Litecoin skydives to the bottom of the top ten cryptocurrency list and is performing seemingly similar to Bitcoin, lagging behind it as we can see more in our latest Litecoin news today.
The lack of momentum in the digital and physical form of the silver kept the price of both assets at a bay for the rest of the bull market in each class. With no growth, LTC compared to the other cryptocurrencies, the altcoin is a few billion dollars away from losing the top ten crypto spot by market cap which is a place where it was for almost its entire existing. Now, Litecoin skydives to the bottom of the list.
Litecoin is a coin derived from the original Bitcoin code and was created in 2011 by former Coinbase and Google engineer Charlie Lee. Much like how an ounce of gold is more scarce and valuable than silver, there are four times as many total LTC compared to the 21 million BTC. There are faster transactions but for the most part, it is very similar to BTC including the hard-coded halving that happens every four years.
Unlike Bitcoin, the halving amounted to very little in terms of sustainable returns for the investors of the altcoin and now LTC is lagging behind BTC, ETH, and most of the other cryptocurrencies on the market. Unlike BTC and ETH, Litecoin failed to set a new all-time high since the bull market started. The prolonged underperformance of LTC compared to the rest of the market could push the coin down out of the top ten assets ranked by market cap according to the data from CoinMarketCap.
On the charts, we can see that Litecoin is ranked anywhere from number two to number 10 and every rank in between but it never hit the number one spot. The likes of Stellar, LINK, BCH is all right on their tail and are a $1 billion distance away from making history and surpassing Litecoin. USD Coin is also rising constantly and with more stablecoins being created per month, the chances of it taking over Litecoin are quite high.
— tonyspilotroBTC (@tonyspilotroBTC) March 25, 2021
Will a fall out of the top ten bring a huge blow for the coin or will this sentiment bring a new low showing is that capitulation is setting in and things could turn around? Given how far LTC is, the low supply, and the bearish technicals, LTC could end up shocking the world.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]