Among all the digital currencies which underwent significant price increase, Litecoin was the most notorious. Created by Charlie Lee, the token performed so well that it took 4th place followed by its market cap.
The wonderful performance of the altcoin shook the cryptocurrency community. But, not everyone was happy about the price rise of Litecoin. Mike Novogratz is one of those who fins such a bullish streak illogical. He took it on to Twitter as follows.
Gold has an $8.5 trillion dollar market cap. Silver is $15bn That is .17%. $BTC has a $90bn mkt cap. $ltc is $5.7bn which is 6.4% of $BTC. Silver is at least useful for industrial production. $ltc is a glorified test net for $btc. I don't get this rally. Sell $ltc buy $btc.
— Mike Novogratz (@novogratz) April 3, 2019
In the one hand, Novogratz has always compared Bitcoin to gold, and on the other, he consistently refused to accept that Litecoin could be the equivalent of digital silver. This is the contrast that has been used by several experts and analysts, including Charlie Lee.
Though Litecoin came as a Bitcoin fork aimed to offer lower fees with the faster transaction, yet the fact that Novogratz called it a ‘glorified testnet’ for Bitcoin looks to be triggering the sensitivity of many individuals in the cryptocurrency ecosystem.
Undoubtedly, Charlie Lee was one of the first to react and simply said that Michael Novogratz was completely wrong in his statement.
Litecoin a glorified testnet?
BTC LN makes LTC useless?
Can't be more wrong!
High BTC fees? With https://t.co/Q6tfOYkIbb, just do a cross chain submarine swap from LTC on-chain to BTC⚡️. Send LTC to fill up your BTC⚡️ wallet! 🤯
— Charlie Lee (@SatoshiLite) April 4, 2019
Similarly, a well-known analyst at the social trading platform eToro, Mati Greenspan, explained that Litecoin comes with several advantages in the form of efficiency over Bitcoin that make it precisely the equivalent of silver if Bitcoin is compared to the Gold.
Mr. Greenspan also attached a document in which he thoroughly investigated this blockchain, explaining that the similarities aren’t only at technical levels but also from a financial point of view. It seems that the BTC-LTC relationship is quite equivalent to that of Gold-Silver.
“Other obvious difference is the coin supply. While the theoretical maximum supply of Bitcoin is around 21 million coins, that of Litecoin will reach approximately 84 million. This, and the subsequent lower value of Litecoin is one of the reasons why many people consider Litecoin to be the Silver to Bitcoin’s Gold.”
Others, like Litecoinbro, called for serenity. Where it is possible to have different opinions. attacks are detrimental to an ecosystem as young as the cryptosphere.
Please don't try and make this a tribal thing. We are all in crypto together. Let's build it up, not tear it down. @SatoshiLite has done so much for Bitcoin over the years. That man had a vision of how to compliment Bitcoin and executed it before most even knew what Bitcoin was.
— Łitecoin Bro (@LitecoinBro) April 5, 2019
Currently, Litecoin has a total market cap that exceeds $5.4 bln and a token price of nearly $88.