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Litecoin Prices Surge Above $70 As Crypto Market Tops $175 Billion (coindesk.com)

Posted by BeauHD on from the steady-as-she-goes dept.

An anonymous reader quotes a report from CoinDesk: The cryptocurrency markets continued to rise today as the asset class observed strong gains, including most notably, perhaps, litecoin. The digital asset once dubbed "the silver to bitcoin's gold" passed $78 to achieve a new all-time high at 06:54 UTC this morning, according to CoinMarketCap data. Standing at $75.57 at press time, litecoin has increased by 17.28 percent over the past 24 hours and an astonishing 49.37 percent over the last week. Long in the doldrums, litecoin has seen a resurgence since its community moved to activate Segregated Witness (SegWit) on its network early in May -- a scaling solution that also opens the door to new features such as smart contracts going forward. Taking a wider view, the combined market capitalization of all digital currencies attained a new record high today, and had passed $175 billion at press time. That's up from $170.8 billion just yesterday, also going by data from CoinMarketCap.

4 of 67 comments (clear)

  1. A lot of it is fake money. by Bitfinexed · · Score: 4, Interesting

    There's a significant amount of wash trading and fake money pumping up the prices of cryptocurrencies and Bitcoin. A marketcap of 175 billion doesn't mean people bought 175 billion worth of cryptos. With 10 million dollars you can increase the market cap of Bitcoin by over 2 billion dollars, and we have at least 320 million dollars of fake money. https://medium.com/@bitfinexed...

  2. The worst thing you can do by istartedi · · Score: 3, Insightful

    The best thing you can do with stuff like this is to take a once-in a lifetime profit. The 2nd best thing you can do is stay out. The worst thing you can do is hem and haw for months and then finally decide to go in big.

    I can't tell you when this tide will turn; but I can virtually guarantee that the media will be interviewing somebody sobbing over how much they lost. That person will be a latecomer. Don't be that guy.

    The people that are positioned to take a huge profit already believed in this stuff. If you are trying to convince yourself that this is the pony to pick, you're in serious danger of being that guy.

    I saw this with the last silver run. There was a guy who put his life saving in silver days before it crashed. He was that guy. Every market does that. Don't be that guy. But I guarantee, somebody will be that guy.

    --
    For all intensive purposes, "whom" is no longer a word. That begs the question, "who cares"?
  3. Re:It's a bubble by Applehu+Akbar · · Score: 2

    People were saying that when Bitcoin hit $1. It is now $4857.

    I have heard this specific argument used at the top of every bubble. This doesn't 'prove' anything about cryptocurrency in oarticular; it's just another line item in the Is This A Bubble checklist.

    Another line item on the checklist: when the price of most successful example of a bubbly idea goes ludicrous, a host of low-budget imitators swarm onto the market. Dogecoin, Etherium, the other 900 cryptocurrencies (https://en.wikipedia.org/wiki/List_of_cryptocurrencies).

    Meanwhile Bitcoin has gone plaid by splitting into three large pieces, any of which could be a Chicxulub-sized whack to Earth's economies if they hit the ground.

  4. Repost of 2 weeks back, sorry by AbRASiON · · Score: 2

    Explains why some of this is going on.

    Here's some data which essentially completely confirms a lot of it is money laundering.

    News from late Nov 2016
    https://www.google.com.au/sear...

    Reaction to said news (click 1 year on the chart)
    https://www.worldcoinindex.com...

    .
    .
    .

    Now, see this news also, Feb 2017
    https://www.google.com.au/sear...

    See the reaction in other digital currrency markets (again, click the 1Y chart)
    https://www.worldcoinindex.com...
    https://www.worldcoinindex.com...

    Now, finally look at your local property prices, especially if you live in Vancouver, Toronto, London, Sydney, Melbourne, Auckland.
    Any way money can be gotten out of China, it will be by the wealthy / ultra wealthy. The change to my city in the past 5 years, is .nothing. short of utterly astounding. I repeat, *utterly astounding*, to the complete and utter detriment of the locals under 40 / 50 who don't own a place, they're boned. no chance now.

    *
    Regarding litecoin, this one is .particularly. telling, that coin was the "b tier" coin to bitcoin, the silver to gold if you will. Like bitcoin, it had a big run several years ago and then, it died off to a stagnant level, logically so too, why should there even be more than 1 digital currency?
    So here's a coin which has settled to a flat, sensible price, then due to talk of China making some moves against BTC exchanges in Feb 2017, is suddenly .booming.insanely. in Mar 2017.
    Most of the world buy their goods from there, we're sending our money to China en-masse, immense amounts of it, the wealthy there, are in turn getting out of the country and picking up the premium property around the world. Can't blame them to be honest, devastating for some of the locals though (myself included)

    Bonus evidence of how it's being spent, here, just found this morning.
    http://i.imgur.com/aTGE6SV.gif