Michael Novogratz Shares Bitcoin Stat Stuffers Against Litecoin’s Rally, Echoing “Sell LTC Buy BTC”
Michael Novogratz, a recognized Bitcoin (BTC) supporter and the founder of Galaxy Digital, said that he does not get the rally that Litecoin experienced a during the last few months. Litecoin (LTC) is one of the largest digital assets in the market and has a large community.
Litecoin Or Bitcoin?
In a recent tweet, Novogratz seems to be against Litecoin. He said that gold has an $8.5 trillion dollar market capitalization and that Silver has a market cap of just $15 billion. That means that Silver's market cap over Gold’s market cap is just 0.17%.
He compared this with Bitcoin and Litecoin, considering that enthusiasts call Litecoin the silver to Bitcoin’s gold. However, Litecoin has a market capitalization of $5.7 billion, 6.4% of this of Bitcoin. Novogratz went on saying that Silver is at least useful for industrial production and that Litecoin is a just a
“test net for Bitcoin.”
After it, he said,
“Sell LTC buy BTC.”
Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.
— Michael Novogratz (@novogratz) April 3, 2019
Although his post received almost 2,5k likes, there were several individuals that asked him why he thinks in this way and that there might be another reason why he does not like LTC.
One of those that answered was Mati Greenspan, a Senior Market Analyst at eToro. He said that Litecoin is literally silver to Bitcoin’s gold and it is far more useful for transactions due to the fact that it is cheaper and faster than Bitcoin. Usually, the Bitcoin and Litecoin communities work very closely and those that like Litecoin also like Bitcoin and vice-versa.
Litecoin has been in a bull trend over the last few months. The digital currency has been traded close to $23 back in December 2018 and since that moment, it already reached $97 in some exchanges. That means that the digital asset has registered a growth of 321% since its bottom.
It is worth mentioning that Litecoin is going to be experiencing a halving as soon as in August 2019. That means that the new Litecoins issued will drop down from 25 LTC to 12.5 LTC. When a halving occurs and the demand for the asset continues growing, that means that the digital asset could eventually increase its price, as history shows.
At the time of writing this article, Litecoin is being traded around $88 and it has a market capitalization of over $5.36 billion.