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Despite some market opposition, things are still looking rather promising for Litecoin right now. More specifically, the Litecoin price continues to rise toward US$100 as we speak. With a value of around US$91 at the time of writing, it is evident we will see another leg up in the very near future. It is unclear how things will play out over the coming days and weeks, but things look pretty solid so far.
LITECOIN REMAINS PERMA-BULLISH
The end of 2017 may prove to be rather spectacular for Litecoin in the price department. While the rise from US$75 to US$85 was quite interesting to watch, it seems the silver to Bitcoin’s gold will continue to move toward the US$100 milestone. Assuming that is the case, Litecoin’s market capitalization will surpass US$5 billion with relative ease in the next few hours. It is only US$90 million off the mark right now, which means setting a record shouldn’t be difficult to do.
Although the Litecoin price already surpassed US$92 a few hours ago, that new all-time high was followed by a massive drop-off. That shouldn’t surprise anyone, as people have been taking profits whenever they possibly can. Especially with the Bitcoin price approaching US$10,000, it’s evident that profit-taking takes precedence over anything else right now. No one wants to be left holding a big bag of cryptocurrency once all prices start to correct. Rest assured that a correction will come at some point.
Whether or not such a market correction will affect the Litecoin price all that much remains to be seen. It would certainly affect Litecoin’s USD price, but the currency’s Bitcoin value has been relatively stable as of late. The Litecoin price will eventually surpass US$100, yet it remains to be seen if it will happen this year or be delayed a few more weeks. For now, it seems hitting that milestone is just a matter of time, but cryptocurrency markets have an odd way of surprising us.
Monero Hard Fork to Occur Sooner Than Expected
A planned hard fork of the privacy-focused cryptocurrency monero is to occur sooner than expected due to an increase in its hashrate.
Originally planned for September 21, the fork – intended to bring enhanced privacy features to all users – is now likely to occur on September 16, as revealed at a developer meeting last week. The question of whether to adjust the block number to prevent a premature fork was addressed in the meeting – however, the developers have instead formally adjusted the date on the hard fork schedule.
In cryptocurrency mining, the hashrate is the speed at which computations are performed. When hashrate increases, miners find blocks more quickly, propelling the blockchain forward.
The impending hard fork will introduce the mandatory use of so-called “ring confidential transactions” (RingCTs) on the network, though the majority of monero users are already utilizing the currently optional technology.
Introduced on January 10, RingCTs are an upgrade from the older ring signatures, and better obscure transaction outputs, meaning no one can view the details of a transaction outside the parties involved. The technology builds on monero’s existing privacy features, including hidden accounts, hidden transactions and trustless coin generation.
Monero is currently the eighth largest cryptocurrency by market capitalization, which currently stands at $1.94 billion, according to CoinMarketCap data. Notably, it achieved an all-time high of over $150 on August 28. At press time, a monero token was worth around $125.
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Thanks to US$432.5 million in 24-hour Litecoin volume, things are looking pretty good for this particular altcoin. This volume has been rather steady all weekend, which is a rarity in the world of cryptocurrency. There is sufficient demand for this altcoin right now, yet it is evident there will be plenty of profit-taking in the next few hours and days. Altcoins are struggling to maintain their values against both USD and BTC right now, and things may change in a major way over the next few days.
Surprisingly, Bithumb has not taken the lead from GDAX in terms of Litecoin trading volume just yet, although the gap between them can be overcome with relative ease. Bitfinex is still among the top three exchanges as well, which is good to see. Bithumb currently values LTC at well over US$93, which may hint at some big changes to come. An interesting month of December lies ahead for all cryptocurrencies; that much is certain.