The head of the Galaxy Digital investment company, Mike Novograz, said that investors should sell Litecoin, which grew significantly in 2019, and buy bitcoin instead.
With such a statement, the entrepreneur spoke on his Twitter channel, noting that Litecoin is just a widely advertised test network of the first cryptocurrency.
Gold has an $ 8.5 trillion dollar market cap. Silver is $ 15bn That is .17%. $ BTC has a $ 90bn mkt cap. $ ltc is $ 5.7bn which is 6.4% of $ BTC . Silver is at least useful for industrial production. $ ltc is a glorified test net for $ btc . I don't get this rally. Sell $ ltc buy $ btc .
– Michael Novogratz (@novogratz) April 3, 2019
He also drew an analogy between the market capitalizations of gold and silver, drawing attention to the fact that silver, which, according to him, is at least useful for industrial purposes, is only 0.17% of gold.
At the same time, Litecoin's capitalization takes 6.4% of the same indicators from Bitcoin, however, as Novograz says, the reasons for this are completely incomprehensible to him.
Recall that in the first quarter of 2019, "digital silver", as sometimes called Litecoin, having traveled from $ 30 to $ 61 , increased in price by 100%. This was the best indicator in the history of this cryptocurrency.
Over the past few days, LTC continued to grow, reaching $ 94 at a certain point, today it is trading at around $ 87.
Despite this, the pod-platform Hodl Hodl, for example, announced that from now on it is positioning itself as a platform working exclusively with Bitcoin (BTC), and refuses to support Litecoin (LTC).
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