Yesterday the creator of Litecoin, Charlie Lee, posted a cryptic tweet that seemed to contain a prediction about LTC’s market cap.
— Charlie Lee [LTC⚡] (@SatoshiLite) November 16, 2020
The tweet contained only five emojis, but according to one commentator, it may have been interpreted as a prediction that Litecoin’s market capitalization would soon exceed that of Bitcoin Cash.
Well, it happened overnight.
In fact, today LTC’s market cap has risen to about $4.8 billion, while BCH’s market cap has risen to only $4.6 billion.
In other words, Litecoin has effectively outperformed Bitcoin Cash by market capitalization, taking sixth place overall, not far from Chainlink (LINK) which is fifth with about $5 billion.
It is worth noting that LTC’s market capitalization has been at its highest since the collapse in mid-March, with an increase of more than 140% in the last eight months.
By contrast, BCH‘s market capitalization is relatively stable, and has grown by 70% since mid-March.
In particular, the price of Litecoin has grown a lot in the last month, from $48 to $78, with a growth of 17% in the last two days.
The exaggerated prediction about the price of LTC in Charlie Lee’s post
Furthermore, the commentator of Charlie Lee’s tweet predicts the price of LTC at $6,500 by the end of 2021, with that of BTC at $250,000, but this seems to be a bold prediction.
It would in fact be a growth of 8.800% of the price of Litecoin in a year, something not even seen with Bitcoin, for which instead the growth would amount to 1.300%.
The maximum value ever reached by LTC is $360, recorded the day after BTC reached its historical maximum. Moreover from approximately a year to this part, the price of LTC has been following the trend of BTC, almost as if it were somehow related, although currently with respect to BTC it turns out to be particularly low.
It is possible that the recent price increases of Litecoin are linked to some news such as the one related to Belarusbank, one of the biggest banks in Belarus, which has decided to offer its customers a Bitcoin buying and selling service, in collaboration with OTC broker White Bird, which will soon be extended to Ethereum and Litecoin.
The fact that a major financial institution has decided to add Litecoin to a very small pool consisting only of the two main cryptocurrencies must have convinced many people of LTC’s potential.