If Bitcoin is The New Gold, Is Litecoin The New Silver?
At the moment, the entire cryptocurrency market has been experiencing a boom. Bitcoin, finally rose from its decline and the larger market mirrored the change. The general market cap is at around $300 billion for the entire cryptocurrency industry. While people are comparing Bitcoin to Gold, is it possible to compare Litecoin to silver? Let’s find out.
Currently, Litecoin is priced at $83.67 with a market cap of $4.8 billion and is the 7th largest cryptocurrency by market cap in the market.
In an interview, Charlie Lee, the founder of Litecoin explained why he sold all of his holdings in the cryptocurrency. He said,
It always feels strange when I would publish predictions about the movement of the Litecoin market.
He further talked about the transaction speed of Litecoin and Bitcoin, stating that the speed of Litecoin is both faster and cheaper than that of Bitcoin. He stated that the future of Litecoin depends on mass adoption.He finished the interview by stating,
Bitcoin will be the new gold (always) in the crypto sphere and would be good if Litecoin could get more than 10 percent of Bitcoin’s worth to be the silver coin.
He also talked about how the market worth of BTC couldn’t be compared because of the lack of problems and the ease of transfer as compared to Litecoin. He said,
Being optimistic, the market value of Bitcoin could be more than the $10 trillion market value of Gold. More than 100 times the upside.
He also went on to compare XRP to Diamonds because its supply is artificially controlled.
Litecoin is at a good level currently, and if it is to fall, it is not likely that it will fall below the $80 mark. The next goal for Litecoin is to reach above the $90 region.
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