Litecoin Range Bounding After Record Price – South Korean and Chinese Trading Volume Leaders
Since Yesterday Litecoin price related writing with its Creator Charlie Lee tweeter comment pointing out the $3 bln market cap and the price climbing past the $60 – the LTC/USD pair hit the Record value of $64 and after correcting it is range bounding but with stable ground holding its position.
If we look back to the market history of Litecoin since it launched, in June 2014 after the price broke $50 and could not hold that ground for even a day, it did correct and decline low as a single digit number. With the plan out to use Segregated Witness (SegWit) for the malleability fix on Bitcoin Blockchain Network, but Litecoin successfully adopting the code for itself it gave confidence to the community and the virtual currency was looking more promising than ever.
It took a month-long development in price to take the momentum for gaining and breaking the previous all-time high targeting above the $64 mark.
It all concluded of the significant trading volumes taking place in Asians Exchanges like Bithumb and OkCoin.cn or Huobi. During the price breakout, Bithumb the leader of the pack was $130 million in trading volume in 24 hours further dominating compared to Poloniex ($180 mil – $55 mil).
It all started, as predicted with Tuur Demeesters market analysis that Bitcoin-Cash sell-off after gaining created initial profit and made the Asian traders move to Litecoin.
Hoisting the energy more with positive developing news did Charlie Lee the creator that did comment for the Cross-Chain (network) Transaction swap made at ease with Lightning Network 0.3 implementation.
“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.
So, a cross network swap activation between LTC/BTC does give great strength to “the Silver coin” just because a power horse market like BTC with a $72 bln market cap is supporting the event.