Litecoin News Update
Yesterday, we wrote that Litecoin and Dash are competing for the same corner of the cryptocurrency market. No sooner than we published that Litecoin news update, Dash overtook LTC in terms of market cap.
As a result, Litecoin fell to No. 6 on the list of top cryptocurrencies.
Part of the reason is that Dash has features Litecoin does not. For example, users can invoke extra privacy conditions on Dash. This puts it slightly ahead of both Litecoin and Bitcoin.
Dash also has a remarkably active community that resolves disputes by voting for a solution. This means that contentious issues aren’t dragged out over months like they are in the Bitcoin community. The block size debate is the perfect example.
Bitcoin developers have been arguing about increasing Bitcoin’s block size for months, if not years. The SegWit2x upgrade centered around the block size issue and, if you recall, was canceled because of too much dissent. Dash resolved that issue in a single day.
We need to keep an eye on Dash, particularly as it relates to Litecoin and Bitcoin.
What’s Going on with LTC Prices?
On Wednesday morning, Litecoin prices rose 0.35% against the U.S. dollar, bringing the Litecoin to USD exchange rate to $71.35. It was a minor uptick, but still an impressive one considering that LTC was stuck around $55.00 for several weeks.
How Active Are Investors?
On November 21, trading volumes surged from $188.98 million to $231.67 million, an increase of 22.59% in just 24 hours. The total volume is still far below Litecoin’s peak volumes for the month, but at least the numbers are moving in the right direction.
Where Is LTC Demand Coming From?
GDAX continues to play a sizeable role in Litecoin demand. The American exchange—that is tied to Coinbase, incidentally—accounted for 17.73% of total demand. It is followed by Bithumb, a South Korean exchange, that makes up 11.86% of trading volumes. The shady Taiwan exchange, Bitfinex, is the third most active exchange. It accounts for 10.75%.
We remain cautiously optimistic on LTC prices. And, as such, we maintain our $200.00 Litecoin price forecast for 2018.