Chart for LTC/USD (1W)
Gemini just announced Litecoin (LTC) support. A new exchange backed by TD Ameritrade has already made clear its intention to list Litecoin (LTC). Coinbase already has it and so does Circle. During a recent survey conducted by Fundstrat, a vast majority of institutions showed enormous interest in Litecoin (LTC). A lot of people believe that Bitcoin (BTC) is already working fast to resolve its issues of transaction cost and speed. These are the two main reasons why Litecoin (LTC) gained popularity in the presence of Bitcoin (BTC). If Bitcoin (BTC) transactions were fast and cheap, there would be no Litecoin (LTC). It is true that Bitcoin (BTC) is rapidly moving towards such solutions. Recently, Blockstream announced Liquid, a Bitcoin (BTC) solution that would help exchanges and financial institutions with liquidity.
It is also a matter of time before Bitcoin (BTC) implements Lightning Network or a similar alternative. Yet, we see a rising interest in Litecoin (LTC). Could this be a lack of understanding on part of the institutions or is there more to the story? Well, a few days back, Bitcoin (BTC) developers pushed for Lightning Network alternatives. There could be a number of factors at play. Maybe institutions want to milk Litecoin (LTC) to the full extent before they dump it. A lot of them already have a lot of Litecoin (LTC) that they bought dirt cheap. So, if they can somehow delay Lightning Network, it gives Litecoin (LTC) more time to stay relevant. However, Charlie Lee, the founder of Litecoin (LTC) is a strong proponent of Lightning Network. In a recent debate, Charlie Lee said, “Bitcoin with Lightning Network is Satoshi’s Vision”.
Recently, in an interview with Roger Ver, Charlie Lee was criticized for benefiting off Bitcoin (BTC)’s problems. However, Charlie Lee has already sold all of his Litecoin (LTC). His twitter activity suggests that he is a bigger believer in Bitcoin (BTC) than Litecoin (LTC). A few months back, Charlie Lee tweeted, “Once you have 1 BTC, buy all the sh*tcoins you want.” A lot of industry leaders attacked him back saying, “Does that mean then that Litecoin (LTC) is also a sh*tcoin?” It is clear that most industry leaders and pioneers believe Bitcoin (BTC) to be the only legitimate cryptocurrency of its kind. Any Bitcoin (BTC) Cash, Bitcoin (BTC) Gold and even Litecoin (LTC) are just temporary investment vehicles to make the extra buck off unsuspecting investors.
Chart for LTC/BTC (1W)
Litecoin (LTC) and Bitcoin Cash (BCH) currently serve an important purpose for people who want to spend cryptocurrencies online. Of course, one could argue that Ethereum Classic (ETC) and Ripple (XRP) are also cost effective alternatives for shopping online. However, Bitcoin Cash (BCH) and Litecoin (LTC) were quick to push for mainstream adoption for online shopping. A lot of popular crypto payment gateways accept Litecoin (LTC) and Bitcoin Cash (BCH) but not Ethereum Classic (ETC) or Ripple (XRP). For all we know, this could be by design. Maybe they are trying to keep these coins relevant, for now. However, we all also know that it is not going to be long until Bitcoin (BTC) solves these problems. The question is, “When that happens, will Litecoin (LTC) have a use case?”