Analyzing the crypto-markets, we find that Litecoin (LTC) is highly oversold and is currently at a discounted price. The coin that is the brain-child of Charlie Lee, is currently trading at $52 at the moment of writing this. This is only 16.5% of its peak value of $363 back in December. In terms of depreciation, LTC has done a downward spiral since then, that is equivalent to 84%. This is a frightening figure.
Why Litecoin (LTC) Mooned then dumped in January
Back in December, at the epicenter of the bull run that was being experienced back then, crypto-traders were suffering from high transactions fees on both the Bitcoin (BTC) and Ethereum (ETH) networks. Both networks were also clogged as crypto-traders were ‘shooting’ their funds across exchanges to get the next big pump in the markets. Then the same savvy traders realized that LTC was faster in transferring funds across exchanges, its network was less congested and transactions were way cheaper than the other two top coins. LTC was King back then and not Bitcoin (BTC).
It is with such an event that it might be time for the Litecoin (LTC) foundation to capitalize on the awesomeness of the coin to market it as an alternative to Bitcoin. The current marketing that it is there that puts LTC as a support for BTC is wrong. The crypto markets are a jungle and to survive, coins must be advertised accordingly.
Going back to the events of December and early this year, Charlie Lee then announced he had sold all his holdings of LTC to concentrate more on the project. This reason was very noble, but many loyal fans saw it as abandonment and a quick payday for Charlie. These sentiments still resonate today in the crypto-verse with Charlie receiving tonnes of FUD to this day. But you cannot blame the guy if he genuinely cashed out. The crypto-market is a jungle and only the savvy survive with their profits.
LTC must gun to dethrone BTC or fall off the charts
Litecoin has proven that it is a more efficient alternative to Bitcoin (BTC) and way more friendly than Ethereum. Therefore, Charlie Lee needs to put on his battle helmet and gun for the top or risk being obsolete. There are other coins and projects that are aiming for the efficiency LTC provides and it is only a matter of time before they succeed.
Three examples are XRP, Cardano (ADA) and XLM. XRP has proven to be the fastest means of transferring funds in exchanges according to a recent Twitter poll by Weiss ratings. With this fact, XRP has edged out LTC in this use case scenario.
Which is best for moving funds between exchanges?
— Weiss Crypto Ratings (@WeissCrypto) July 20, 2018
Cardano, on the other hand, has numerous developments under its belt and more to come. Stellar has been rising gradually in the markets and will soon be a top 5 coin. It has edged out Litecoin and is at number 6, with only EOS standing in its way and according to coinmarketcap.com.
In conclusion, LTC is slowly and evidently losing relevance in the crypto-verse due to its long-held philosophy of complimenting Bitcoin. It is time for the Litecoin foundation to remove the ‘boxing gloves’ and get into a ‘bare-knuckle’ brawl to get back to the top.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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