The billionaire founder of Galaxy Digital, Mike Novogratz, has openly expressed his distaste for LTC on CNBC.
Chat with host Joe Kernen, Mike has discussion on the Fed’s (Federal Reserve) moves regarding the macro landscape that will take place in 2022. From that note, Novogratz spoke of a “great crypto adoption cycle,” which he thinks will maintain the current price form.
“You’re seeing this adoption cycle move quickly. There has been $30 billion in venture capital money pouring into space.”
Although cryptocurrencies are currently performing amid a volatile macro backdrop, he concluded the asset “could still do well.”
However, when it comes to spreads among the top digital assets, Novogratz said LTC doesn’t guarantee the level of exposure it gets.
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What does Novogratz say about LTC?
Switching to CNBC’s crypto ticker table showing Bitcoin, ETH, LTC, XRP, and DOGE, Kernen has ask former fund manager, did you change any coins?
Novogratz singled out LTC for its lack of community engagement, citing its poor state of technological innovation.
“It’s weird to me that LTC comes out on top of any coin, you know… Litecoin isn’t everyone’s playground, it’s not the technology…”.
When asked what coins should be on the board in that position, Novogratz suggested Solana or Terra. The reason is that both projects are receiving enthusiastic attention from the community and are also undergoing many innovative developments.
“SOL, LUNA are cryptocurrencies that are receiving interest from a growing community. And what we look at is what is the foundation that is building everything, where is innovation, what is development? And so I want SOL and LUNA there.”
How does MimbleWimble progress?
At the beginning of 2021, LTC is 4th on CoinMarketCap, while SOL is 112th and LUNA is 62nd.
Over a 12-month period, SOL is currently 5th, LUNA 9th, while LTC is on the verge of falling out of the top 20.
Throughout 2021, discussions about Litecoin MimbleWimble privacy integration come to the fore. While the story has driven the rollout, the integration isn’t ready for release as of yet.
Latest update from developer David Burkett on 3/12 shows The project is still in the debugging phase.
However, a report Recent news from Kraken paints a positive picture for LTC as it enters 2022. Researchers say the on-chain activity of “digital silver” is starting to increase and this could translate to a “growth wave”.
They also show a steady increase in the number of active addresses and hit an all-time high of 606,703 on 10/10. Plus, in the last time such a setup occurred, LTC went into price discovery mode.
LTC 4-hour price chart | Source: Tradingview
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