Litecoin [LTC] is a glorified testnet for Bitcoin; sell LTC and buy BTC, says Mike Novogratz

Litecoin [LTC], the Vegeta to Bitcoin’s Goku and the silver to Bitcoin’s gold, has been making headlines with news pertaining to its adoption, price, and upgrades. The fourth-largest cryptocurrency has been going north since the past two months, with the coin smashing some key resistances. Additionally, the silver coin gained momentum during the bull run that took place earlier this week, resulting in the coin breaching the $90 mark, while Bitcoin crossed the $5000 mark.

However, the coin’s surge was questioned by one of the well-known influencers in the space, Mike Novogratz. According to CoinMarketCap, at press time, the coin had taken the second position in terms of the biggest gainer in the past 24 hours, with a hike of over 6 percent. The cryptocurrency was trading at $86.87 with a market cap of $5.27 billion and a significant rise of over 40 percent in the past seven days.

The Founder of Galaxy Digital also prompted the community to sell their Litecoin holdings and buy Bitcoin. He tweeted,

“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”

Twitter user, Jon Moore, responded to Novogratz,

“Like most rich out of touch Billionaires you have No clue about the use case for payments. LTC is much cheaper to send, 4 times faster than BTC and is also compatible with Lightning Network. People actually use LTC dude!!”

Apart from this, some in the community have also pointed out upgrades such as MimbleWimble and the upcoming halving, whereas others stated that Litecoin’s transaction cost and speed were better than the digital gold, Bitcoin.

@naval, another Twitter user, said,

“Your general point stands. IMHO the gap exists because $LTC represents the scenario in which $BTC was the correct design, but a one-time flaw or external action takes down $BTC and leaves $LTC as the heir to the Shelling Point. Gold and Silver don’t really have that dynamic.”