SegWit on Litecoin (guinea pig for Bitcoin)
Currently we see Litecoin being worth almost $50. It is a same price we had around 10th May. Litecoin price was going up all of April in a preparation for SegWit being activated on 10th May. Even thou everything went smooth with the SegWit activation and previously pessimistic Litecoin developers were happy again with the price. Litcoin lost half of it's value during the next 30 day period. It is clear that the price went up too fast and with the huge dumps on the peaks it found support only after losing 50% of it's value.
Lighting ntework
The next big news for the Litcoin was Lightning network activation on 30th May. I personally thought that the price would start rising slightly before that date. Because of people speculating and buying into Litecoin after they have missed the SegWit train. But nothing happened and price continued to go down.
Recent developments in Bitcoin
Last week after Bitmain announced their contingency Bitcoin price started falling rapidly and most of the altcoins followed. Some of them more lost than Bitcoin and some of them less. In this case Litecoin showed some resilience losing only bit more than 4% of it's value while Bitcoin lost around 12%. And when the Bitcoin started to raise Litecoin was raising almost 3 times faster. We could be watching Litecoin decoupling from Bitcoin. But that certainly isn't set in the stone yet.
Another factor could be that people are scared of Bitcoin hard-forking. So they leave less space in their investment portfolio for Bitcoin and maybe more for Litecoin. As it is one of the few legitimate altcoins.
I try not to do any short-term predictions since the cryptocurrency markets are living their lives on their own. As for long term I see it one of the most reliable and valuable altcoins along with Monero. But that is a topic for another time.
Stay tuned!
And don't forget to follow me @eviljedi
Will Litecoin recover and go back onto its upward trend?
Great Informative Post
Most of the cryptocurrencies are falling at the moment! My guess is that as soon as it stops we will see Litecoin start testing new hights above 2kk satoshis and $50.
Congratulations @eviljedi! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!
Congratulations @eviljedi! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honnor on SteemitBoard.
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPBy upvoting this notification, you can help all Steemit users. Learn how here!