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Charlie Lee Predicts Resurgence of Litecoin as Bitcoin Cash Falters

Charlie Lee Predicts Resurgence of Litecoin as Bitcoin Cash Falters

Litecoin founder Charlie Lee at the moment tweeted a cryptic emoji message of a rooster, dolphin, bee, money, and shortly arrow. Several of Lee’s followers replied, speculating over what he meant.

But it was @MASTERBTCLTC who gave the most certainly rationalization by replying with “Litecoin flip B money quickly.”

🐓 litecoin
🐬 flip
🐝 B
💵 money
🔜 quickly

— Master⚡️250okay BTC 6.25okay LTC 2021 (@MASTERBTCLTC) November 16, 2020

Lee has neither confirmed nor denied any of the responses to his message. What’s extra, there isn’t any logical rationalization over why a rooster would characterize Litecoin.

Nonetheless, an evaluation of the CoinMarketCap prime 10 exhibits Litecoin within the ascendency, with Bitcoin Cash stumbling, lending help to this interpretation.

At current, the distinction between sixth and seventh place is a matter of $183 million, or 0.04% of the overall crypto market cap.

Source: CoinMarketCap.com

Litecoin Aiming For Sixth Place on CoinMarketCap

Litecoin is up nearly 12% this final week, having at the moment spiked to a 12-week excessive, at $68.50.

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Technical evaluation has famous the formation of a significant bullish pattern line, giving extra upside quickly. Analysts are focusing on $70 if LTC maintains its momentum.

Litecoin daily chart

Source: LTCUSDT on TradingView.com

Whereas at the moment, Bitcoin Cash is struggling a case of the publish onerous fork blues. The final 24-hours has seen a 3% drop in its value.

Unlike LTC, which has closed a collection of upper highs because the finish of September, Bitcoin Cash struggles to achieve any upward momentum, having bounced off the $240 help line on three events lately.

Bitcoin Cash daily chart

Source: BCHUSDT on TradingView.com

Future of Bitcoin Cash Uncertain Following Hard Fork

To add insult to harm, the way forward for Bitcoin Cash hangs within the steadiness following the chain’s onerous fork yesterday.

The cut up arose as a result of disagreements over the Infrastructure Funding Plan (IFP). Those within the Bitcoin Cash ABC faction known as for an 8% tax on miners’ earnings to fund community improvement. Whereas Bitcoin Cash Node supporters felt a tax on miners was pointless and believed the protocol ought to stay unchanged.

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Bitcoin Cash proponent Roger Ver voiced his opposition to the miner’s tax by calling out its centralization.

“Diverting a part of the #BitcoinCash block reward to pay a single improvement group is a Soviet fashion central planner’s dream come true. Please cease.”

Ver’s feedback have been directed at developer Amaury Séchet, who maintains {that a} miner’s tax is critical. In the long run, Séchet believes the trickle-down results will result in a rise in community worth.

“This permits Bitcoin ABC to make this a lot wanted enchancment whereas miners who could choose different guidelines are free to decide on a viable, alternate implementation.”

If Bitcoin Cash ABC fails to draw ample hashing help, the venture would vanish. While that could possibly be trigger for celebration for Bitcoin Cash Node supporters, the query is, can Bitcoin Cash keep on because it did earlier than the fork?

One factor is for certain, Litecoin is dangerously near taking sixth spot.

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