Charlie Lee (Litecoin founder), despite the world considering Bitcoin as the crypto industry’s bellwether, has come up with a slightly different opinion. He feels not just Bitcoin should be referred to as a bellwether but cryptocurrencies like Ethereum and his very own Litecoin should be included as well.
Charlie Lee’s inspiration is Bitcoin
Charlie Lee recently tweeted about Bitcoin, Ethereum, and Litecoin as the Bellwether cryptos because of they are the only coins that are traded on every major crypto exchange and can be stored on every hardware wallet. According to his tweet, other coins cannot achieve this yet as either they are not listed on all exchanges or it will be a difficult process transferring them to a hardware wallet.
Litecoin (LTC) Price Today – LTC / USD
Lee twitted that: “Bitcoin, Ethereum, and Litecoin are the Bellwether cryptos. They are the only coins that are traded on every major crypto exchange and can be stored on every hardware wallet. Easily buying and securely storing other coins is really a PITA”
A few people replied to his tweet where people suggested some coins that also fit into the criteria that Charlie utilized in categorizing Bitcoin, Litecoin and Ethereum as bellwethers. While one user felt Charlie Lee was taking a jab at Bitcoin Cash, another user suggested DigiByteCoin and Dodgecoin.
Based on Charlie Lee’s criteria, his opinion seems right, but one should probably say Bitcoin would be the ultimate bellwether. Lee himself sees Bitcoin as an inspiration. During the Money 2020 Conference held recently, Charlie Lee revealed that his creation of Litecoin in 2011 came from the inspiration he got from Bitcoin, as he lauded cryptocurrencies as one of the best forms of money that have ever been created by man.
Lee, during the conference also talked about the privacy coins and its significance. He specifically discussed the fungibility of various digital currencies. Charlie didn’t classify Bitcoin as fungible because its transaction’s origin can be easily traced. Moreover, when a person sends Bitcoin, they can see the amount of Bitcoin owned by the recipient. In comparison, lesser coins such as Monero and Zcash have put in so much effort to enhance their transaction’s privacy. Lee said that, these altcoins are toppling the crypto industry.
While Lee has his reason for picking Bitcoin, Ethereum and Litecoin, it seems Bitcoin still stays above them as far as bellwether is concerned. It will be difficult to replace Bitcoin from its 1st position in the crypto world.
LTC/USD Price Analysis Today
Litecoin’s conservative sales area is located near the Bollinger Bands strip’s upper boundary at 52.50. Cancelling the option to continue the fall of the LTC/USD pair will be a breakdown of the upper border area of the Bollinger Bands indicator, as well as the moving average with a period of 55 and closing of the pair quotes above the 54.00 area, which reveals a change in trend in favor of the bullish for Litecoin. One should expect an acceleration of the fall in case of a breakdown of the lower border of the Bollinger Bands indicator bands.