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Litecoin Is Down By More Than 10% In The Past Month. Will The Same Fate Awaits Metacryp?
As with any physical phenomenon we experience, certain internal and external factors contribute to it.
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As with any physical phenomenon we experience, certain internal and external factors contribute to it. The same logic applies to the crypto market, where particular coins rise even in the bear market while others fail spectacularly. Although it is true that typically, all the altcoins follow Bitcoin's (BTC) trajectory, there are certain cases when this isn’t the consensus.
Seeing into the future is impossible, but with a little luck and serendipity, one can predict which coins will join the ashes of history and which will reign supreme. Today, we will test the aforementioned hypothesis by looking into the internal and external factors of Litecoin (LTC) and MetaCryp (MTCR). Let's dive in.
Since Litecoin (LTC) was Bitcoin's hard fork, think of it as a little brother, which just like its older sibling is a peer-to-peer cryptocurrency, but designed to be swifter at processing transactions. Litecoin represents a blockchain solution that is fully decentralised and borderless across different exchanges. It is also super fast (i.e., for Bitcoin, it takes around 10 min to create a block, while with Litecoin, it is 2.5 min). Due to more frequent block generation, the network supports more transactions without needing to modify the software in the future.
So evidently, Litecoin is doing great internally as it enables faster and zero-cost payments to anyone worldwide. You do, however, pay a heavy price for transaction speed, which is connected to the network's privacy. On May 19, 2022, the long-anticipated Litecoin's upgrade "MimbleWimble" arrived, and although on paper, it sounded great, the reality was somewhat different. Since transactions on Litecoin are very transparent via its default settings, this has long been a concern for privacy issues.
The new upgrade resolves this problem by allowing users to move their litecoins into "Extension Blocks", effectively forming a parallel blockchain and, thus, concealing transactions within these blocks, addresses, and the money involved. Following this news, many exchanges, like Bithumb and Upbit, were forced to delist Litecoins (LTC) due to KYC and AML regulations imposed by the South Korean government.
This entails that the seemingly positive internal change employed by Litecoin's upgrade faces external reality and, instead of pushing the price of (LTC) north, it’ll travel south. This is an existing project, but would the same logic apply to an upcoming one?
MetaCryp is a new kid on the crypto block; however, even before its official launch, it has attracted undivided attention of the community. Sure, we are entering speculative territory here, but judging from its white paper, MetaCryp utilises the external industry trends to deliver a product that coincides with its internal characteristics.
It is no secret that Play-to-Earn (P2E) gaming and NFTs represent the future of Metaverse development. In-game economies would be based on players' buying, selling, and trading items. Along the way, the (P2E) model would stimulate players to continue playing because hefty profits would reward the players' input. And if NFTs are representing everything, stretching from simple in-game items to avatars, land, and even separate sub-metaverses, in such a scenario, the potential for development is immeasurable.
Lucky for us, the MetaCryp project does not only address all of the aforementioned points but actually goes beyond that. One of the problems many metaverse games face, built on the Ethereum blockchain, is the problem with speed and the network's computational capacity. MetaCryp resolves this problem by building on top of the Binance Smart Chain (BSC), making transactions faster and considerably cheaper than its counterpart.
Here we can witness how the internal strengths of the MetaCryp project are efficiently used to match the existing external trends and latest technological innovations to produce a revolutionary product. Considering that the metaverse market is expected to surge to 678.8 billion USD by 2030, while the gaming industry in 2021 has topped the 180.3 billion USD mark of total revenue, it looks like MetaCryp has a bright sustainable future onwards.
This short dive into the external/internal crypto dialectics entails that one factor can not determine the outcome of the coin's trajectory. The example of Litecoin proves that seemingly internally beneficial upgrades can meet harsh external conditions, leading to a price decrease. In contrast, with MetaCryp, when choosing its internal qualities, these are mirrored equally in the external factors. The likely result - the price will most likely travel skywards.