The cryptocurrency market continues to generate new surprises. In the last hours, Litecoin (LTC) was able to surpass Bitcoin Cash (BCH) in terms of market capitalization. In this way, Litecoin is now the 7th largest virtual currency in the market by market cap, after surpassing not only BCH but also Bitcoin Satoshi Vision (BSV).
Litecoin Shows Strength Amid Bear Market
The cryptocurrency market did not have a good year in general terms. The value of most of the virtual currencies in the market has strongly decreased during this year. Indeed, some virtual currencies lost more than 95% of their value while some others disappeared from the market.
Litecoin has been affected as many others. Since its all-time high, Litecoin lost more than 93% of its value. In December 2017, Litecoin reached $363 dollars, according to CoinMarketCap. Now it is being traded close to $24.
However, Bitcoin Cash seems to have been affected more than Litecoin. Back on November 15, Bitcoin Cash experienced a network upgrade that resulted in a chain split. Bitcoin Cash implemented the Bitcoin ABC proposal while Bitcoin SV followed the proposal made by Craig Wright and Calvin Ayre. Bitcoin ABC was supported by Roger Ver and Jihan Wu.
Since that moment, both networks started a hash war to see which of both was going to be the dominant one. Nevertheless, none of them was able to remain as the main network, this is why Bitcoin SV decided to split. At the time of the network upgrade, Bitcoin fell under $6,000 for the first time in several months and marked new lows this year.
Bitcoin SV rapidly entered the top 10 and moved away Litecoin that was traded close to EOS in the seventh position that held most of the current year. After weeks of a hash war and divisions among the BCH community, Litecoin started to show its resilience. As the market continued to fall, Litecoin operated stably during the last hours. This shows that Charlie Lee’s creation could be used by several individuals all around the world.
At the time fo writing the article, Litecoin has a market capitalization of $1.42 billion while Bitcoin Cash has a market capitalization of $1.4 Bitcoin SV has a market capitalization of $1.19. If both networks are combined, then Bitcoin Cash would be the fourth largest cryptocurrency, a position that held during most of 2019.
Each Litecoin can now be purchased for almost $24. Meanwhile, Bitcoin Cash can be purchased for $80. In the last 24 hours, Litecoin grew 2.56% while Bitcoin Cash grew just 0.35%. Remaining together, Bitcoin Cash and Bitcoin SV would not be in the current situation.
At the beginning of the year, Charlie Lee wrote a tweet in which he said that ETH would never surpass Bitcoin. However, he was sure that Litecoin was going to surpass Bitcoin Cash during the current year.
The flippening (ETH>BTC) will never happen. But the flappening (LTC>BCH) will happen this year. 🐔🚀 pic.twitter.com/vn9XBdZNC3
— Charlie Lee [LTC⚡] (@SatoshiLite) February 25, 2018
Clearly, this is very positive for Litecoin that has been accused many times of being a dead project. The community is not very excited about this after months of hearing that virtual currency prices are going down at all times.
2019 can be a good year for Litecoin with new implementations being analyzed by the teams working behind Litecoin. Some of the new implementations could be related to the Lightning Network or with private transactions.