RATE Group | Litecoin ‘Digital Silver’ Narrative Is Proven Wrong, New Data Shows
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Litecoin ‘Digital Silver’ Narrative Is Proven Wrong, New Data Shows

24 Jan Litecoin ‘Digital Silver’ Narrative Is Proven Wrong, New Data Shows

Posted at 00:02h in Bitcoin News by

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The start of 2020 has seen considerable gains in the cryptocurrency market as a whole. Recently, Bitcoin (BTC) price reached a 2-month record high crossing above the $9,000 mark as well as other cryptocurrencies such as Litecoin (LTC) reaching $62.80 which is the highest price seen since mid-November 2018.

Cryptocurrency market weekly overview. Source: Coin360

Cryptocurrency market weekly overview. Source: Coin360

Cryptocurrencies’ volatile behavior is one of the main concerns raised by researchers and it complicates the argument that Bitcoin should be classified as a traditional investment asset and that it is a reliable store of value.

Amid those discussions, Bitcoin has been closely compared to gold, while Litecoin has been associated with being “the silver to Bitcoin’s gold.”

As reported by Cointelegraph, new data suggests that the actual correlation between Bitcoin and gold is not significant, as well as gold’s explanatory power of Bitcoin returns. Nevertheless, Bitcoin is still frequently compared to gold, particularly as…

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