Cryptocurrency enthusiasts all over the world keep a close eye on August 1st. That is only normal, as that can be the day during which Bitcoin splits. Most of the exchanges will halt Bitcoin trading during that time as well to avoid any issues. Litecoin enthusiasts see August 1st as a golden opportunity. In fact, it may become the go-to cryptocurrency for at least one full day. LTC Remains unaffected by these Bitcoin debacles for the time being.
August 1st will be an important day for all cryptocurrency users around the world. Even the people who don’t hold Bitcoin will pay close attention to what is going on.It is possible we will see a Bitcoin network split on that day, unless the community bands together. Considering how the miners and service providers both want to go in very different directions, that seems rather unlikely. As a result of these “concerns”, a lot of exchanges will effectively halt Bitcoin trading for several hours.
What Will Happen to Litecoin on August 1st?
This creates a power vacuum waiting to be filled. Even though Ethereum has some strong trading volume right now, it may not become a heavily traded currency on August 1st. Litecoin enthusiasts feel LTC will become the top currency at least for one day. That is a rather ambitious train of thought, but it is not entirely unlikely either. After all, LTC has been the most stable currency both in price and trading volume over the past few weeks. Even during the Bitcoin price dip, Litecoin held its own relatively easily.
At the same time, these plans may be spoiled by the Bitcoin community after all. More specifically, there are ways to lock in SegWit activation before August 1st. If that happens, the network will not necessarily upgrade right away, though. However, it will send a clear signal to the rest of the community. Locking in SegWit before August 1st doesn’t mean there will not be a chain split at some point, though. It’s possible that split will occur when SegWit2x introduces its hard fork for the 2MB block
Rest assured the first day of August 20117 will see some interesting trends in the cryptocurrency world. With exchanges halting Bitcoin trading temporarily, anything can happen. Litecoin can become a popular coin on that particular day. Sustaining the momentum past August 1st will be quite challenging, though. Litecoin is in a good place right now, but it will not become the number one cryptocurrency anytime soon. Those people looking to make some good money on August 1st may want to keep a close eye on the LTC charts, though