SegWit Confirms On Litecoin In 2 Weeks, LTC Could Hit $25
After much hassle, it has now been confirmed that the SegWit protocol will be activated on the Litecoin network by mid-May.
Its founder, Charlie Lee, confirmed in a tweet that SegWit will lock in and activate at the end of period 7 which he later clarified will fall in May. Though the process has been considered to have reached activation point at this period 6, the activation is said to occur one period after lock-in to give all miners time to upgrade or otherwise protect their nodes.
This clarity of the process comes after the roundtable meeting held with some mining stakeholders including Chinese mining pool operators where issues on how to remove misunderstandings and promote industrial consensus were discussed.
Lee has also confirmed that he is working on efforts to make Litecoin available on Coinbase.
Though a recent poll on his Twitter page to ask followers which they think will happen first between SegWit activation and availability for trade on Coinbase platform gets more about two-third going for the trading, both developments have the tendency to reflect on the price of the currency.
Litecoin price outlook
The founder had earlier suggested that its price could reach $14 when SegWit is activated. However, considering the drama that had preceded its signalling by major mining pools up till this point, the price has already reached the projected $14 and even $16 on some exchanges while SegWit is yet to lock in. so with the look of things, the activation proper will likely push the price to between $18 to $25. Litecoin’s availability on Coinbase – opening it up to markets in more than 30 countries – may take it to around $30.
At a recent presentation for Coinbase, Lee maintains that Litecoin is not meant to compete with Bitcoin but to be used for cheaper transactions while something like Lightning Network could be used to interconnect both major coins.
There are also suggestions that a successful SegWit activation on Litecoin would likely be a gain for Bitcoin whose activation process has been stalled for quite some time.