Litecoin The Big Winner This Week
The cryptocurrency market cap keeps reaching new all time highs and many coins are rising up right along with Bitcoin. Litecoin has been the big winner this week moving from the 50 dollar range to new all time highs reaching $88.67 USD per Litecoin at the time of writing this article.
GDAX has also mentioned that they have had all time high trading volume for Litecoin today so the price rise is not without volume.
Forbes also reported today that Litecoin has seen price increases of 1700% since the start of the year.
The First “0 Transaction Fee” transfer, over the Litecoin Lightning Network happened on September 1st.
Lighting network is progressing and Charlie Lee has received the fist transaction today.
What is the Lightning Network?
Transactions for the Future
Instant Payments. Lightning-fast blockchain payments without worrying about block confirmation times. Security is enforced by blockchain smart-contracts without creating a on-blockchain transaction for individual payments. Payment speed measured in milliseconds to seconds.
Scalability. Capable of millions to billions of transactions per second across the network. Capacity blows away legacy payment rails by many orders of magnitude. Attaching payment per action/click is now possible without custodians.
Low Cost. By transacting and settling off-blockchain, the Lightning Network allows for exceptionally low fees, which allows for emerging use cases such as instant micropayments.
Cross Blockchains. Cross-chain atomic swaps can occur off-chain instantly with heterogeneous blockchain consensus rules. So long as the chains can support the same cryptographic hash function, it is possible to make transactions across blockchains without trust in 3rd party custodians.
Great Week For Litecoin Investors
To sum things up, with record high volume coming into Litecoin, the lightning network going live and the fact that it is one of the more well established cryptocurrencies and usually a trading pair with other alt coins on most exchanges tells me this still has more room to grow in the future.
Personally, I like Litecoin for transacting, always fast and the fees are great. Good cryptocurrency to move in and out of exchanges with.