Litecoin SegWit adoption rate surpasses Bitcoin to reach 80%, LTC/USD falls after failing at $67.50
- Litecoin SegWit (Segregated Witness) has recently reached 80%.
- Bitcoin’s SegWit rate is only at 50%.
- BTC proponent Alistair Milne rallied against “bad actors” that have not adopted SegWit so far.
- LTC/USD is flirting around the $65 level.
Litecoin creator Charlie Lee recently took to Twitter to announce that Litecoin’s SegWit (Segmented Witnesses) has reached 80%. On the other hand, Bitcoin’s SigWit rate is only at 50%.
Litecoin SegWit usage has reached 80%, whereas Bitcoin is only at 50%. This is mainly because https://t.co/F5bBLhmo3s still has not implemented SegWit. pic.twitter.com/3JjdMhEtTm
— Charlie Lee [LTC⚡] (@SatoshiLite) August 16, 2020
Litecoin has always trumped Bitcoin concerning SegWit adoption. The massive surge in fees that accompanied Bitcoin’s bull market in 2017 led BTC devs to build a soft fork that enabled the SegWit upgrade on the Bitcoin chain.
Litecoin’s SegWit usage has been increasing over the past three years. This has resulted in a significant decline in the network’s transaction fees. BTC proponent Alistair Milne tweeted his thoughts on the matter. He raised his concerns against “bad actors” such as Blockchain.com that have not adopted SegWit so far. According to Milne, the speed of SegWit penetration on BTC will soon drive nonadopters to either conform or risk their revenue margins decline.
#Bitcoin SegWit adoption continues to march higher
— Alistair Milne (@alistairmilne) August 17, 2020
Higher fees give an incentive to switch to SegWit wallets
Eventually bad actors like @blockchain will see their growth reverse and be forced to enable pic.twitter.com/PCdcPSTL8y
LTC/USD daily chart
-637334030709571923.png)
LTC/USD encountered massive resistance at the $67.50-line and then proceeded to fall for two straight days. So far, the price has dropped from $65.57 to $65 in the early hours of Wednesday. The relative strength index (RSI) has crept below the overbought zone, while the Elliott Oscillator has had four consecutive green sessions. The price chart shows one strong resistance at $67.50. On the other hand, we have two healthy support levels at $64.05 and $61.75.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
