Just after Bitcoin settled down a bit, Litecoin has surged in price passing $300 at 13:50 UTC, nearly a 50% rise during today’s trading.
The cryptocurrency continues to be volatile. The current rate is $316/$324 (bid/ask). If Litecoin keeps growing in price, the LTC market capitalisation will soon surpass $10 billion.
$10B marketcap. What a year! BTC is up 2000%, but LTC is up 4000%! pic.twitter.com/QF5bMyDC40— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
If the trend continues, Litecoin may soon become the leading cryptocurrency, replacing Bitcoin. This surge has provoked a number of explanations and theories including the creation of Bitcoin Cash (BCH). However, the popularity of Bitcoin forks is fading. They are the biggest failure of the cryptocurrency so far. While other coins are thriving and performing well, BTC is tumbling. This decline could allow Litecoin to replace Bitcoin, as it has proven to be the strongest alternative to date.
Still, things are not as bright as they may seem. The financial world hold its breath after Charlie Lee’s tweet.
Ok, sorry to spoil the party, but I need to reign in the excitement a bit...— Charlie Lee [LTC] (@SatoshiLite) December 11, 2017
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!
He said that when cryptocurrencies show a rapid and exponential growth, such a surge overshoots the real value. It’s okay for the bear market to consolidate. The thing is that nobody knows when the recession happens. In other words, Litecoin may fall down any moment and ‘the LTC Party’ will be spoilt.