Bitcoin rose to a record high on Monday, fuelled by continued positive momentum of spot bitcoin ETFs.
Bitcoin Instantly Topped Silver in ETF Market and Trails Only Gold Among Commodities
Silver has existed since dying stars started spewing the metal out billions of years ago. Bitcoin is 15 – but it’s already a bigger deal in the U.S. ETF market. Bitcoin ETFs had more assets than silver ETFs the instant the U.S. Securities and Exchange Commission approved them last week, and trailed only gold among commodity-focused U.S. ETFs.
Robert Kiyosaki recommends Bitcoin, gold, silver investments ‘before it’s too late’
The average person who tries to save money is a “loser,” said Kiyosaki while recommending investments in Bitcoin and precious metals.
What are the 3 assets most correlated with Bitcoin?
Bitcoin price is closely linked to several financial assets but the reasons for correlation with certain precious metals and stocks can be quite different.
Bitcoin vs. gold: Are market cap and other comparisons actually relevant for investors?
Bitcoin’s future price surge and mainstream adoption could happen independently of institutional adoption of the digital currency.
Sub-$22K Bitcoin looks juicy when compared to gold’s market capitalization
BTC’s market cap is way smaller than gold’s, but the percentage of Bitcoin held by institutional investors suggests that the current pricing reflects an excellent discount.
$45,000 Bitcoin looks cheap when compared to gold’s marketcap
BTC’s market cap is much smaller than gold, but Bitcoin’s daily volume and the amount held under management by funds suggests that the cryptocurrency is trading at a heavy discount.
Now Or Never: Litecoin Plummets To Bottom Of Top Ten Crypto Assets
Litecoin is often called the silver to Bitcoin as digital gold, and strangely, the two cryptocurrencies and two precious metals are exhibiting the same behavior where one is lagging behind the other.
The lack of momentum in the digital and physical forms of silver have kept the price of both assets at bay for the entire recent bull market in each class. With no growth in Litecoin compared to other cryptocurrencies, the altcoin is only a billion dollars away from losing the top ten cryptocurrency by market cap status – something its held pretty much since its inception.
“Digital Silver” Is The Altcoin That Simply Won’t Shine
Litecoin is an offshoot of the original Bitcoin code, created in 2011 by former Google and Coinbase engineer Charlie Lee.
Much like how on a per ounce basis gold is more both more scarce and valuable than silver is, there are four times as many total LTC compared to Bitcoin’s 21 million BTC.
Related Reading | Digital Silver: Why Litecoin Is Poised To Bounce Versus Bitcoin
In addition, there’s faster transactions, among other benefits. Outside of the few differences, there’s mostly similarities between them – including a hard-coded halving recurring every four years or so.
Litecoin is severely lagging behind the rest of crypto | Source: LTCUSD on TradingView.com
But unlike Bitcoin, that halving amounted to very little in terms of sustainable returns for investors of the altcoin. The cryptocurrency is lagging far behind Bitcoin, Ethereum, and most other cryptocurrencies in the market.
Also unlike Bitcoin or Ethereum and several other altcoins, Litecoin has failed to set a new all-time high since the bull market began.
Even gold has set a new price record, while silver still trades well below its. It is bizarre that the asset dubbed digital silver, is following the path of physical silver so well, versus the rest of the crypto world.
Uh-oh, #Litecoin. At risk of falling out of the top ten crypto assets. pic.twitter.com/LhteOXdG9L
— tonyspilotroBTC (@tonyspilotroBTC) March 25, 2021
Litecoin At Risk Of Losing Top Ten Crypto Status
The continued underperformance of Litecoin compared to there rest of the market, however, could knock the cryptocurrency out of the top ten assets ranked by market cap, according to price aggregator CoinMarketCap.
The animated GIF above is a look back at the past decade or so the historical snapshots will go back, taken from the first ever date, then annually each March closest to the end of the month.
Every single snapshot, Litecoin is ranked anywhere from number two to ten, and every rank in between. It’s never had the number one spot, but it’s also never lost the top ten.
Related Reading | Five Signs Litecoin Has Bottomed, Next In Line For New ATH
But the likes of Chainlink, Stellar, and Bitcoin Cash are all right on its tail, some within a $1 billion striking distance for making history for unseating Litecoin. Each of the three assets have also had a stint in the top ten themselves.
There’s also a rising stablecoin – USD Coin – right on its tail, and with more stablecoins being created monthly, the chances of it taking out the altcoin are also high.
Could a fall out of the top ten and from grace be a fatal blow for the coin, or is sentiment reaching this deep of a low in the coin a sign that capitulation is setting in and things might finally turn around?
Given how far behind Litecoin is, the low supply, several bullish technicals, and more, the altcoin could end up shocking the world when it finally does.
Featured image from Deposit Photos, Charts from TradingView.com
Market Wrap: Bitcoin Rises to $35.8K, Ether Hits New High and DeFi Crosses $28B Locked
The last time bitcoin’s closing price was under $30,000 was Jan. 1, according to CoinDesk 20 data.
Market Wrap: Bitcoin Trading Tepidly at $33.7K While SushiSwap Eats Raw Market Share
The investor spotlight is now shining on DeFi tokens and trading.
Blockchain Bites: The ‘Silver Lining’ for Bitcoin
XRP and silver went viral – showing mind-meld market mechanics are still in play – though both hit limits.
‘As Toppy as It Gets’: Metals, Bitcoin and Fiat’s Race to the Bottom, Feat. Tavi Costa
The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and (potentially) bitcoin.
Dollar Falls to Lowest Level in Over 2 Years While Gold, Silver, Bitcoin Continue to Shine
The dollar index dropped to it’s lowest level since May 2018.
Bitcoin Up 27% in First Half of 2020, Beating Gold, Silver and Platinum
Bitcoin showed its luster during the first half of 2020 amid mediocre returns from precious metals.