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litecoin bitcoin

Why Litecoin Could Ultimately Benefit From Bitcoin’s Success

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
4 years ago
·
Posted in Altcoins, Bitcoin, Litecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

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.

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 

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
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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