Defying the Critics: Litecoin (LTC) Is up 20% Over the Last 2 Weeks

via QuoteInspector.com

On September 14,¬†Multicoin Capital, a sizeable crypto hedge fund¬†backed by notable VC Fred Wilson with $75 million AUM, called Litecoin¬†(LTC) a¬†“relic of the pre-smart contract platform crypto ecosystem” and recommended a short-trade on the cryptocurrency that was trading at a year-low in a published¬†report.

Since that time, the price of Litecoin has jumped nearly 20% from $53.50 to $63.41.

CoinCodex

Much of the momentum came after Charlie Lee, the founder of Litecoin, released an 11-tweet response that went point-by-point in an attempt to dispel the assertions made by Multicoin Capital.

Adding further pressure on Multicoin’s bearish call is the fact that short interest on Litecoin has dropped off over the last week. Previously, short interest was sitting at more than $10 million in LTC sold short, but today that number has been reduced to roughly $6.4 million.

Bitfinex LTC/USD Short Interest via TradingView

Given that Litecoin continues to put in higher lows since September 12, a new bullish trend could be forming, indicating more pain ahead for the leading crypto hedge fund. LTC is currently valued at $3.7 billion, ranking it 7th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: Litecoin (LTC) Creator Fires Back at Bearish Traders and Hedge Funds
Similar: Ethereum (ETH) and Litecoin (LTC) Short Interest Drop-Off as the Crypto Market Rallies

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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