Litecoin Continues New Year Surge Despite Grim Forecast from Weiss Ratings
Litecoin sustained the momentum it gained over the weekend as trade volume continues to flood in to LTC markets. Daily trades doubled in the last twenty-four hours, from $400 million up to $800 million, and LTC’s daily 17% growth compounds a 25% leap since January 1st.
Meanwhile, Litecoin has once again been dismissed as a mere Bitcoin imitator in the latest edition of the Weiss Cryptocurrency Ratings. While Bitcoin and XRP appear to be favoured by the (somewhat arbitrary) assessment, it appears that Litecoin’s obituary is apparently already written.
Litecoin is a Bitcoin ‘Me-Too’
No, that doesn’t mean that Charlie Lee was sexually harassed by Satoshi, but is the Weiss folks’ way of saying that Litecoin brings nothing original to the table. According to ‘Forecast #6’ of the latest ‘ratings’:
“Bitcoin me-too coins will fade away. Many cryptocurrencies are going to disappear for the simple reason that they bring virtually nothing new to the table. Even among the top 10 by market cap, several fit this description, including Bitcoin Cash, Bitcoin SV and Litecoin. There’s no innovative use case for them. They’re likely to fade away over time.”
Litecoin, and the Bitcoin Cash coins, are the only cryptocurrencies singled out specifically in the document as being predicted for failure. Meanwhile, perpetual winner of the Weiss ratings, EOS, was once again ranked highly for its likelihood of:
“…leading the charge to create internet 3.0 – a more secure and more sustainable world wide web.”
EOS appeared at the top of the Weiss rankings in the very first edition of the assessment back in January of 2018 – a surprise at the time given how the project was still in the ICO phase. A positive future is predicted for Holo (HOT) more than once in the document, however no reason is given anywhere in the terrifically vague post.
If we’re to take such predictions seriously, then we’ll have to rest assured that Weiss is genuine when it claims:
“Each model is driven by tens of thousands of data points analyzed weekly. And both come together to support seven forecasts for 2019 and beyond…”
Litecoin Price – LTC/USD
Litecoin continued its weekend surge leading into Sunday, as the coin price reached as high as $37.93. That’s up 17% from yesterday’s daily low of $32.30, and continues the 25% growth for LTC since January 1st.
Since the market low of December 15th the value of LTC has increased by 66%- a relatively small increase compared to Ethereum’s near 100% growth in the same time. Litecoin had been tipped for a breakout for the last couple of weeks and this weekend sees the coin taking its turn at the pumps.
Daily trade volume is up 100% over twenty-four hours, and 180% for the week as the $800 million worth of LTC trades continues to rise. The majority is split between USDT and BTC trades.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.