Litecoin. It's my bellwether for the entire market. For most of its history, it was at around 4 bucks. Despite declining a lot from its 2017 highs, it's still at nearly ten times that 4 dollar price and stubbornly remains one of the top 10 coins by market capitalization.
Why do I believe Litecoin should, must, and will return to its original steady-state price, or lower? There's absolutely nothing behind it. It has no development team. Its founder sold all of his coins. It has no unique value proposition. It has no roadmap for scaling up to be anything to anyone. It's a BCore clone that doesn't even have the things BCore has going for it.
The mainstream seems to believe Litecoin is "good for transactions" because it's "lite". Truth is advertising? I've also heard some dim-witted analogy that Litecoin is "silver" to BCore's "gold".
So to be clear, the things backing Litecoin are:
- People believe that the misspelled word in its name implies something about its technical properties
- People believe it fits in a "crypto as precious metal" narrative that makes no sense
Until Litecoin is back to a steady-state single-digit price, buyer beware for the entire crypto market.
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source https://www.reddit.com/r/btc/comments/a0jdl1/why_i_dont_think_were_out_of_the_crypto_bubble_yet/
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