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

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.

Comments

A lot of it is fake money.

[Bitfinexed]

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...

The worst thing you can do

[istartedi]

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.