by 45% alongside Bitcoin’s latest bull run since the past few weeks have been all about BTC as reported in the previous litecoin news.
Certain altcoins enjoyed strong rallies as BTC moved higher and higher which resulted in the long-awaited correction in the BTC dominance metric. According to CoinMarketCap, the metric is up from the low of 55% seen back in the summer to 65% today. You are able to see the divergence in the performance of BTC and other altcoins well if you take a look at the performance of the crypto market over the past week. Bitcoin is up by 25% in the past seven days while ADA, XRP, and ETH are among the other top altcoin names that have only seen 10 percent rallies.
Litecoin's value proposition:
– High liquidity & on every exchange
– #2 supported on ATMs
– 350m @PayPal users
– $104m @Grayscale LTCN trust
– 99% Scrypt hashrate dominance
– MWEB fungibility/privacy
– Low fees & fast txns
– $500b+ value transferred
– 9+ years w/ zero downtime
— Charlie Lee [LTC⚡] (@SatoshiLite) December 21, 2020
Litecoin seems to be a bigger winner despite bitcoin’s rally against other altcoins. Charlie Lee explained why LTC rallied. Lee published a tweet that garnered a lot of traction on Twitter outlining Litecoin’s value proposition and bull case despite the huge number of detractors in recent months. Some of the reasons that Lee outlined were the number of liquidity compared to other altcoins to the widespread exchange support, the support of crypto ATMs, the fielding institutional support via Grayscale’s investment vehicles, and the dominance of the Scrypt algorithm.
The data also doesn’t highlight LTC in particular but it is up by 45% in the past week as PayPal’s exchange partner itBit saw the volumes spike to $105 million at an all-time high. PayPal and Bitcoin Cash are also outperforming a huge chunk of the bigger-cap altcoins this past week. Analysts attributed the retail investors’ liking of BTC to two things. First, the view that LTC is bitcoin’s silver and can be linked to gold, and second, some investors see LTC as the cheaper option and better investment.
PayPal crypto 24H volume spiking to ATH yesterday to $105M.For context, post-Thanksgiving was $85M.
Slowly, then suddenly…
— Santiago R Santos (@santiagoroel) December 17, 2020
Some believe that Litecoin’s dominance is under threat but that it will perform well for the foreseeable future. Kyle Samani, the co-founder of Multicoin Capital also said that what he is amazed by is how Chainlink has a market cap of $10 billion and the same applies to Litecoin and most other assets in the top 10. Other analysts think that the coins with cash flow will start to creep up on Litecoin in the near future.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]