The Litecoin price rose to $ 80 after China's ICO ban

The Cryptocurrency market is slowly recovering from the ban. The total capital reduction took off nearly $ 25 billion from mid morning on September 5 to 6. It looks like investors have realized that China's ICO ban has little effect on Cryptocurrency.

Litecoin prices recover to 80 USD

During the recession, Litecoin was not only marginally affected by the Chinese ban but also recorded a new record price of $ 92 during the day. Litecoin increased nearly 50% in value within a week then fell sharply during the sell-off, falling to $ 59 on September 5.

However, in the next 24 hours, Litecoin prices rose 25% to $ 75, with the price hike continuing until around 23:45. Litecoin once again surpassed $ 80. At the time of writing, LTC was trading at $ 78 and total market capitalization was $ 4.1 billion.

Litecoin's growth has been fueled by the enthusiasm of Chinese merchants. During the sell-off, most CNY currency pairs were under a sharp drop. In contrast, LTC / CNY - which accounts for nearly $ 350 million in total daily trading volume - is another equivalent of Litecoin pairs. In total, Litecoin daily volume exceeds $ 800 million, with Bitcoin and Ethereum remaining.

Could it be $ 100?

After the developer Charlie Lee successfully tested Lightning's activities on the LTC network, and proceeded to apply the Segwit activation is possible. Assuming the market rebounds strongly, it would not be surprising if Litecoin hit $ 100.

Not stop there, when Bitcoin activates SegWit and developers are preparing to deploy Lightning technology on BTC blockchain. At that time, the Lightning channels will support cross-border transactions on Blockchain along with other improvements such as real-time instant payouts. Therefore, more reasons for investors to believe in Litecoin than when Lightning Network deploys technology to Bitcoin Network.