Litecoin (LTC) led the charge over the weekend as a surge of investment across the board sent many crypto prices into overdrive.
But it was Litecoin that stole the show.
It rose 60% last week and sits at AU$100.61 at time of writing. And unlike many of the cryptos that pulled back in price on Sunday, Litecoin seems to be holding onto its gains.
Founded by Charlie Lee, a former Google employee, Litecoin is often referred to as the silver to bitcoins gold (BTC). Like its rival, LTC uses blockchain technology to complete transactions.
However, like silver, it is easier to use, and its purpose is to ‘get things done’ at a faster and cheaper rate.
And this is what’s behind the recent price rise.
Litecoin is in the process of implementing what’s known as ‘The Lightning Network.’ This is a technical feature that bitcoin has long promised but has struggled to deliver as a result of some difficult politics.
The more harmonious Litecoin development team has stolen a march on its more well-known cousin and is currently a superior technology for the processing of payments at scale.
This cryptocurrency is looking like an increasingly good hedge against bitcoin development uncertainty.
Elsewhere, prices across the crypto board have stabilised a bit in the last 24 hours from their earlier surge (in AUD).
Bitcoin: $5,746, +0.97%
Ethereum: $424.36, +1.61%
Ripple: $0.2877, +1.66%
Bitcoin Cash: $735.39, +4.04%
Dash: $466.17, +3.31%
Bitcoin holds steady near all-time highs
The price of bitcoin has retreated from the all-time high of AU$6,200 it hit over the weekend and now sits just under AU$5,800.
However, at least one analyst sees this as a buying opportunity.
Ronnie Moas, the founder of Standpoint Research, contends that the price break is the work of larger traders who want to build up even bigger positions in the cryptocurrency:
‘When people panic and start selling, they are going to come in quietly and start buying again. So it’s buying 50,000 then dumping 20,000, for example.’
Bitcoin Cash remains stable
The acrimony between the BTC and BCH communities remains red hot if the Twitter-verse is anything to go by.
And not just from random supporters.
Well-known bitcoin cash supporter Roger Ver copped some Twitter flak from Litecoin creator Charlie Lee for tweeting that half of his staff accept some of their wages in BCH. Lee replied: ‘Half of your team wanted to be paid with uncensorable money. The other half were willing to accept a cheap knock off.’
Regardless, the BCH price remains steady, and the project is still in early days.
Ethereum (ETH) outshined by Ethereum Classic (ETC)
Ethereum Classic (ETC), the fork of Ethereum (ETH), was up over 30% at one stage over the weekend, though it has pulled back to AU$23.66 over the past 24 hours.
ETH on the other hand failed to break out to new highs, and has fallen around $50, to AU$442.91, today.
It is not immediately clear what is fuelling this ETC price climb.
Barry Silbert — whose Ethereum Classic Trust reportedly holds 3.6% of the circulating ETC supply — stated on Twitter that he believes the cryptocurrency serves as a solid store of value, even if it never becomes a central hub for decentralised applications like ETH hopes to be.
Ripple talking Chinese
The fintech company and officials from the People’s Bank of China are having talks about the public blockchain platform RCL — Ripple Consensus Ledger.
Ripple has seen a surge of trading volume as interest picks up on their increasingly bright prospects.
With interest growing around the world, there has never been a better time to learn more about the incredible potential with cryptocurrencies. But there are some very real risks for investors. Don’t invest until you’ve read Sam Volkering’s latest special report.