Litecoin in the race to catch up: Upgrade ensures upswing in share price

As the share price rises, investors again take a look at one of the first, albeit almost forgotten, digital currencies: Litecoin!

The crypto currency, then celebrated as the silver counterpart to the golden Bitcoin, has fallen into oblivion over the last few years and in the shadow of many new digital currencies. But this could change now, because Litecoin will probably enforce an upgrade, because Bitcoin is currently failing miserably. More and more Litecoin miners are showing support for Segregated Witness (or SegWit), a solution initially intended for the Bitcoin blockchain.

While the Bitcoin case continues to be hotly debated at the political level and a SegWit majority is being wrested, the Litecoin case already shows an 83% SegWit majority (Bitcoin 28%). Should this remain so for the next two weeks, the SegWit update will go live on the Litecoin blockchain.

The answer of investors and enthusiasts to the Bitcoin loophole is clear

The market volume has more than doubled from 215 million US dollars to 520 million US dollars with a current Bitcoin loophole exchange rate of 11.30 US dollars: Now it remains to be seen whether the capital will hold up in the long term and whether Litecoin will also prove its worth from a technological point of view.

Even though SegWit only means a small code update, the technical development clearly speaks for the team behind the digital currency. If the consensus can be maintained for 2 weeks, not only the developers, but also the whole Litecoin community will shine with unity.

Charles Hayter, co-founder of CryptoCompare, said in an interview with CoinDesk:

“The activation of SegWit on the Litecoin blockchain is a strong plus for the currency. Litecoin is starting to make progress where Bitcoin, driven by conflicts of interest, stands in its own way.”

Now the rule is: hold consensus

Other investors see Litecoin’s pioneering behaviour as a steep step for Bitcoin:

“If the SegWit upgrade is successfully implemented on the Litecoin blockchain, Bitcoin will certainly follow and regain all competitive advantages,” says OTC trader Harry Yeh.

The influence of SegWit
However, analysts see SegWit as a potential driver for the strong rise in Litcoin’s share price.

Petar Zivkovski of the Whaleclub says that part of the Bitcoin market could migrate to Litecoin if the scaling debate in the Bitcoin case does not end soon. Both digital currencies have a similar code base.

“A SegWit activation would very likely create a bullish mood on the Litecoin market in the medium term and drive up prices,” says Zivkovski.

Nevertheless, Zivkovski also sees all of Litecoin’s achievements as a step forward for Bitcoin, as Bitcoin is the digital currency with the highest current acceptance worldwide.

Leave a Reply

Your email address will not be published. Required fields are marked *