Litecoin has gone up some 30%, rising from around $16 to now trade at almost $23, giving the currency a market cap of $1 billion, the fourth biggest in this space after Bitcoin, Ethereum and Ripple.
It’s trading volumes over the past 24 hours have also considerably increased to $300 million, just slightly more than eth and around half of bitcoin’s volumes which are partly made of bitcoin to altcoin trading.
This sudden rise is primarily due to Coinbase adding Litecoin yesterday. They said the addition was part of their plans to move towards a “digital assets” company, rather than just a bitcoin company.
The listing is made after Litecoin gained some attention due to their plans to implement Segwit. In just one month, it rose from $4 to now $23 after the currency became a bit interesting due to the miners’ maneuvering regarding Segwit activation.
Eventually, they all agreed to go ahead with it, locking in Segwit, which now should activate in about one week. Afterwards, they are to launch the Lightning Network (LN), a second layer protocol which facilitates micro-transactions.
The problem is, no many are using Litecoin. It barely has around 4,000 transactions on a normal day, compared to bitcoin’s 250,000 and eth’s 100,000. T
So the currency is sort of just a bitcoin clone, without any smart contracts or other advanced tech, but since bitcoin is having difficulties activating segwit, they have. Now, they’ll probably just show LN to bitcoiners once it’s launched, we’ll probably write one or two articles about it, then what’s left to say about litecoin?
The entire price movement, therefore, seems very temporary and just a spill-over from bitcoin which still can’t make a decision after now more than two years of “debate.”
Disclaimer: The views expressed in the article are those of the author and do not represent those of, nor should they be attributed to CCN.
Featured image from Shutterstock.
Last modified: May 21, 2020 9:54 AM UTC