• Fri. Dec 8th, 2023

Litecoin On The Path Of Undoing The Sin Originally Committed By Founder Charlie Lee

Feb 17, 2021

Litecoin has been able to acquire renewed momentum from the start of 2021, the reason being the increased interest of retail investors, financial institutions/companies, and institutional support.

Though Litecoin is currently the 8th major cryptocurrency in terms of market capital and value, yet it has undergone several challenges since its inception.

Charlie Lee, Litecoin’s founder, sold his entire holding of Litecoin in 2017 because he did not want to interrupt his attention from the project. Thereafter, the founder was criticized heavily by the community for making such a decision. However, the founder never backed down and continued to develop a project which soon emerged as a top crypto asset.

The criticism however never ended until he responded back a year later in a tweet message when Bitcoin’s value spiked enormously. At that time i.e. in December 2017, the value of Litecoin was increased by about 5 thousand percent. However, when the crypto market was corrected somewhere in 2018, the increase was reduced and reached the same level as was in December 2017. Again, Litecoin and its founder was to face a long series of criticism from the crypto community.

However, the pandemic not only helped Bitcoin and Ethereum to grow, but also Litecoin’s demand inculcated significantly. In the mid of 2020, when institutional support also increased for Bitcoin, the same was also increased for Litecoin as well. In addition, Litecoin’s adoption at PayPal’s crypto services also helped Litecoin to grow further.

When Microstrategy and Square Inc. invested in Bitcoin, the capital of both companies arise to at least 10%. Similarly, when Visa announced Litecoin’s integration into Visa Card, again the value of Litecoin spiked.

Irrespective of whether the adoptions were for one particular crypto asset but resultantly entire crypto industry was benefitted.

As of today, according to Cryptwerk, there are at least 22 hundred companies that accept Litecoin as a source of payment. In particular, cryptocurrencies such as Ethererum, Litecoin, and BCH emerged as the most beneficial altcoins.

The present market capital of Litecoin is over and above US$ 14 Billion.

In recent times, however, mass adoption by financial companies is going down and the burden has been shifted on retail investors. Yet, Litecoin has been riding Bull Run since August 2020 and has acquired gains at an average of 350%.

It took quite a struggle for Litecoin to get past its critical value level which was capped at US$ 170. However, the 8th major cryptocurrency managed to surpass this critical level very recently. The next critical value resistance level for Litecoin has been set as US$ 228. As of today, Litecoin is reaching this level as at present times the value of each coin is US$ 223.53 according to Coindesk crypto index. Furthermore, Coindesk’s crypto index suggests a further increase in Litecoin’s value by 3.37.

What was once regarded as Lee’s original sin now looks as if the same is being undone.

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