The Silver-coin to Bitcoin’s gold portratization – Litecoin is marching upwards, by price against the US Dollar for today’s performance, with haste compared to other altcoins in the top of the list going by market capitalization. Reaching the $73.20 level signaled a return above trading grounds where it stood two days ago before the plunge on the 29th of April.
If the recovering sentiment continues to hold and the predictions stay on tact as many are forecasting that a strong break is very well set on stone for Bitcoin, the clear today above $70.00 might have signaled the aforementioned. The next major resistances are near $80.00 and $82.50. Conversely, a downside extension below the $67.00 level may push the price towards the next major supports near the $62.00 and $60.00 levels in the coming days.
Mr, Novogratz has always compared Bitcoin to gold; however, he has consistently refused to accept that Litecoin could be the equivalent of digital silver, a contrast that has been used by many experts and analysts, including Charlie Lee. Even though Litecon was born as a Bitcoin fork aimed at providing lower fees and faster transactions, the fact that Novogratz called it a “glorified testnet” for Bitcoin seems triggered the sensitivity of many people in the crypto ecosystem.
While in contrary, the CEO of Abra and very popular in the crypto-industry Bill Barhydt came in rescue of Litecoin in e piece with Cheddar. The American entrepreneur, formerly of NASA, the CIA, and Goldman Sachs, explains that whether it be Ethereum, XRP, or otherwise, many other chains are solving problems in their own right, with “Litecoin is the perfect case in point.” Barhydt explains that Litecoin’s move to integrate MimbleWimble, a privacy solution, and the chain’s classification as the “perfect Bitcoin test bed” cements its value in this ever-changing ecosystem.