Litecoin Recovers After Massive Slide as Charlie Lee Makes Bold Prediction

litecoin

Litecoin rose on Monday, as prices clawed back huge losses from last week amid bullish remarks from the currency’s founder Charlie Lee.

LTC/USD Price Levels

The Litecoin cryptocurrency reached a session high of $222.88 on Monday. At time time of writing, the LTC/USD exchange rate was valued at $218.34 for a gain of 7%. At current values, the coin has a total market cap of $12.1 billion, placing it fifth among active cryptocurrencies.

In terms of overall trade volumes, more than $1 billion worth of LTC have changed hands in the last 24 hours. OKEx processed roughly 31% of the daily transactions. Coinbase’s GDAX exchange saw more than 11% of the daily turnover.

Litecoin has experienced extreme volatility in over the past week. Prices rose above $240 last Tuesday before crashing back down to the mid $180 region over the next two days. The 25% decline far outpaced the cryptocurrency market’s broad retreat last week.

Meanwhile, the newly created Litecoin Cash (LCC) cryptocurrency has failed to generate momentum in its first week of trade. The coin touched a high above $9.00 shortly after the Feb. 18 hard fork, but has since fallen back to the low $5 region.

Lee: Litecoin Will Beat Bitcoin Cash

Litecoin founder Charlie Lee made a bold prediction Sunday: his currency will be worth more than bitcoin cash (BCH) this year.

“The flippening (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year,” Lee tweeted from his @SatoshiLite Twitter handle.

As the world’s fourth-largest cryptocurrency, bitcoin cash is valued more than five times greater than Litecoin. However, it wasn’t so long ago that BCH was worth a mere fraction what it is today.

The bitcoin spin-off caught its first major tailwind in November after the backers of Segwit2x abandoned their mission. The coin, which peaked above $4,000, is currently valued at $1,170. At current price levels, BCH has a total market capitalization of $20.1 billion.

The prediction that LTC will outpace bitcoin cash isn’t entirely far-fetched given all the positive news surrounding the Litecoin project. Later today, Litecoin will launch Litepay, a potentially game-changing payment platform that could help LTC challenge bitcoin as a real-world use-case. As we reported earlier, LitePay will help retailers,  e-commerce businesses and fundraisers accept LTC instantly.

Users of the payment system will have the ability to store LTC tokens directly in their LitePay wallet, which can then be converted to fiat money instantly for a flat fee of 1%.

According to the company website, LitePay will have many real-world applications:

“Use LitePay’s retail, e-commerce, billing, and donation tools to accept payments from customers anywhere on earth. Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.”

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.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi