Summary:
- Mike Novogratz does ‘not see Litecoin having any properties that will accelerate adoption’
- He recommends longing Bitcoin, Ethereum and some ‘cool DeFi projects’
- His comments were in reference to a tweet that projected Litecoin thriving with XRP and privacy coins out of the picture
- Litecoin has since broken the $150 price ceiling and could attempt $200 in the weeks to follow
In a recent Twitter commentary, the CEO of Galaxy Digital, Mike Novogratz, commented that he does ‘not see Litecoin having any properties that will accelerate adoption’. Mr. Novogratz made the comments in response to another tweet that forecasted that Litecoin would thrive due to the delisting of privacy coins and XRP losing value due to the SEC lawsuit against Ripple.
Long Bitcoin, Ethereum and Cool DeFi Projects
Mr. Novogratz went on to recommend longing Bitcoin (BTC), Ethereum (ETH) and some ‘cool DeFi projects’. His exact comments were as follows with a screenshot of the Twitter conversation also highlighted below.
Challenge. I don’t see $LTC as having any properties that will accelerate adoption. I’d rather spend time on Defi projects. Long $BTC. Long $ETH. And long some cool Defi projects.
Litecoin Breaks the $150 Price Ceiling, Could Keep Rising
Litecoin was trading at approximately $125 when Mr. Novogratz tweeted about LTC possibly lacking the properties to accelerate adoption. Litecoin has since broken the $150 price ceiling and is currently trading at $152. This is an impressive 21.5% increment in less than 24 hours and is in sync with Bitcoin’s journey above $34k.
With this push, Litecoin is retesting levels last seen in June 2019. The current $145 – $150 price zone is a crucial resistance area for LTC. If Litecoin is successful in turning this area into support, it could begin what might be a journey towards its all-time high of $375 set in December of 2017.
However, such a journey to its all-time high value might not be a smooth ride as Litecoin has to first overcome the next big hurdle in the form of the $200 resistance level. Furthermore, the following short term resistances lie on its path moving forward.