Crypto Nostradamus, Litecoin’s Charlie Lee, Predicted The Market Crash Back In December 2017
Litecoin Creator Charlie Lee Predicted The Crypto Market Crash Back In December 2017
Charlie Lee, Litecoin’s creator, could have predicted the cryptocurrency market crash that affected the whole ecosystem during 2018. Back in December 2017, he said that Litecoin could crash down to $20 dollars and he advised individuals not to invest in a virtual currency that could crash in this way.
Mr Lee has been attacked because he took the decision to sell his Litecoin (LTC) when the market was close to its all-time high. Clearly, the crypto community did not like the decision he took and attacked him because of this.
Back in December, he wrote on Twitter that he expected to have a multi-year bear market where Litecoin dropped down to 90 per cent in value passing from $48 dollars to just $4 dollars.
Ok, sorry to spoil the party, but I need to reign in the excitement a bit…
Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can't handle LTC dropping to $20, don't buy! 😀
— Charlie Lee [LTC⚡] (@SatoshiLite) December 11, 2017
In another tweet, he explained that when the virtual currency market goes up too fast it overshoots its real value and it needs a bear market to consolidate. Nevertheless, he mentioned that he does not know how long a bear market could last.
Since Bitcoin reached $20,000 in 2017, it lost around 80% of its value. The same happened to other virtual currencies that lost more than 95% of their market capitalization since the beginning of the year, including many tokens launched by Initial Coin Offerings.
Litecoin is currently the 7th largest virtual currency in the market with a market capitalization of $2.12 billion dollars. Additionally, each LTC coin can be purchased for $35 dollars. A few days ago, it was possible to buy LTC for under $30.
It seems that during the last 24 hours, cryptocurrencies are recuperating part of their price. This is the case of all the top 100 coins without exception. Bitcoin is up 15.21% in the last 24 hours, similar to Ethereum (ETH). Litecoin is up 18.56% according to CoinMarketCap.