If you can’t handle Litecoin dropping to $20, don’t buy!, Litecoin founder

Litecoin and other altcoins have seen a tremendous increase in their value in the past few days. This week has turned out to be a week of celebrations for the altcoin investors. Because ever since Bitcoin futures began trading, the value of these crypto coins is increasing.

As a result of price fluctuation, a lot of people hopped to trading platforms to get a piece of value. Coinbase faced outage as the trading of Litecoin and Ethereum increased due to hike in their prices. At the time of writing this, Ethereum (ETH) is being traded at $657 which is 25% increase in value in a day. Litecoin (LTC) $313, again this is 28% increase in value in a single day. Ripple (XRP) $0.497 which is over 100% increase in value in a single day. If you want to check out their current value, you can visit TechJuice website on desktop to get to know latest rates in USD and PKR.

While Litecoin buyers were rejoicing on Reddit and placing their bets on the further increase in the value of Litecoin. The founder of Litecoin took to Twitter to issue a warning.

He said,

“Sorry to spoil the party, but I need to reign in the excitement a bit…,” he mentioned. “Buying LTC is extremely risky. I expect us to have a multi-year bear market like the one we just had where LTC dropped 90% in value ($48 to $4). So if you can’t handle LTC dropping to $20, don’t buy!”

Litecoin’s value has increased by 5000% this year. Litecoin can be called as the younger sibling of Bitcoin. It is usually shadowed over by the Bitcoin due to the similarity in its protocol. Litecoin has a different mining protocol and it consumes less electricity.