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.

AccessTimeIconAug 9, 2017 at 1:30 p.m. UTC
Updated Sep 13, 2021 at 6:48 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


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.