Litecoin Trading Volume Is on the Verge of Overtaking Bitcoin

The 24-hour Litecoin trading volume is edging close to overtaking that of Bitcoin, as traders and developers investigate alternatives to BTC’s backlog, while fears of a pump and dump rise. Following a 24-hour jump of 21.21%, Litecoin sits at only US$800,000 of trading volume away from overtaking Bitcoin as the most traded digital currency in July 9 trading. The volume has quadrupled in the last week to its current US$40M figure. On July 2, 24-hour trading volumes stood below US$10M. Speaking to CoinTelegraph, Litecoin founder Charlie Lee detailed some of the technical differences that may now be enticing distributed ledger-dependent companies to switch over to a more agile digital currency. Lee described in a previous interview how he tackled the issue of spam transactions for Litecoin, explaining: “The fix implemented in Litecoin is just to charge the sender a fee for each tiny output he creates. For example, in this specific attack, the sender is charged one fee for sending to 34 tiny outputs of 0.00001 BTC. With the fix, that fee would be 34 times as much. So it would cost the attacker a lot more to perform the spam attack. The concept is fairly simple: the sender should pay for each tiny output he/she creates.” You can read CoinTelegraph’s full interview with Charlie Lee, with further insight into the rise of Litecoin, here. One theory behind the spike in the volume of Litecoin trading is that companies dependent on Bitcoin as a distributed ledger are hedging against the current mining backlog affecting the digital currency, and are switching, or trialing, alternatives. Courtesy of cryptsy.com Users on /r/litecoin...

Litecoin Rise Up More Than 200% in Just Few Days

Naysayers have been kicking themselves in the pants the past few days as the price of Litecoin has shot up from historic lows and is now pushing towards $10 per coin. Renewed interest in one of the oldest, most successful alternative cryptocurrencies has driven buy pressure likely added to by an upcoming halving of the block reward, meaning a reduction in new coins introduced into the economy. The halving of the block reward is the most likely explanation, although there would have remained a high number of cheaper sell orders on the market from previous mining. (Editor’s input: It might also be due to the spam attack on Bitcoin that is not affecting Litecoin – described here.) These all must have been scooped up in quick fashion by traders. The markets have been particularly kind to several alt coins lately, and Litecoin is the most recent to see a return to prominence. Whether this is market movers and shakers leaving the Bitcoin space in favor of other cryptocurrencies, newcomers entering the space and speculating the price of Litecoin upwards, traders from China and other parts of Asia, is uncertain. However, the fact that there will be lower inflation of existing Litecoin holdings soon probably means people want to secure as much Litecoin as possible. Also read: Litecoin Association Director Urges Paycoin Community to “Put Their Foot Down” Courtesy of cryptsy.com As you can see in the above graph, things have gone upwards steadily in the past 48 hours. It is very difficult to judge the proper value of a cryptocurrency, as it is about everything else. The price of...