The event which the Litecoin community has been eagerly awaiting has just come to fruition. Litecoin has reclaimed its Market Capitalisation position above BCH as predicted early in the year by Litecoin Creator, Charlie Lee.
Back in Feburary of 2018, Charlie Lee posted a tweet in reaction to the politics surrounding Bitcoin (BTC) and its then much hyped fork, Bitcoin Cash (BCH). Lee reaffirmed his belief in Bitcoin as number one against all those who looked to challenge for the crown or claim otherwise. Ten months later, December 14th at 9:15AM, that prediction came to pass and acts as a warning in the future to be very wary and skeptical of the hype and hyperbole within the crypto space.
Flappening.watch, a website setup to track the event endearingly named by the community, ‘The Flappening’, has been tracking multiple statistics on both networks Including: active addresses, transactions and trading volume. For the majority of the time the site has operated Litecoin has dominated everything but market capitalisation. This may indicate that BCH was severely overvalued in relation to its fundamental usage or that LTC was undervalued, however it’s hard to definitively say which in such market conditions.
Bitcoin Cash originally began as a contentious fork of Bitcoin from those who disagreed with the current development path being taken. Yet even with support from: Bitcoin.com, Bitmain, BitPay, @Bitcoin on twitter and many more including numerous exchanges pushing the narrative of BCH being the ‘Real Bitcoin’ the markets have spoken and BCH continues to push new daily closing lows.
This news is very positive in that it goes once more to prove just how resistant the crypto market is to those artificially looking to steer the project in a way the users of these systems disagree with. This experiment has also resulted in the loss of millions of dollars invested to push it.
The Flappening comes one day after LTC dethroned another contentious fork call ‘BitcoinSV’. Crypto bear markets have a brutal way of separating the legitimate projects from those sustained by hype and marketing.
“Only when the tide goes out do you discover who has been swimming naked” — Warren Buffet