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Litecoin Becomes The Showstopper Of The Latest Crypto Craze

Litecoin news | Litecoin price | Latest Cryptocurrency news

With the whole world going into a frenzy given the recent Bitcoin price surge, cryptocurrency aficionados are feeling bullish regarding Litecoin, the dark horse of digital currency world. Litecoin prices have experienced a steeply priced curve backed up by a 100% value hike since mid-September.

Various analysts linked Bitcoin’s recent gains along with Litecoin’s upward price movement. Tim Enneking, the managing director of Crypto Asset Management stated, :“Litecoin is just cruising in Bitcoin’s wake.”

Marius Rupsys, a renowned digital currency trader also asserted that the recent price upsurge of Bitcoin is the foremost reason behind Litecoin’s gains. CryptoCompare CEO and co-founder Charles Hayter also linked the Bitcoin price storm with  “the majority” of Litecoin’s price hike. Hayter drew reference to the common saying that “a rising tide lifts all boats” while describing the current situation.

The cumulative market capitalisation of digital currencies surpassed the $176 billion markrecently. This put them just a few steps short of the all-time high of $180 billion. Gavin Yeung, the CEO and founder of Cryptomover, a digital asset management firm also asserted about the fact that Litecoin has gained significantly from the upward price movement of fellow digital currencies.

A certain sect of experts also suggested that Litecoin’s price gain is the direct effect of lowering investor confidence on Bitcoin which was once being used as the ultimate risk hedging tool. Given the 500% price hike of Bitcoin, investors have greater chances of shifting gear to the Litecoin mode in case of possible price corrections.

Iqbal Gandham, the UK Managing Director of eToro, a social trading platform also voiced similar views while emphasizing the upcoming consequences of hard fork which might change the architecture of Bitcoin industry in coming months. He was quoted as saying, “I feel investors are looking at alternatives to Bitcoin in case the forks create too much chaos.”

Yazan Barghuthi, the project leader at Jubrel Network, a blockchain firm stated that Litecoin’s price rise received a positive inertia following a bevy of miners shifting base from Bitcoin Cash to the relatively safe haven Litecoin. In a field where profitability can turn tables, miners usually opt for currency tokens which guarantee more stable returns. Barghuthi feels that this is providing a positive stimulus to the mass exodus of traders from the Bitcoin plethora and into purchasing Litecoin.

More Reasons Why Litecoin Price May Rise in Future

Litecoin price have already surged and it has climbed more than 100% since the last month. Although, it has been attributed to the rise in Bitcoin prices as Litecoin is like silver if Bitcoin Gold. But when studying it individually, Litecoin price may rise in future because of the following developments going to happen in Litecoin.

MAST

At present neither Bitcoin, Ethereum nor does Litecoin has any privacy-oriented functionality right now. But soon it would have through MAST technology which is current under development. This new functionality will introduce additonal privacy by hiding “Lumped” transgers through a Merkle Root.

MAST will also introduce smart contracts to Litecoin.

MORE ATOMIC SWAPS

Litecoin has successfully passed the cross-chain atomic swaps. It has been tested recently by the developers by swapping Litecoin with Decred. Atomic Swaps provides the ability to trade cryptocurrencies on Blockchain in real time. Atomic Swaps could make cryptocurrency exchanges obsolete.

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