#Litecoin Price Death Spiral Illustrates Pointlessness Of #LTC

July 22, 2018

 

Litecoin’s founder, Charlie Lee, who had predicted LTC would become the fourth largest cryptocurrency by total value. His prediction of the Litecoin price was based on his belief that LTC would find greater mainstream usage than other cryptocurrencies. Lee argued in a tweet posted towards the end of February that LTC’s market cap would surpass that of Bitcoin Cash (BCH) at some point in 2018; Litecoin’s total value at the time was $12.1bn (BCH was $19.5bn) and individual coins went for as much as $185. Litecoin is a peer-to-peer cryptocurrency and one of the oldest out there; having been developed back in 2011. When the LTC payment application, LitePay, surprised followers with the news that it was planning to roll-out Litecoin-ready payment cards in February, the price of LTC shot up to nearly $300. The much-awaited cards were unexpectedly delayed on the date of release. Although endorsed by the Litecoin Foundation, it became clear the LitePay team was in no position to reach any of their publicised milestones. Following pleas for additional funding, LitePay ceased operations at the end of March. Litecoin is the 7th largest cryptocurrency by market cap size. It's up 3.45% over the past 24 hours and is currently trading at $84.27. It can be bought with fiat dollars, debit, or credit cards on Coinbase

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