Charlie Lee seems to be better at the art of making prophecies than many experts in the world of Crypto. On February 15, 2018, he published a tweet saying that the total market capitalization of Litecoin would surpass that of Bitcoin Cash. And even though the event happened before -but only for a little time-, now it seems to be a stable trend.
— Charlie Lee [LTC⚡] (@SatoshiLite) December 14, 2018
On February 8, 2019, LTC surpassed Both BCH and BSV. Litecoin currently has a marketcap of $2,703,623,590. Bitcoin Cash has a capitalization of $2,287,003,189, and Bitcoin SV barely reaches $1,185,180,376. For BCH to overcome LTC, it has to beat EOS first
Perhaps one of the reasons for the sudden interest in Litecoin was the announcement of experimenting with the possibility of using MimbleWimble as a consensus algorithm to carry out private transactions efficiently. On feb. 7, 2019, the Beamcoin Dev Team announced a partnership with Litecoin to support private transactions by letting users to 1:1 swap LTC for Mimblewimble-based LTC in order to achieve private transactions
We have started exploration towards adding privacy and fungibility to Litecoin by allowing on-chain conversion of regular LTC into a Mimblewimble variant of LTC and vice versa. Upon such conversion, it will be possible to transact with Mimblewimble LTC in complete confidentiality.
Mimblewimble is the algorithm used by Grincoin and Beamcoin, 2 projects that were extremely hyped a few weeks ago, especially from Bitcoin maximalists.
Although some believe that Litecoin’s victory is not due to its own merit but to Bitcoin Cash’s poor performance, others mention that Litecoin has enough value to justify such a triumph. In fact, the figures may show that from the very beginning Bitcoin Cash was an artificially pumped project.
Vlad Costea, an analyst at Crypto Insider, explained last year that Bitcoin Cash as a corporate project failed to have real support from the community. The BCH debacle was further accentuated after the fork that gave birth to BSV. This unfortunate event plummeted the prices of both tokens, divided BCH’s market cap and caused a debacle in the prices of the rest of the cryptocurrencies precisely because of the selfish conduct of the miners to unnecessarily have a greater hash power:
“Though Bitcoin Cash has sometimes appeared to pose a serious threat to BTC’s status quo and its propaganda has constantly dismissed upgrades like SegWit, Schnorr, and the Lightning Network, it has failed to live up to its expectations. The fact that it was used in commerce is largely due to Roger Ver’s connection with BitPay (whose creation was co-funded by the Bitcoin evangelist), and its mining efficiency was supported by Jihan Wu’s involvement with Bitmain. These advantages were fragile in the face of greedy vultures who couldn’t wait to divide the community and crash the price, and perhaps none of this would have happened (at least not so soon) if it wasn’t for Craig S. Wright’s influence”.
Other characters had already described Bitcoin Cash as a dead Project. Recently, Cobra, the co-founder of Bitcoin.org and the popular Bitcointalk forum recently commented that both Bitcoin Cash and Bitcoin SV lacked the solidity needed to endure over time.
I’m convinced @rogerkver and many other Bcashers will return to being Bitcoiners again sometime in 2019. Let’s welcome them back with open arms. At this point even Roger is beginning to realize he’s on the wrong side of history. Bcash is quickly dying.
— Cøbra (@CobraBitcoin) February 6, 2019
Time to sell all my BSV. Worthless shitcoin.
— Cøbra (@CobraBitcoin) January 7, 2019
However, the flappening happened not only because of the lousy performance of the BCH token and the bad decisions of the project leaders. Litecoin has been able to keep its community together, with significant developments and partnerships. The support to the Lightning Network Dev Team, the work on atomic swaps, its listing in a growing number of exchanges, the exploration of MimbleWimble, the support provided by institutions and even by communities of developers of other projects, ensured the success of Litecoin over time.