Litecoin Price Up 12% As Bitcoin’s SEGWIT Moment Draw Near

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.

Regards,

Ryan Dinse, Analyst

PS: If you’re interested in finding out more about how you can get started in the world of crypto investing check out this free report. It’s an exciting yet dangerous place to invest for the uninformed.


Ryan Dinse is an Editor at Money Morning.

He has worked in finance and investing for the past two decades as a financial planner, senior credit analyst, equity trader and fintech entrepreneur.

With an academic background in economics, he believes that the key to making good investments is investing appropriately at each stage of the economic cycle.

Different market conditions provide different opportunities. Ryan combines fundamental, technical and economic analysis with the goal of making sure you are in the right investments at the right time.

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