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litecoin bitcoin
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Why Litecoin Could Ultimately Benefit From Bitcoin’s Success

Tony "The Bull" by Tony "The Bull"
2 years ago
in Altcoins, Bitcoin, Litecoin
0
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Litecoin as digital silver next to the thriving Bitcoin digital gold narrative has done about as well as silver has during gold’s rally to new highs.

Oddly, the digital and physical counterparts have both lagged behind their more valuable brethren. However, that could soon change and Litecoin could ultimately benefit from the success of Bitcoin. Here’s why.

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A Rising Tide  Lifts All Boats, But Litecoin Continues To Drown

The cryptocurrency market looks much differently than it ever has in the past. Among the main reasons behind that, is the fact that Litecoin is no longer in the top ten ranked by market cap.

XRP has also fallen from the third rank due to issues with the United States SEC, so aside from Ethereum and Bitcoin, an entirely new breed dominates the industry.

Related Reading | Money In Memes: Dogecoin And Funny NFTs Go Viral 

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But Litecoin might only be down and not out, and could benefit solely due to the runaway success of Bitcoin, according to one analyst.

According to their tweet, LTC is better suited for smaller transactions, and offers Lightning Network channels to keep fees at a minimum. Both are key reasons as to why the altcoin could benefit from BTC. But there’s a lot more.

litecoin bitcoin  An Adam and Eve bottom could send Litecoin higher | Source: LTCUSD on TradingView.com

Why LTC Is Primed For A Comeback Against Bitcoin

The reasons outlined above are definitely factors related to Bitcoin and its success that could also spill over into Litecoin. Litecoin is born from the Bitcoin Core code. Like Bitcoin, there is a scarce supply of only 84 million LTC – or four times that of BTC.

Among its many similarities, it relies on Scrypt for mining instead of SHA256, which could be a differentiating factor that lets Litecoin not only perform well thanks to Bitcoin, but even outperform the top cryptocurrency.

Related Reading | How Elon Musk Is Weakening The Bitcoin Hedge Narrative 

It might even perform well in spite of it, as Scrypt is the same hashing algorithm used by Dogecoin, which Elon Musk got behind due to it being more energy efficient than Bitcoin.

If green cryptocurrencies become the new narrative, then digital silver will get its time to shine. Silver, like gold, has several industrial uses. However, silver is tied even more specifically to green energy initiatives, making the digital silver nickname all the more fitting for the altcoin.

litecoin bitcoin ltcbtc

The downtrend continues against Bitcoin. When will it end? | Source: LTCBTC on TradingView.com

The LTC/BTC chart shows many years of underperformance against the first ever cryptocurrency. Each Bitcoin is 200 times more valuable than each Litecoin, yet the supply is only four times as large. The math doesn’t add up, and when the market finally realizes this, it could be a recovery for the record books.

Will there soon be a spark again in the altcoin known as digital silver?

Featured image from Deposit Photos, Charts from TradingView.com
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Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter and search CoinChartist on YouTube.

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