Litecoin News Update
Oddly, today’s leading Litecoin news comes from outside the cryptocurrency space. It concerns the ongoing threat against net neutrality, which, if you haven’t been paying attention, is the cornerstone of the Internet.
If you are unfamiliar with net neutrality, try to imagine that your Internet provider could charge you more for going to Web Site A than for Web Site B. Or that they could charge Web Site B a premium in order to level the playing field. It sounds unfair, right?
Net neutrality is a law that keeps us from slipping into that hellish future. And yet, the current Chairman of the FCC, Ajit Pai, is trying to dismantle all the net neutrality safeguards that kept the Internet both fair and free.
How does this affect cryptocurrencies?
Well, imagine if Internet service providers throttle access to cryptocurrency exchanges. Imagine if they let some investors buy faster services than others. It would lead to high-frequency trading, or what effectively amounts to a tax on investing in cryptocurrencies.
In short, the loss of net neutrality could derail the entire momentum of cryptocurrencies.
What’s Going on with Litecoin Prices?
On Thursday morning, Litecoin prices started to accelerate once more, rising 3.5% against the U.S. dollar. This upward momentum put the Litecoin to USD exchange rate at $73.83. At the same time, the Litecoin to Bitcoin rate surged 4.15% to 0.00898843 BTC.
How Active Are Investors?
Trading volumes fell 31.8% between November 21 and 22, from $231.67 million to $157.89 million. However, they picked up through the early morning hours, hovering around $222.18 million as this article went to press. The boost in trading activity helped raise the currency’s growth.
Where Is LTC Demand Coming From?
As for the hot spots in market activity, Bithumb stole the top spot from GDAX on Thursday. It accounted for 16.13% of total activity, whereas GDAX, an American exchange tied to Coinbase, accounted for just 13.81% of trading volumes.
Since Bithumb is a South Korean exchange dealing in LTC/KRW pairs, it’s safe to say that Litecoin’s tailwind is blowing from the East. Bitfinex came in third at 10.9%, and all others were in single digits. This spread of support, coupled with high volumes, is a positive sign for LTC.
We are worried about Pai’s plan to kill net neutrality, but the response has been swift. All across the Internet, communities are gathering signatures to protest the action. This type of collective action has spurned attacks on the Internet before, so we are hopeful it will happen again. As such, we maintain our Litecoin price forecast of $200.00 by the end of 2018.