On 27 August, the founder of the Litecoin Foundation and the creator of Litecoin (LTC) – Charlie Lee had an interview with the members of CNBC to talk about the decline in the digital currency market, especially Litecoin (LTC) and Bitcoin (BTC). As the values of digital currencies are being cramped down by the bears, the creator of Litecoin (LTC) answered some pretty tough questions on the subject.
Charlie Lee Answers Some Tough Questions
Charlie Lee was asked about Bitcoin (BTC) surging over the $20k level, which is the all-time high the digital currency tested in December last year. Mr. Lee said that the chances of BTC embarking on a successful journey are not predictable.
He said, “He has been in the crypto space for 7 years now, and he sometimes believes the upswing comes back within 6 months, sometimes it takes up to 3 to 4 years, so it is very difficult to predict.”
Regarding the market values reflecting the adoption of digital currencies and the performance of the network, he said that the value would act according to the success of digital currencies in the future. Nevertheless, the values of the coins don’t disclose much about technical viability and growth.
Lee also said that irrespective of the significant increase in the adoption of Litecoin (LTC) and Bitcoin (BTC), their values have declined by sixty to seventy percent in months. He added “he thinks it is because of their volatility, everything is about speculation these days. But the values will reflect the success of the digital currencies in the future.”
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, Litecoin (LTC) is trading at $62 after an increase of about four percent over the past twenty-four hours. The current market cap of the digital currency is $3.62 billion and its trading volume over the past twenty-four hours is $243.28 million.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.