Charlie Litecoin Lee: LTC robust but are investors disillusioned?
By Christopher Attard
Litecoin has been facing an upward struggle of late as fear, uncertainty, and doubt following its lacklustre price-action post-halving sparked controversy on GitHub forums.
The millionaire founder, Charlie Lee has since attempted to clear the air of any residual concerns in a recent Twitter thread. However, investors may be disillusioned by LTC’s price movements, which could in turn pave the way for a mass exodus from the highly popular crypto asset.
Charlie Lee: Litecoin development is on track
In a recent thread of tweets, Lee clarified to worried investors that there are two primary sources of the FUD surrounding Litecoin at present, noting that the first source is that LTC has had no code commits on GitHub in 2019 – giving the impression that no work has been done on the crypto this year. The second source of concern is the fact that LTC devs don’t work on the master branch of the main project.
recently there’s been a lot of FUD about Litecoin having no code commits in 2019. When you look at Litecoin GitHub… it would seem like we did no work in 2019. There are actually 2 reasons why this is the case even though we have been developing.
As previously alluded to, in his response, Lee outlined that Litecoin code releases lag behind Bitcoin releases by a few months, further noting that they generally don’t work on the master branch of the main project, which has been one factor that critics have honed in on with claims that Litecoin has stopped developing.
This is how Litecoin Core development has functioned for years. We even had the same FUD last year! Someone looked at our master branch last year and claimed that Litecoin stopped developing in 2018. And I bet even after this explanation, we will have people confused in 2020.
A crypto witch-hunt? Will LTC investors find a reason to ditch the asset?
While it remains to be seen whether the FUD surrounding Litecoin is entirely unfounded, it’s important to note that some investors might be searching for a reason to exit their Litecoin positions given its shy post-halving price action.
In addition, although some people thought that LTC would see bullish price-action following its halving, it could be that this event was already price-in three months ago when the coin hit a three-month high of $144.
As this bout of negativity and fear about the BTC-correlated asset takes its toll, it’s not at all unlikely that some investors will continue to exit their positions in favour of Bitcoin – which has skyrocketed in market dominance to nearly 70% according to relative figures from coinmarketcap.