Litecoin’s weak movement on the price curve when compared to its competitors, Bitcoin (BTC) and Ethereum (ETH), has not been encouraging. However, labeling it as a scam is very unfair to the cryptocurrency.
Cryptocurrencies are measured by their destination, not their current position. I will dive into some analysis that shows that Litecoin (LTC) is just like Bitcoin (BTC) and Ethereum (ETH), or even better than them, but it is just a matter of time.
Before that, there is the need to draw the attention of investors that crypto investment is not just about hitting the jackpot overnight, but believing in the future of the coin so that the success is not missed. In 2017, I bought 570 XRP when it was trading at $0.2. Being a newbie in the market, lack of price movement forced me to sell. Within two months, the price rose to $2.50.
The truth is that most of those who found success in the crypto investment are people who either forgot about their investment or those who believed in the future. Never gamble with Litecoin (LTC), but invest in the technology.
My Stance on Litecoin (LTC)
Many investors believe that the performance of any cryptocurrency is strongly embedded in speculation. It is an undeniable fact that speculation plays a role, however, coins that rise by speculation burst like the Dutch Tulip Mania. While a coin may have a bull run by speculation, it takes function and technology to keep it on top. Arguably, when Litecoin (LTC) starts out running over 50 percent of the coins above it, there will be no coming back.
In December 2017, Litecoin (LTC) recorded its all-time high at $341.80. At the same time, Ethereum (ETH) and Bitcoin (BTC) were also climbing higher on the price curve.
At the beginning of the year, Charles Bovaird, an analyst said that Litecoin (LTC) and Bitcoin (BTC) are “Birds of the same furthers”. Labeling Litecoin (LTC) as a scam will mean Bitcoin (BTC) is a fraud. The truth is that Litecoin (LTC) is faster and cheaper than Bitcoin (BTC). The market recession saw almost all the cryptocurrencies making a pullback down the curve. In actual sense, Bitcoin (BTC) has failed to make a back from its last minimum price to its last highest price while Litecoin (LTC) is doing better.
If Litecoin (LTC) is a Scam, then what is Bitcoin (BTC)?
Litecoin (LTC) and Bitcoin (BTC) have shown a great correlation with direct proportional growth relationship. If Litecoin (LTC) is a scam, then Bitcoin (BTC) is the bigger scam. Why? Bitcoin (BTC) recorded an all-time high of $20,000 but took a deep downfall to $6600 at a point. Now it’s hovering around $8,300 which some investors and analyst think it is doing well. The reality on the ground is that Bitcoin (BTC) has failed to recover the $11,700 loss from its fall from the all-time high mark.
Litecoin (LTC) has only lost about $150 from its all-time high failing to recover from its current price. With the big market cap of Bitcoin (BTC) (signifying the amount being held) and its large acceptability rate, it is still struggling to find its place, while Litecoin (LTC), which is far behind it in these factors, is being criticized.
When institutions begin to understand the crypto space and start investing and integrating their use, Litecoin (LTC) will be a big hit considering transaction speed and cost per transaction. Ethereum (ETH) is not any better than Litecoin (LTC). It skyrocketed from $60 in 2017 to $1000 and is now hovering around $700. It took a lot of time for this coin to make its presence felt. Since cryptocurrencies do not raise a flag about when they will rise, it’s better to exercise patience and hold your Litecoin (LTC) before you say “had I have known”, which is always too little too late.
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