Last year, Charlie Lee, the creator of Litecoin, sold all his LTC holdings in a now-infamous move. While the crypto insider attributed this sudden move, which came as Bitcoin (BTC) effectively peaked, to a bid to avoid conflicts of interest, affirming that he believes in the cryptocurrency of his creation, many called for Litecoin to fail.
And for much of 2018, these critics were seemingly proved right, as LTC fell from a peak of around $350 to a disastrous $22 by mid-December 2018. By then, traders began to write post-mortems for the long-standing digital asset, claiming it was breathing its last breaths. But, LTC began to show signs of life at the 11th hour, and it hasn’t ceased its return to prominence since.
Although many see this as a non-issue, especially considering the often irrational nature of the cryptocurrency market, Novogratz then had choice words for Litecoin’s unofficial classification as a “glorified testnet for Bitcoin.” In 2017, Segwit, a scaling solution, activated on Bitcoin’s little cousin before Bitcoin itself. Even many times prior to and following that technical implementation, Litecoin was the testing ground for certain protocols meant to launch on Bitcoin.