Litecoin Not the Next-Best Anymore?

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Litecoin Not the Next-Best Anymore

Iceland’s Auroracoin has passed Litecoin in market cap

ForexMinute.com – The Bitcoin’s downgrading nature had indeed opened up gates for other cryptocurrencies. And the most incredible jump is seen in Iceland’s digital currency Auroracoin, which has recently surpassed even the Litecoin in the context of market cap.

At press time, the Auroracoin has taken a marginal leap to $335,772,057, whereas the Litecoin’s market cap falls just behind at $324,767,197.

Inspired by Litecoin itself, Auroracoin had recently garnered quite an attention when its developer Baldur Friggjar Ooinsson announced to distribute it for free among the Iceland’s denizens. The Robin-Hood-like entrepreneur was quite sure about balancing the Iceland’s falling economy by distributing the coin, but now is quite surprised with its meteoric rise.

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Speaking to CoinDesk, he has hoped that the Auroracoin’s high value will garner the Icelanders’ trust in the virtual currency. They will also be ready to claim and use the coins his team will distribute later this month. “What I did not expect was the sheer volume of speculation that would go on,” he said, “I thought a market cap of $20m would be a huge success and enough to get Icelanders excited.”

The man has also shown its concern over the sudden rise of Auroracoin in his recent tweet. “What will all this speculation do to the Airdrop? My fear is that things are overheating,” his tweet says, owing to the excessive speculation people have from Auroracoin.

Whilst, the good-intentional Auroracoin is still turning into an eye-candy of many investors, the same thing that had once happened to Bitcoin. Baldur’s concerns seems to be genuine when he talks about the coin’s decentralized nature and its impact on its success. He suggests his own people – the Icelanders – about do something well these coins other than just immediately sell them. “This aspect of the coin can’t be centrally planned, it has to grow from the community,” he says.

To contact the reporter of the story: Jonathan Millet at john@forexminute.com