SegWit effect: Litecoin market value exceeds $1 billion, and the price rises by more than 30%.

Litecoin has risen 30% recently, from $16 to $23. Today, Litecoin's market value has exceeded $1 billion (as of press time, according to coinmarketcap data, Litecoin's market value has exceeded $1.2 billion), second only to Bitcoin, Ethereum and Ripple.

Litecoin trading volume has also increased significantly in the past 24 hours to $300 million, which is slightly higher than ETH and about half of Bitcoin/altcoin trading volume.

Litecoin’s sudden surge is mainly due to Coinbase’s announcement yesterday that it is adding Litecoin trading. Coinbase said that listing Litecoin is part of their plan to become a “digital asset” company rather than just a Bitcoin company.

Before Coinbase listed Litecoin, Litecoin had already gained some attention in the cryptocurrency community due to its plan to implement SegWit. In just one month, Litecoin rose from $4 to $23 due to miners' support for the activation of SegWit.

Ultimately, miners agreed to lock in SegWit, and Litecoin is expected to activate SegWit within a week, after which they will also launch the Lightning Network, a second-layer protocol that facilitates small transactions.

The problem is that not many people are using Litecoin. Litecoin has a normal daily transaction volume of about 4,000, compared to 25,000 for Bitcoin and 10,000 for Ethereum.

So this cryptocurrency is just a clone of Bitcoin, without smart contracts or other advanced technologies, but Bitcoin is facing difficulties in activating SegWit, which Litecoin has solved. So once Litecoin launches Lightning Network, maybe they will show it to Bitcoiners and then we will write a few more articles.

As long as Bitcoin has not activated SegWit, Litecoin will definitely be the focus of the Bitcoin community. Some people in the Bitcoin community have always hoped that Litecoin will activate SegWit because they can see how effective SegWit is. In theory, Litecoin will also receive a lot of attention during the activation of SegWit.