Litecoin (LTC) has jumped up 12% in today’s crypto trading as traders look to hedge their bets on bitcoins (BTC) SEGWIT implementation which is due any day now.
At time of writing it’s at $65.56.
In comparison BTC and ethereum (ETH) are trading steadily without moving out of their short term price ranges.
Bitcoin price is at $5,295 and Ethereum price is at $401.09.
The SEGWIT implementation is a crucial upgrade to the protocol of BTC, bringing to an end a year-long debate on the best way to scale bitcoin and make it fit to handle increasing volumes of transactions.
It’s been a tumultuous process though and has resulted in a fractured bitcoin community. On the 1 August a competing bitcoin vision, bitcoin cash (BCH), forked from BTC and this project is implementing an alternative scaling process.
Bitcoin Cash Price is currently trading at $838.
But some think a successful BTC SEGWIT implementation could spur BTC onto even greater heights. It fixes some of the known problems and paves the way for future developments such as the Lightning Network, an improvement developers claim will make BTC capable of possibly billions of transactions per second.
For now it seems traders are looking to LTC in the short term as a safe place to park their money till the BTC protocol completes.
LTC has already implemented its own form of SEGWIT with no problems and has stolen a march over BTC in the development stakes.
The next few weeks could be crucial for the future of BTC and the price could move hard – in either direction. And as always with crypto investing, it’s sure to be volatile.
Ryan Dinse, Analyst
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