Litecoin (LTC), a proof-of-work (PoW)-based peer-to-peer (P2P) cryptocurrency which uses the Scrypt mining algorithm, instead of Bitcoin’s (BTC) SHA-256 mining algorithm, has been criticized for not having a legitimate use case. Earlier this month, Michael Novogratz, the founder of Galaxy Digital, a full-service digital asset merchant bank, had argued that LTC’s recent price surge did not make sense. Novogratz, a former partner at Goldman Sachs, had compared (via Twitter) the market capitalization of BTC to that of LTC. He had noted that LTC was overvalued as he thought its market cap was unjustifiably high - as it stood at about 6% of BTC’s overall market share.
