Litecoin (LTC) Releases Bitcoin Cash (BCH) To Be The 7th Largest Crypto
Litecoin’s native Cryptocurrency, LTC, has reached the native Token for Bitcoin Cash ABC, BCH, to become the 7th Largest Cryptocurrency in the world. The main reason for the opening of BCH was due to a huge gain of 11% recorded in the 24 hours of December 16th.
Coincidentally, this follows a hard fork in the November 24th split Bitcoin Cash into Bitcoin Cash ABC and Bitcoin Cash SV leading to a widespread Crypto market crash that is still self-correcting. The hard fork affected BCH the most compared to other Cryptos as it lost more than 70% of its value and plummeted from its previous rank 5th to the current 8th.
LTC Investors Have More Confidence To Invest
Top performing Cryptocurrencies often want investors to get them. This, in turn, enables extended sales and strengthens demand. At the RSI level, such a phenomenon is proved when the scale rises above 30 indicating an increase in demand in relation to selloffs. This is considered a turn-around for a bearish cycle.
Therefore, with LTC another space in the Cryptocurrency market, investors will have more confidence to invest in Digital Asset in anticipation for future price surges or for other purposes. This may be a reason for concern to institutional investors in purchasing LTC. This market segment has the financial capacity to make a difference and to provoke a massive positive market reaction.
Will the Combinations last?
Some of the key questions that investors are struggling with following the recent surge are centered on whether the LTC has finally broken the bear cycle in a bullish run or whether it is just a short-term shock.
To answer this question, it is advisable to introspect on both sides of the argument. In the notion that the LTC has not entered a breakout, there is an argument that the bear cycle will continue from the beginning of January 2018 to the present and there is no big reason to reverse the trend. The only difference is that following the tumultuous Bitcoin Cash on November 24 after disagreements between Roger Ver and Craig Wright and their factions, the LTC like other Cryptos has fallen even more sharply. Thus, in this view, the LTC will still remain under the pressure of the bearish market.
On the other hand, the fact that Litecoin has reached Bitcoin Cash means that the Crypto community prefers Litecoin. Therefore, all factors are consistent, bears will remain but more buyers will invest in LTC.
In fact, LTC maintains its advantages but in the shadow of an easing run-run depends on the performance of Bitcoin (BTC). Meanwhile, its new position is likely to have a short term and midterm.
litecoin is a p2p online Cryptocurrency designed to handle near zero cost and instant payment solutions to anyone at any global point. It is an open source and decentralized platform that gives users financial autonomy. Its key features include improved storage efficiency and faster confirmation times ideal for enhancing liquidity in the Digital Asset markets.
LTC market cap is currently $ 1,556,081,352 at $ 26.11 / LTC. On the other hand, the BCH cap market capitalized at $ 1,437,163,368 at $ 82.06 / BCH.