The worth of litecoin surged to a greater than three-year excessive earlier as we speak.
Over the course of a very lively session, the cryptocurrency, as soon as marketed to because the “silver to bitcoin’s gold”, reached as a lot as $15.09 at roughly 00:30 UTC, its highest since March 2014, in accordance to information from CoinMarketCap.
At the time of report, the digital asset had fallen barely to $14.48 – but this determine was nonetheless thrice larger than worth noticed final month.
After years of dormancy, litecoin has seen its worth rally these days because it comes ever nearer to acquiring the miner help it wants to activate a technical improve known as Segregated Witness. (Should present help ranges maintain, it is anticipated improve will “lock in” in about two weeks).
At the time of report, 77.81% of litecoin miners had been signaling their help for the improve. SegWit, an answer initially created for bitcoin, would improve litecoin’s block capability by decreasing the quantity of information related to every particular person transaction.
As such, the help that miners have been exhibiting for this resolution is cited as the first affect on the current worth improve.
“Over the past week, LTC basically moved in tandem with the percentage of miners supporting it. Miner support is now 99.65% [in the past 24 hours], so litecoin is doing well,” mentioned Tim Enneking, chairman of cryptocurrency hedge fund Crypto Asset Management.
Over the long-term, litecoin’s implementation of SegWit might have many optimistic implications, different analysts mentioned.
Jacob Eliosoff, a cryptocurrency fund supervisor, spoke to this case:
“I think this is very positive for litecoin. It is showing that that community can come together and make progress.”
Trampoline image through Shutterstock; Graph picture through CoinMarketCap