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Litecoin Segwit: how it is driving the prices

litecoin segwit

Litecoin Segwit: how it is driving the prices

Maybe because of the recent Litecoin Segwit support, this digital currency price set a new high yesterday, reaching a value of $11.42, its highest price since May 2014.

We cannot define it a cryptocurrency pump, but the market seems to answer to the technical changes in the network.

This price growth, in fact, could be explained thanks to the almost reached the 75% support level needed in order to activatate the Litecoin Segwit (Segregated Witness), or a scaling solution that will improve blocks capacity.

Right now, in fact, just over 70% of miners were giving their support for the Litecoin Segwit.

Even if at press time, Litecoin price declined of about 67%, litecoin traded as high as $11.32 today up nearly 40% in one day, according to CoinMarketCap.

On March 30th, litecoin price increased of about 70% and, always according to Coinmarketcap data, its 24-hour volume passed $250m today.

Litecoin SegWit support

These important new Litecoin highs have coincided with the almost reached support level needed for activating the Litecoin SegWit.

First designed to be used on the Bitcoin blockchain, SegWit would increase the block capacity by modifying how transaction data is stored by the blockchain itself.

Once reached, the support level will have to remain at or above the 75% threshold level for 8,064 blocks (almost two weeks) before SegWit can officially be activated.

The litecoin price reached $50 in late 2013, but it has traded below $20 since early 2014.

Click here to read more about SegWit and a new Bitcoin potential fork.

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Amelia Tomasicchio
Amelia Tomasicchio

Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.

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