Litecoin rally leaves Mike Novogratz scratching his head

Bitcoin bull changes tune, predicts further price decline

One of the world’s most prominent cryptocurrency investors says he’s confused by the incredible Litecoin rally and is urging holders of the digital currency to sell.

Mike Novogratz, who was an early investor in Bitcoin and Ethereum, says Litecoin (LTC) is a “glorified” testnet for Bitcoin and questioned why its price has jumped so high in such a short amount of time.

At the time of publication, Litecoin was trading at US$93.41, which is nearly a 400% increase on prices seen in December.

Mr Novogratz used the comparison between gold and silver when he questioned the rally.

“Gold has an $8.5 trillion dollar market cap and silver is $15bn – that is .17% (of Gold),” he tweeted.

“Bitcoin has a $90bn market cap and Litecoin is $5.7 billion, which is 6.4% of Bitcoin.

“Silver is at least useful for industrial production. Litecoin is a glorified testnet for Bitcoin. I don’t get this rally. Sell Litecoin, buy Bitcoin.”

 

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