2 hours ago we got some great news from Charlie Lee, the founder of Litecoin. Here is what he said:
“Now that Segwit2x is canceled and SegWit haters have their own coin to play with, it’s full steam ahead with scaling Bitcoin/Litecoin with LN and other 2nd layer scaling solutions!”
He then referred to a tweet from the Lightning Network:
Today we’re excited to announce the first ever Lightning cross-chain swap from Bitcoin to Litecoin!
So, lets just quickly have a look at some facts about this swap:
So what is a swap? A cross-chain atomic swap is used to exchange funds between two participants, say Alice and Bob, whose assets reside on separate blockchains. This is achieved by having Alice and Bob execute a protocol that guarantees the atomicity of the transfer.
The ability to swap currencies instantly using Lightning offers a number of benefits, such as instant settlement, improved privacy, and low trading fees. We are particularly excited by this technology, as it provides a brief glimpse at the future of non-custodial, Lightning-based exchange infrastructures.
That is some really good news for Litecoin and this will give it a lot of momentum going forward. Now, lets have a look at the daily chart:
Comment: Litecoin went up 12% today but was actually up almost 16% at most and closed near the top of the day. We also closed above the last peak from the middle of October and the volume picked up as well but remember that this news came out only 2 hours ago so the volume would have been much higher if it happened earlier in the day.
So, we closed at 70,6 but where are we headed next? That will probably be 80 which was the old peak from back in September. With this momentum we could easily go there tomorrow but we will take one day at a time and just ride along here.
Happy investing!
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