Litecoin is up over 90% today on mindblowing volume, and even the biggest exchanges can’t handle it. Coinbase has currently disabled Litecoin transactions in an attempt to sort some of the confusion. Litecoin is trading for $386 on Coinbase, while it is fetching only $300 on Bittrex. Comparatively, CoinMarketCap places the average at $327.49 at press time.
With the Bitcoin network being clogged for weeks on end, investors have turned to other coins to navigate capital between exchanges. Sending Bitcoin itself is not practical, as investors could see their capital hang in the balance for over 12 hours waiting for confirmation.Bitcoin transactions currently averaging 778 minutes, depicted above
As a result, altcoins like Litecoin and Stellar Lumens have taken the spotlight, offering comparatively quicker and cheaper transactions for more agile navigation.
The markets have erupted today with all of the top 10 coins up double digits, barring Bitcoin Gold. Investors continue to tap out network thresholds of the top coins and then moving to the next. The argument for scalability becomes stronger by the minute. The Lightning Network continues to undergo testing on both Bitcoin and Litecoin networks, and the networks much need the revitalization. Cryptocurrencies have received unprecedented attention over the last few weeks, receiving mainstream attention.
Even the SEC offered some much needed guidance this week, providing specificity on its ICO position. It cautioned investors on blindly investing in initial coin offerings, and suggested seeking answers to some basic answers before considering them. SEC Chairman Jay Clayton closed with these overwhelmingly positive comments:
I encourage Main Street investors to be open to these opportunities, but to ask good questions, demand clear answers and apply good common sense when doing so.
EDIT: Coinbase has released this very vague statement on the matter:
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