Daily Litecoin News Update
We’re inching closer and closer to seeing Charlie Lee’s prediction coming true this year. The probability of the “flappening” (Litecoin’s market value surpassing that of Bitcoin Cash’s) has touched its all-time high in the recent week as the cryptocurrency market plunges but Litecoin, to a great extent, circumvents the pressure.
Recall that earlier this year, the Litecoin founder said:
“The flippening (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year.”
(Source: “Twitter post,” Charlie Lee, February 28, 2018.)
Nobody can question the first half of the prophecy now, given the gaping disparity between the two top cryptocurrencies: Bitcoin and Ethereum.
Just two months ago, Ethereum was trading at nearly four times its current price and the “flippening” (Ethereum’s market value surpassing that of Bitcoin’s) seemingly had very high odds. Today, however, the possibility seems trivial.
But through all this time, Litecoin has held out against its archrival Bitcoin Cash—another so-called pure cryptocurrency that touts itself as the best alternative to Bitcoin. Oh, wait, scratch that!
Bitcoin Cash actually purports itself as the “real” Bitcoin, a claim that Charlie Lee, Litecoin lovers, and nearly all of the cryptocurrency community have a problem with.
With investors gradually coming to terms with the fact that Bitcoin Cash is grossly overvalued compared to the more scalable and cost-efficient Litecoin, the “flappening” is seeming like a near possibility.
We’re more than halfway there; 61%, to be precise.
Chart courtesy of TradingView.com
You see, just by riding on Bitcoin’s coattails, Bitcoin Cash has managed to attain a valuation it may otherwise not be worthy of.
In fact, the cryptocurrency sitting above it, Ripple, has likewise managed to garner undue investor interest, even though its use-case is limited and its competitor, Stellar, boasts a superior solution than it.
If there’s any decentralized digital currency that deserves to sit in the top three, it has to be Litecoin, not a quasi-decentralized crypto with limited use like Ripple, or a slow, inefficient Bitcoin imposter like Bitcoin Cash.
Litecoin has proven time and again that its utility as a payments coin is unmatched. On the dark web, for instance, where the need for swift money-flow, anonymity, and security is paramount, Litecoin is a top choice for users.
Beyond just a digital mode of payments, Litecoin is now proving that its technology is likewise comparable to the two the leaders. A promising startup like “Abra” preferring Litecoin’s blockchain tech over the likes of Ethereum, proves Litecoin has potential beyond just being a digital currency.
Litecoin’s price performance is a reflection of the broad cryptocurrency market but is in no way a good barometer of its true potential. As LTC prices struggle to establish a floor, I remain optimistic in my Litecoin price prediction in hopes that the market will consider the hard facts and LTC prices will travel back to our price target of $400.00.