During the early months of 2018, as Ethereum (ETH) surged above $1,000 in a surprising turn of events, many started expecting the platform to overtake Bitcoin (BTC) in terms of market cap.
Litecoin creator and ex-employee at Coinbase, Charlie Lee via his Twitter feed defended Bitcoin, stating that the aforementioned will never come to pass.
Yesterday afternoon, in the midst of a further BTC sell-off to $3,150, Bitcoin Cash (BCH) started capitulating hard, dropping below key support levels and underperforming the market at large. Also, LTC started going through a slight recovery, bouncing off its year-to-date lows at approximately $22.5, posting the only positive performance in crypto’s top 20.
And as that happened, to the chagrin of the diehard proponents of Bitcoin Cash, who have held onto the asset for dear life since the network upgrade of 14th November, Lee who is a brother to Bobby Lee (BTCC co-founder), took to Twitter to give an update.
Using three emojis, the likeness of a rocket ship, a flying dollar bill and a chicken, coupled with a GIF, Lee accentuated the fact that his prediction had come true, tagging the Flappening Twitter in pure ecstasy.
According to Flappening.watch data, LTC’s market cap is $5 billion higher than its rival in BCH. Not only has the creation of coblee surpassed the Bitcoin fork in terms of standing, but Litecoin also touts 384% more active addresses, 288% rise in trading volume and 340% increase in daily transactions.
CoinMarketCap data also revealed that this pertinent industry event has occurred, with the price tracker indicating clearly that Litecoin has overtaken Bitcoin Cash on crypto’s leaderboards.
For now, we don’t know if LTC will stay on top of its altcoin brethren, but considering the line of action taken by BCH, some believe that the relative surge of Litecoin will be a permanent one.