Was it up and was abandoned? Mike Novogratz: Selling Litecoin and buying Bitcoin

Recently, the rise in the price of Litecoin (LTC) has sparked a debate about its long-term trend, especially at this stage, Bitcoin is still the industry leader. This kind of competing currency is also a supporter. It has risen more than 300% since it hit the bottom in December last year, but many people still disagree with it. Mike Novogratz, the head of Galaxy Digital, said that the value of LTC is overvalued and investors should switch to BTC.

Sell ​​LTC, buy BTC

Novogratz is also a well-known bitcoin diehard. He said on Twitter that LTC will always be under Bitcoin. The relationship between the two is like gold and silver, but LTC is not even as good as silver.

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The market value of gold is 8.5 trillion US dollars, and silver is 15 billion US dollars, which is 17% of gold. Bitcoin has a market capitalization of $90 billion, and Litecoin has $5.7 billion, or 6.4% of Bitcoin. Silver is at least useful for industrial production, and Litecoin is nothing more than a beautified bitcoin test network. I don't understand why the price rebounded. Sell ​​LTC and buy BTC.

LTC creator's counterattack

After seeing this, LTC creator Charlie Lee responded that Novgratz was "big mistakes." He said LTC was particularly able to highlight its value when Bitcoin transaction costs were high, and he also pointed out some of the new features that LTC is deploying and researching.

For example, a brand new cryptocurrency exchange is using bitcoin and LTC's lightning network to send LTCs to users' bitcoin wallets by means of cross-chain atomic swapping.

In addition, Abra CEO Bill Barhydt also mentioned in recent times that whether it is Ethereum (ETH), Ruibo (XRP) or other competitive currency blockchains, they are solving problems by their own strength. "Litecoin is a The perfect example."

Barhydt explained that LTC's integrated privacy solution, Mimble Wimble, and the definition of the chain's "perfect bitcoin test platform" consolidate its value in this ever-changing ecosystem.

Barhydt is not without foundation, and his company has used this chain in real-life scenarios. Abra currently uses LTC and Bitcoin to provide financial services through blockchain contracts. Although the latter currently carries most of Abra's work, Barhydt believes that the former is a way for companies to increase liquidity and reduce the risk of network congestion.

Criticism continues

However, many people still believe that LTC may not exist for a long time. In response to Lee's above tweet, Francis Pouliot, a celebrity in the Canadian bitcoin field, said LTC investors were "stupid." Cobra commented that Lee's expectations sounded a lot like Roger Ver (a loyal supporter of BCH). Commentator Mr. Hodl also pointed out that Lee should not have reason to continue trying to "give the LTC."

In any case, many analysts have concluded that the competition currency will rise regardless of market sentiment. As previously confirmed, industry-wide commentators have halved the block rewards of Litecoin as a big plus for LTC.

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