Get trading recommendations and read reviews on Hacked.com for only $ 39 a month
The Litecoin price has posted one of the most significant gains today, passing from $ 236.76 at the beginning of the day to $ 305.66 Saturday (UTC), marking a gain of 29%, before returning to $ 290.08 at the time of this report. With a market valuation of $ 15.85 billion, Litecoin is the fifth largest market-cap crypto behind fourth-place Cardano, with $ 28 billion.
The highest of the day was well below the $ 370.78 mark on the 19th of December in the middle of the fourth quarter. Litecoin's creator, Charlie Lee, liquidated his LTC assets soon after, claiming that he wanted to remove his personal influence on Litecoin's performance.
The price fell to $ 218.62 on December 22, and then embarked on a trip up and down.
The altcoin was briefly outdated today by Tron, a blockchain-based entertainment platform with over 300,000 active users in terms of market assessment.
Encouraged by Charlie Lee
Lee reiterated that he was not concerned with Litecoin's short-term price trend, because other indicators showed that Litecoin was a more active blockchain network than its competition.
He said that he cared very little about the rank of market capitalization and more of the number of transactions. He said that people must use Litecoin, and the price will follow.
Lee says that Litecoin is doing very well in terms of growth of use, comparing its growth of the year passed to that of the other coins.
"Let's not let prices distract us from what's really important," he said.
The fact that Litecoin can take control of Cardano remains uncertain, he said. but if it can maintain its current momentum, this could be a medium-term possibility.
Lee disclosed on December 20 that he had liquidated all of his LTC balance and donated it to the Litecoin Foundation, although that does not mean that he is abandoning the development of the fifth largest cryptocurrency. He said he sold off his holdings because he was so influential in the community and had the ability to move the markets through public comment on Twitter and other public platforms.
See also: "Conflict of Interest": The creator of Litecoin Charlie Lee sells all of his balance LTC
Mixed response
Lee's announcement received a mixed response, with some community members praising him for his "sacrifice" and others wondering if his lack of "skin in the game" will actually make him less invested in the long-term success of Litecoin. ]
Mike Novogratz, billionaire manager of the $ 500 million Galaxy Investment Partners hedge fund, asked if it was a good decision, stating on Twitter that he would be worried if the co-founders of Ethereum, Vitalik Buterin or Joseph Lubin, liquidated their balances.
Novogratz, however, attributed Litecoin's early December rally to an "agile promoter" – presumably Lee, who made several high profile media appearances this week.
Click here for a table of Litecoin prices in real time.
Image from Shutterstock to photo
Follow us on Telegram.
Advertising