The cryptocurrency market was going strong in the past 24 hours, with 8 out of the top 10 currencies registering gains. As Bitcoin and Ethereum held steady, it was Litecoin that once again showed the biggest gains.
Bitcoin miners rally behind SegWit
Has the scaling debate been resolved? A majority of Bitcoin miners are voicing their support for the implementation of the SegWit protocol, which will essentially double the current block size, making transaction speeds much faster. Meanwhile, Bitcoin has been holding steady, mostly trading above $2,500.
Two Ethereum-based ICOs coming this week
New players are joining the cryptocurrency space, with two initial coin offerings (ICOs) happening this week. Status and Civic will both be raising money via the Ethereum platform, offering up tokens to the public. Last week, Bancor held an ICO using Ethereum, raising $150 million in three hours. Ethereum prices have been trading within a relatively narrow margin in recent days, ranging between $340 and $380.
Litecoin sets an all-time high
Currently ranked 4th on the cryptocurrency top 10, Litecoin showed more gains in the past 24 hours, rising more than 10% and surpassing its previous all-time high from 2013. The cryptocurrency also showed a massive surge in trading volumes, reaching more than $1.38 billion – second only to Bitcoin. The recent bull run is attributed to higher demand in Asia and new upgrades to the Litecoin blockchain platform.
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