The crypto slaughter is here. Today, all coins are in the red, and with bitcoin (BTC) below $5400, it’s getting slippery for the altcoins. This drop is mainly driven by the ongoing bitcoin hash over which bitcoin is the real bitcoin. Craig Wright is on the offensive against Bitcoin core and is pushing hard for his side of Bitcoin Cash in the BCH fork. However, there is one other coin that is mixed up in all this, and that’s Litecoin (LTC). According to Craig Wright, Segwit is flawed and since it was added to Bitcoin (BTC) and Litecoin (LTC), then it means that these coins are flawed, and cannot be rectified. He hasn’t revealed the source of the flaw, but he has stated that these two coins are dead thanks to this flaw.
While this could just be another case of FUD, the person making these claims is not just some random person in crypto. This is a person who claims to be Satoshi, and though there is no proof to it, there is no denying that he is somewhat connected to bitcoin at a deeper level. His influence is also clear in the manner, in which, the market has been moving following his threats of driving bitcoin to $1000. Therefore, his claims that Litecoin may have no utility due to a technical flaw may have far-reaching implications on Litecoin (LTC).
Unfortunately, Charlie Lee hasn’t made things any better in terms of creating confidence in Litecoin (LTC). He has in the recent past been urging people to buy Bitcoin (BTC) ahead of Litecoin (LTC).
However, even as the crypto bloodbath continues, there is light at the end of the tunnel for Litecoin (LTC). One of the positives for Litecoin is adoption. The adoption levels for Litecoin have grown significantly in the past year, and even during this drop, its adoption is still picking up. For instance, two days ago, Surf air announced that they would be offering discounts for anyone who pays in Litecoin (LTC) and Bitcoin (BTC). Its growing adoption levels in the market has shown that it does have utility, which invalidates Craig’s claims that Litecoin (LTC) is a dead coin.
There is also the fact that Litecoin (LTC)’s community has grown tremendously in the past year. Even after Charlie Lee sold his LTC, the Litecoin community has continued to grow in strength. This shows that it is a strong community that has what it takes to survive and thrive without figureheads. It is the community and utility that have kept it strong, in spite of the onslaught it is getting from Craig. If the same negative energy was directed at a coin with weak fundamentals, it would most likely be down by over 50% by now. But Litecoin is holding up, and its losses are in the same average level as all the other top coins. That’s a sign of strength.
This drop could actually be a blessing in disguise for Litecoin (LTC), because the bounce back could be stronger than any other the market has seen this year.