Litecoin Prices Hold Steady Near $50 as Bitcoin Locks In SegWit
Litecoin continues to hover near all-time highs – a move that suggests it could be developing staying power in a diversified crypto market.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BIBSVWP5WBCG3LMVQ6AITR5FNQ.jpg)
The price of litecoin continues to hover near all-time highs, even as the technical advances that sparked its revival are being added to other platforms.
Just a day after miners on the bitcoin protocol effectively agreed to upgrade their software to support a code change called Segregated Witness (SegWit), litecoin is trading at roughly $48, according to data from CoinMarketCap. The relative stability is notable given litecoin's price boomed on the news it would adopt the change, one originally designed to redefine and increase capacity on bitcoin.
Since litecoin's miners reached an agreement to make the upgrade on April 11, the price of the cryptocurrency has increased more than 300%, rising from $11 at the time to $48 now. That price is just shy of its all-time high of $53 observed in July.
The cryptocurrency's year-over-year gain is more impressive at over 1,000%. Litecoin was trading at just $3.79 on August 8, 2016 – a time when the protocol was struggling to determine its roadmap amidst an increasing array of competitors.
Overall, the figures suggest that litecoin, armed with new additions to its technical team, could now be developing improved staying power in its competitive market.
Litecoin image via Shutterstock
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.