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Litecoin [LTC] hikes by 8% in 24 hours, investors rejoice

Anirudh VK



Litecoin [LTC] hikes by 8% in 24 hours, investors rejoice
Source: Unsplash

The price of Litecoin [LTC] saw a sharp hike earlier today, with 8% in the last 24 hours. This comes after the coin has been bouncing between the $55 and $65 marks over the past week.

The price shot up by 6% in the last hour, as it saw a price increase from $57 to $63 in that time frame. It started off the last week with a strong hike from $54 to $56 on September 20th.

7 day Litecoin price chart | Source: CoinMarketCap

7-day Litecoin price chart | Source: CoinMarketCap

It proceeded to see another hike the very next day, from $57 to $61. It dropped back down to $57 again, testing the support level on September 22nd.

Then, it saw a slow hike to its weekly high of $63, where it stayed for a few hours before seeing a heavy correction to $60.75 on 23rd September. This drop persisted until the next support level, $57 on September 24th. It then proceeded to break the support and drop further to $55 on September 25th.

Proceeding the sharp correction seen after the hike to $63, the coin saw a slow hike as it found the price bottoming out. It saw a hike to almost $60 on Septemeber 26th before running out of steam and dropping back down to $57, where it stayed until the next day.

Earlier today, the coin saw a vertical spike to the $63 mark again. Signs of a correction are not yet visible.

Iarius Germund, a market analyst, stated:

“While the price has been seeing extremely volatile movement, it seems to be decoupling it’s growth from Bitcoin. This is an interesting phenomenon, and might be indicative of a future split between the usecases of Bitcoin and Litecoin.”

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.


Bitcoin’s [BTC] security is 100 times more than that of Bitcoin Cash’s [BCH], says Litecoin creator





Bitcoin's [BTC] security is more than a 100 times than that of Bitcoin Cash [BCH], says Litecoin creator
Source: Unsplash

Charlie Lee, Creator of Litecoin [LTC] and Managing Director of Litecoin Foundation, spoke about projects that allocate mining rewards to developers, in an interview with Laura Shin for Unchained Podcast. He also opined about whether Litecoin’s vision still remained the same or not.

On projects that allocate a percentage of the block reward to developers, Lee stated that it was “okay” as long as the project developers were transparent on this subject, adding that in some cases, this was “needed”. He further stated that it was hard to find developers for Litecoin since, there were not enough funds to pay these developers.

[…] we work on raising money and using money to pay for developers but unlike ICOs or other projects we just don’t have millions sitting from selling our ICO tokens to fund these developers. So, yeah I think projects that do that it’s kind of needed […]”

However, Lee stated that for cryptocurrencies such as Bitcoin and Litecoin that really want to become decentralized money, there cannot be any centralized actions like using mining rewards to pay developers.

This was followed by Lee speaking about Litecoin’s vision and the coin’s use case. On this, Lee stated that the current vision was still “very similar” to the old one, seeing Litecoin as a complement to Bitcoin. He added that Litecoin’s raison d’être was not to replace Bitcoin, unlike some other coins that claim to be the better version of Bitcoin.

“[…] I think it’s trade-off. So, a lot of people don’t talk about the trade-offs people talk about how they have fees are cheaper […] people in support of Bitcoin Cash constantly talk about how Bitcoin Cash transaction fees are like a hundredth of that of Bitcoin but, you get what you pay for right […]”

He further added that Bitcoin’s “security was more than hundred times” that of Bitcoin Cash, irrespective of the hash rate being more or not. Lee remarked that one cannot “attack Bitcoin,” whereas Bitcoin Cash could be “eas[ily] be attacked,” adding that this factor was very important and also the reason for cheaper fees.

“[…] same for Litecoin alright. Litecoin is cheaper and the security is less than Bitcoin […] so people who actually move lots of money they would want to use Bitcoin and I think that’s fine like Litecoin can compliment Bitcoin perfectly fine […]”

Lee stated that this was the reason he agreed with Lightning Network, arguing that it was good for both Bitcoin and Litecoin. He stated that Lightning not only helps them scale, but also enables cross-chain atomic swaps, allowing people to swap two different coins instantly and easily in a decentralized manner.

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