On the previous day-writing related to crypto-price analysis, one of the selected to be mentioned and put on the table was Litecoin “The Silver to the Bitcoin” and there is no regret to that with today’s market experience it went through.
For the passed value development, it was highly recommended for cautious when it comes to LTC/USD upward path as it was very much range bounding, especially close to the previous heights resistance for example the $50 major psychological barrier.
However as predicted, in the case the price break over that particular level, the pair Litcoin against the US Dollar would be targeting next the $65 mark.
Right for the moment it is trading at around $59.05 (just below the significant $60 with strength to pass even that) with a market cap of approx $3 billion. Climbing only in the last 24-hours for 15.45 percentage points.
According to Tuur Demeester – Bitcoin Cash Sell-off and the compatibility with bitcoin because of its positive and enabled Segregated Witness (SegWit) on its network could be causes for the price increase.
The SegWit – by the Bitcoin Core Development team is a transaction adoption, fluctuation malleability fix and scaling solution, was first activated and “used” by Litecoin in July so this resulted as a confidence-giver for the Bitcoin community to implement the SegWit in its network.
On the other side, you have Charliee Lee that significantly support and uproots the Cross-chain Network swaps that could be possible with Version 0.3 of LND:
“Version 0.3 of LND added a Litecoin operating mode as a step towards multi-chain Lightning Network for cross-chain atomic swaps. I’m working with [Litecoin Foundation Directors] Xinxi Wang and Franklyn Richards today to test out Lightning on Litecoin mainnet. Any real litecoins lost will be worth it,” Lee said.
With Lightning Network 0.3 to be released, all cross-blockchain swaps for Litecoin and bitcoin will be done at ease and seamlessly. A cross-connection with Bitcoin, a $72 billion network is just another plus for the Litecoin Surge that will happen.
A very similar surge took place on Aug 23 from $47.40 to $54.42 which was followed with an above-supports sustained movement. Lets hope that this particular development now will have the same outcome. However, for any risk-trade/investor – any value that goes fast up, will be coming down sooner or later however with the team backing up LTC and how the market indicators are showing now quite a bright future awaits for the “Silver Coin of Crypto”