Litecoin Price Rising But We can Only Speculate Why. Well I have a little more than just mere speculation.
In 2016 it was said that Litecoin (LTC) wasn’t a very good cryptocurrency to trade. But I tell you this … in 2017, the sleeping giant has arisen from the dead. The trend is Bullish as indicated in the coinmarketcap.com. See the comparison with the top 10 in terms of the upward trend.
Litecoin price has jumped 8% in the last 24 hours, altogether jumping over 35% in just 7 days! Has the party began or is this just a short-term blimp?
Among the cryptocurrencies with more than a billion in market capitalization, sixth ranking NEM also delivered an impressive gain at 22.76 points, while seventh place Dash jumped 17.25 points and Ethereum increased by 16.88 points.
CryptoQueenWiki is happy to say that each of these cryptos are in her portfolio. Remember I don’t advise anyone on which cryptos to trade nor invest. That’s my disclaimer and I am sticking with it!
We also know that generally speaking, when the price of bitcoin stabilizes as it has, liquidity shifts into the altcoin markets. Litecoin has benefited from this phenomenon.
Litecoin got a healthy pump in June when BitGo, the leading multi-signature technology-based service provider that works with some of the largest bitcoin exchanges and trading platforms, began to support Litecoin and provide security services for Litecoin platforms.
The BitGo pump came on the heels of Charlie Lee, the creator of Litecoin, announcing plans to resign from his position as Coinbase director of engineering to solely focus on the development and innovation of Litecoin. Lee noted that the decision of the BitGo development team to implement Litecoin and provide multi-signature security services for Litecoin-based platforms and service providers is a major step for the Litecoin community and industry.
But that is not all folks!
Let us talk about Segregated Witness (SegWit). This is something that the Chinese miners were definitely NOT feeling.
But In late April, Lee convinced Chinese Litecoin miners to signal for SegWit to fix transaction malleability. On April 21, the Litecoin Global Roundtable Resolution 001 was announced, in which major mining pools including Bitmain (Antpool), BW.com, F2Pool and OKCoin expressed their support towards the activation of Segwit.
The activation of Segwit marked a major milestone for both Litecoin and bitcoin, as it demonstrated the possibility of activating Segwit to the Litecoin and bitcoin communities.
The SegWit activation led to an increase in the demand for Litecoin and a surge on the development side. Within three months of the SegWit activation, Litecoin’s market cap increased from $200 million to a staggering $2.5 billion, recording a 1,150 three-month increase. In that short period of time, Litecoin became the fourth most valuable cryptocurrency in the world by market cap, surpassing Ethereum Classic, Dash and NEM.
If there’s one thing that can be said about the markets, it’s that trends don’t last forever. Any market that’s still alive with decent liquidity tends to go through cycles. Litecoin (LTC) currently ranks #3 for cryptocurrency trading volume and is #4 for market capitalization. As a matter of fact it is ranked #1 in trading volume today!
Lets continue to support the cryptocurrency community, technology and blockchain. There is definitely a lot more to come and a lot more to talk about!
Faith “CryptoQueenWiki” Sloan
Find me in facebook as “Faith R Sloan”