Bitcoin Cash (BCH) Slips From Top 4 To Number 8 As Litecoin (LTC) Flips In Latest Crypto Plunge
The early months of 2018 turned out to be quite interesting as far as the crypto universe was concerned. For the very first time since inception, ETH (Ethereum) managed to surge above the one-thousand-dollar mark. For many crypto followers, this new development was quite interesting as it is something that many enthusiasts had not anticipated.
As the ETH prices continued to surge, many crypto experts started to predict that it was only a matter of time before the platform was able to overthrow BTC (Bitcoin) as the undoubted crypto leader with regards to market capitalization. However, Litecoin’s founder, Charlie Lee, who happens to be an ETH skeptic, and former employee at Coinbase used his Twitter account to categorically state that this is something that would never come to fruition.
While at it, he went on to point out that his crypto creation—Litecoin—would one day surpass BCH (Bitcoin Cash). It is because many crypto experts and enthusiasts are of the belief that Litecoin has been able to accomplish what BCH initially intended to achieve after its inception.
As in, it is a cryptocurrency that closely resembles the very first cryptocurrency to be created—Bitcoin—but one that comes with features that have been slightly modified. As such, it is a cryptocurrency that can be genuinely referred to as the very first digital asset. The LTC community was quick to react to the comments posted by Lee.
They reacted by releasing an aggregator that pitted Litecoin against Bitcoin Cash. The aggregator was christened Flappening.watch. After the launch, BCH would for the better part of the year remain ahead of Litecoin in terms of market capitalization, aided by various catalysts, such as Bitcoin’s global acclamation.
But things have recently started to change. The downturn experienced in the crypto market in the last few weeks, coupled by the fact that BCH has just undergone a hard fork has seen LTC start to gain on BCH.
LTC Outdoes BCH
On Friday, 14th December 2018, things began to take on a new shape. The fact that bitcoin had begun to cede below the expected market levels meant that it had started to underperform. While this was happening, Litecoin was undergoing a recovery of its own. It had begun to bounce back from its earlier low postings, to the dissatisfaction of many BCH supporters.
These are some of the people who have chosen not to offload the asset since the highly touchy network upgrade was executed on the 14th of November. In a bid to show the world that his prophecy had finally come to fruition, Lee, via his official Twitter account posted three emojis, one resembled a chicken, the other a flying one-dollar bill, and the last one depicted a rocket ship.
Data obtained from the Flappening. watch aggregator places Litecoin’s total market capitalization at five billion dollars higher than that of Bitcoin Cash. In addition to this, Litecoin is currently recording up to 288% more trade volumes than its rival.