If you’ve been paying attention to cryptocurrency trading prices this year, it should come as no surprise that altcoins aren’t performing so hot, especially when compared to Bitcoin’s rise. However, one asset in particular, Litecoin, seems to be drawing some extra attention from the founder of Crypto Capital Venture.
Venture capitalist Dan Gambardello tweeted earlier yesterday that, despite current prices being nowhere near their peak, Litecoin is up 200% from its lows in December’s bear market. He goes on to say that people “exclaiming that Litecoin is weak and price is failing” look silly.
Since December bear market lows:
For the people exclaiming that Litecoin is weak and price is failing…..
Stop. You look silly.
— Dan | CCV |
(@cryptorecruitr) September 4, 2019
While Gambardello is right that the price of Litecoin, currently sitting at around $67, is up significantly from its December lows of around $23, there are varying levels of optimism surrounding the asset’s long-term value.
One reply from user @MisterBitty_ fights back by saying Gambardello is “silly” for thinking Litecoin could stand up to Bitcoin as being a similar store of value. MisterBitty then compares the prices of Litecoin in 2013 and Bitcoin in 2013 to their respective prices now.
Nov 28 2013
LTC $35 Today $67
Nov 28 2013
BTC $1000 Today $10,700
If you think LTC is even in the same league as a store of wealth / wealth creator you look silly. Stop.
— Bittie (@MisterBitty_) September 4, 2019
Obviously, Bitcoin’s gap is much larger than Litecoin’s, and MisterBitty’s tweet definitely doesn’t paint Litecoin in a positive light, considering the price is less than double a value it hit in 2013, despite it having reached well into the hundreds beforehand. Meanwhile, the last time Bitcoin hit anywhere near $1000 was in the earlier months of 2017.
That’s not to mention the other difficulties surrounding Litecoin that have nothing to do with its price, like creator Charlie Lee’s struggles with developing the project, or the asset price dropping after its halvening event.
What do you think about the current state of Litecoin? Is there reason to be optimistic? Let us know your thoughts in the comments below. And while you’re at it, check out our guide on the best cryptocurrency exchanges for trading Bitcoins.
Images are courtesy of Twitter, Shutterstock.