https://blog.fxopen.com/bitcoin-higher-litecoin-surges-to-9/Litecoin Doubles on Segwit HopesLitecoin prices more then doubled to $9.03 from $4.12 during our previous update. This extended the rally into new territory.
A primary driver behind the jump is hopes that segwit for Litecoin will be activated. The largest LTC pool, F2Pool, started signalling for segwit on March 31st. By this time prices have already moved from $4.2 to over $7 dollars per coin, showing insider knowledge of the decision. Earlier today a small pool, Batpool, started signalling segwit as well, bringing us closer to the 75% threshold needed to activation. Currently around 62% of all LTC mining is signalling for segwit.
Fundamentally doubts remain about the sustainability of this rally. The main benefit of segwit for bitcoin is seen in shrinking the footprint of the blocks, thereby allowing more transactions. But unlike bitcoin, litecoin’s network is not congested. It’s possible that the magnitude of the gains was amplified by the ongoing climate of pumps in the altcoin market. In prior weeks we saw the price of Dash increase by 10 times and the price of Ether by a factor of five. Those two coins are now down substantially from their peaks.
