Main navigation

Litecoin (LTC) Outperforms All Major Coins as Its Market Cap Surpasses Bitcoin SV (BSV)

News
Mon, 08/17/2020 - 06:40
article image
Alex Dovbnya
Litecoin (LTC) finally has its moment to shine, outstripping every major cryptocurrency in the top 10 on CMC
Litecoin (LTC) Outperforms All Major Coins as Its Market Cap Surpasses Bitcoin SV (BSV)
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

After staying on the sidelines for months, Litecoin (LTC) is now catching up with the broader cryptocurrency market rally, surging by nearly 19 percent in the last five days.

The O.G. altcoin has now surpassed Bitcoin SV (BSV) on CoinMarketCap after its market capitalization increased to $4.129 bln.

CMC
image by coinmarketcap.com

Small steps

LTC is up 3 percent over the last 24 hours. While this is a relatively moderate gain, it allowed the silver to Bitcoin’s gold to become the best-performing cryptocurrency in the top 10 during a relatively calm day for the cryptocurrency market. 

BSV is in the red, losing 2.1 percent of its value. Bitcoin and Ethereum are also below the flatline.  

Still, LTC is down 15.46 percent from where it was trading one year ago, according to OnChainFX data. Together with Bitcoin Cash (BCH), these are the only top cryptocurrencies that are down on the year-over-year basis. 

ETH and Chainlink (LINK) have gained 129 percent and 735 percent, respectively. BSV is up 61.68 percent.

OnChainFX
image by onchainfx.com

LTC is still down a staggering 82 percent from its all-time high of 366 that was hit on Dec. 19, 2017, which also coincided with the coin’s creator Charlie Lee cashing out all of his holdings

Related
IOHK CEO Charles Hoskinson Wants Cardano and Litecoin to Work Together

Litecoin’s SegWit adoption hits 80 percent 

In other news, Lee recently took to Twitter to inform his 821,100 followers that the percentage of transactions that use Segregated Witness (SegWit), the protocol upgrade that speeds up transactions by increasing block capacity, has hit 80 percent on the Litecoin blockchain. For comparison, only 50 percent of Bitcoin payments rely on this technology.

SegWit
image by @SatoshiLite

Lee believes that the reluctance of Blockchain.com, one of the most popular Bitcoin wallets, to adopt SegWit is the main reason behind this disparity, but the company’s CEO Peter Smith calls it “an opt-in feature” that can be “detrimental to Bitcoin.”

article image
About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.