Litecoin (LTC) has reacted to Bitcoin’s impressive surge earlier this week with a massive run of its own. With Bitcoin finally cooling down, Litecoin is approaching a 100% price increase in just 24 hours. Litecoin is now trading at just over .01 BTC, a point which has historically been difficult to break through and remain at or above. The price of Litecoin is rapidly approaching $200, and the coin now boasts the sixth largest market cap at almost $9 billion. While speculators may have different explanations for LTC’s surge, it can be hypothesized that this rally coincides with dwindling support for Bitcoin
Litecoin (LTC) has reacted to Bitcoin’s impressive surge earlier this week with a massive run of its own. With Bitcoin finally cooling down, Litecoin is approaching a 100% price increase in just 24 hours. Litecoin is now trading at just over .01 BTC, a point which has historically been difficult to break through and remain at or above. The price of Litecoin is rapidly approaching $200, and the coin now boasts the sixth largest market cap at almost $9 billion.
While speculators may have different explanations for LTC’s surge, it can be hypothesized that this rally coincides with dwindling support for Bitcoin Cash (BCH). While most altcoins took immense beatings during Bitcoin’s huge appreciation earlier this week, Bitcoin Cash was among the biggest losers. Beyond this, the Bitcoin fork has continued to tumble, despite most other coins performing well these past two days, as they rebound from the bloodbath earlier this week. With Coinbase releasing Bitcoin Cash funds to its users next month, it is plausible to predict that Bitcoin Cash’s struggles will only continue for the near future.
Bitcoin forks have become a popular trend recently, thus creating many BTC clones and alternatives. However, Litecoin, which is by and large the most respected Bitcoin alternative among BTC supporters, is making a huge statement to its competitors- Litecoin, and only Litecoin, is the silver to Bitcoin’s gold.
Recently, there was a minor scare that a “flippening” would take place, with Bitcoin Cash threatening to overtake Bitcoin. However, if these trends continue, a different type of flippening may occur, with Litecoin potentially eclipsing BCH in market cap.
Litecoin has historically played a fundamental role as a testnet for Bitcoin, implementing potential BTC additions in a smaller, more controlled environment to see how successful it may or may not be. Litecoin’s creator, Charlie Lee has maintained a supportive approach towards Bitcoin, and it’s logical to suggest that Litecoin will not stray from its role any time in the near future.