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Litecoin Price Rallies as SegWit Looks Likely

litecoin price

Over the past 30 days the price of Litecoin skyrocketed from $4 on March 26 to $14.7 on April 24, nearly beating a three-year high.

According to CoinMarketCap, Litecoin is currently ranked the fourth most capitalized cryptocurrency. It has outperformed Dash pushing it to the fifth place. The total market cap of Litecoin has reached $746.23 million (50,800,157 BTC).

The Origins

Created by Charles Lee, Litecoin is an alternative to Bitcoin, often dubbed Bitcoin’s silver. It’s based on the Bitcoin protocol, but it differs in that it can still be efficiently mined using consumer-grade hardware.

Another positive feature about Litecoin is that transactions are confirmed faster than they are with Bitcoin. According to data from Blockchain.info, the Bitcoin network’s long-term average transaction confirmation time is just over 9 minutes per transaction. The equivalent figure for Litecoin is roughly 2.5 minutes, according to data from BitInfoCharts.com. An analysis of Google search data shows that public interest in both currencies have been highly correlated since the launch of Litecoin in 2011.

bitcoin and litecoin

Cause of the Spike

Like its big brother Bitcoin, Litecoin is also going through a soft fork for SegWit. Litecoin now stands at 77% of the needed 75% for activation of SegWit. (In order to activate SegWit on Litecoin, 75 percent of the blocks need to signal for it, and it needs to last two weeks.)

Back in January, Litecoin founder Charlie Lee urged the Litecoin Mining community to support SegWit in any way they can, calling it not only a huge improvement for Litecoin but also “the chance to open a new paradigm for blockchain technology”.  At that time, the approval rate was just 10 percent, but on April 1st, it boomed when F2Pool, Litecoin’s largest mining pool, started to signal for SegWit. This could have been the reason for the recent price surge, as insiders likely knew these events would happen before it became official.

F2POOL FOR segwitBat Pool, Litecoin’s fifth largest mining pool, joined in on April 4. Simultaneously, the price of Litecoin has doubled, peaking from around $4.30 to almost $9.50, before settling back just under 9 USD.

As the time of writing, F2Pool, Antpool, LTC1BTC, LTC.top have signaled SegWit on Litecoin. It seems that SegWit is just around the corner. In theory , Litecoin adopting SegWit before Bitcoin would make it the better coin. But no one is sure about this as the consumer price of Bitcoin and Litecoin usually trend in similar patterns. What we are confident is that Litecoin could be essential to help solve problems being faced in the crypto space.

COMMENTS(10)

  • pooya87
    8 months ago pooya87

    activation of SegWit on litecoin will surely make it a better coin but it won’t make it a better coin than bitcoin. litecoin is still going to be the same altcoin that copied bitcoin code and still does, and only changed to script algo and changed the block time generation to a faster one!

  • Doofus
    8 months ago Doofus

    Quote from: pooya87 on April 25, 2017, 08:07:47 AM
    activation of SegWit on litecoin will surely make it a better coin but it won’t make it a better coin than bitcoin. litecoin is still going to be the same altcoin that copied bitcoin code and still does, and only changed to script algo and changed the block time generation to a faster one!
    but the fact is in the first quarter of 2017, bitcoin prices only increased 10%. And it is suffering net congestion. and the queation is if segwit turned into a big success on litecoin, will segwit be activated on bitcoin?

  • pooya87
    8 months ago pooya87

    Quote from: Doofus on April 25, 2017, 08:28:48 AM
    but the fact is ~in the first quarter of 2017, bitcoin prices only increased 10%. ~And it is suffering net congestion. * and the queation is if segwit turned into a big success on litecoin, will segwit be activated on bitcoin?

    you need to check your “facts” again:~ stop looking at short term. short term is always affected by idiocy. price has gone up 181% compared to last year same time.~ it is suffering from spam attack and that is a big difference.* maybe yes maybe not.

  • BitcoinAllBot
    8 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • cryptopascal
    8 months ago cryptopascal

    This account is probably an auto-posting bot: https://www.reddit.com/user/8btccom

    Can it be banned, mods?

  • miningmad
    8 months ago miningmad

    How is $4 to ~$15 = 200% increase?

    /confused by math

  • chickunarisechickun
    8 months ago chickunarisechickun

    15 / 4 = 3.75
    China: 1.3 billion people => 3.75 / 1.3 = 2.88
    2.88 – 0.88 (fees) = 2
    2 * 100 = 200%
    200% !!!!
    ILLUMINATI CONFIRMED

  • andonevris
    8 months ago andonevris

    /confused by math

    so is the author

  • ethMonkey
    8 months ago ethMonkey

    $4-8 is the first 100%
    $8-16 is the second 100%
    Add them together 😀

  • Doofus
    8 months ago Doofus

    As Antpool and F2Pool are signaling Segwit on Litecoin, it seems that SegWit on Litecoin is just around the corner. Now 77% blocks are for Segwit and litecoin price rises to 14 USD.(http://news.8btc.com/litecoin-price-surges-200-in-a-month-as-segwit-looks-likely) Is it possible that some one uses this chance to buy up litecoin and sell them all?

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