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SegWit activation probability is driving Litecoin to post-$10 highs not seen for three years.
Litecoin is up another 30 percent in the past 24 hours riding the wave of excitement surrounding the seemingly imminent introduction of Segregated Witness (SegWit).
Having flatlined in price and market cap for some time, trading at just under $4 a coin, Litecoin is now at over $10.
Wednesday saw 70 percent of miners signaling SegWit, which in the past 24 hour period has since dropped slightly to 68.75 percent. At 75 percent support, SegWit would trigger.
On Twitter, Litecoin creator Charlie Lee capitalized on record trading of the asset on GDAX to proposition Coinbase CEO Brian Armstrong on adding fiat purchasing options.
Armstrong responded that he “is in.”
Litecoin @GDAX vol is over $10M. @brian_armstrong, I think it's time we let people easily buy LTC with fiat on @coinbase. What do you say? ?— Charlie Lee (@SatoshiLite) April 6, 2017
Litecoin @GDAX vol is over $10M. @brian_armstrong, I think it's time we let people easily buy LTC with fiat on @coinbase. What do you say? ?
Meanwhile, a blog post written by Lee back in January explaining his SegWit support gained praise from former Bitcoin Foundation Executive Director Bruce Fenton, who called it “outstanding.”
“Litecoin does not have a block size problem. That’s right, and SegWit is not just a block scaling solution. I would even say block scaling is just a side benefit of SegWit. The main fix is transaction malleability, which would allow Lightning Networks (LN) to be built on top of Litecoin.”
Litecoin’s price performance, meanwhile, echoes that of many of the top ten altcoins since the beginning of the year with Dash, Ethereum and most recently Ripple exploding in value.
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