In February, Charlie Lee predicted a ‘flappening’ of Litecoin and Bitcoin Money earlier than the tip of the 12 months. Nicely, with simply two weeks of the 12 months left, the prediction got here true, as Litecoin’s market cap overtook Bitcoin Money.
In some ways, Bitcoin Money was all the time a extra pure competitor to Litecoin than to Bitcoin. From its conception, it tried to deal with a number of perceived shortfalls of Bitcoin, that Litecoin tried to fill years earlier.
Each permit quicker transactions and confirmations, aimed squarely on the retail sector to encourage adoption for smaller funds. That is one space of utility that Bitcoin has historically struggled with, though the event of Lightning Community is making an attempt to redress this stability.
Whereas Litecoin had a head-start by way of being first to market, Bitcoin Money had the burden of Bitcoin branding. It additionally didn’t harm that the complete Bitcoin user-base out of the blue discovered themselves with some, after the 2017 fork.
Two Methods To Pluck A Hen
Litecoin advocates have lengthy waited for a ‘flappening’ (combining ‘flippening’ with Lee’s ‘Chikun’ nickname), making a website monitoring the state of affairs. By many metrics, Litecoin has all the time been forward of BCH, however in most eyes (and notably these of CoinMarketCap), the important thing determine is… nicely, market cap.
Whereas most assumed that an overtake would happen via positive factors in LTC worth 00, finally different forces had been at play. Certainly, Litecoin creator Charlie Lee took complained in September about third events “artificially” suppressing Litecoin worth.
Whether or not or not this was true turned out to be a moot level. Ultimately, it was the (un)civil hash-war following the current hard-fork, that did it for Bitcoin Money. The regular hemorrhaging of BCH worth [coion_price coin=bitcoin-cash] ultimately introduced the market cap beneath that of its rival.
The Flappening Impact
The web and Twitterverse, basically, appeared typically more than happy, congratulating creator Charlie Lee for the achievement. However the ‘flappening’ additionally had one other facet impact.
— WhalePanda (@WhalePanda) December 14, 2018
As information unfold, the LTC worth started to spike, and at time of writing has seen a 24-hour improve of virtually 12%. This has boosted its market cap from merely overtaking BCH, to being almost 10% greater.
Will Litecoin hold outperforming Bitcoin Money or will BCH worth get well? Share your ideas!
Pictures courtesy of Shutterstock, BItcoinist archives