Litecoin Market Watch: Crosses 16 USD at BTC-e, 99 Yuan OKcoin, More Mainstream Attention, Bitcoin Mtgox High at 899 about to test previous levels
We seem to be seeing a west side push this time, with China being slow to follow up onto the prices (litecoin china previously). Possible guesses are widening mainstream attention, bitcoin black friday, hedge funds silicon valley and venture caps trying to get in onto the game.
If we look at OKcoin and btcchina, they are not following with the previous divergence we saw at 900 usd bitcoin-mtgox that had btcchina trying at 7000 yuan or about 1100+USD. That was a difference of about 200+ usd. Here we can see they are relatively neck to neck, same for bitcoin.
As for the increasing mainstream media attention, we have:
Wall Street Journal, WSJ
Litecoin has emerged as the strongest alternative to bitcoin, with a market capitalization of about $176.8 million as of late afternoon Wednesday, according to coinmarketcap.com, which tracks the market capitalizations of virtual currencies.
Litecoin is designed to process transactions four times faster than the bitcoin network while sacrificing some efficiency in the mining process, said litecoin creator Charlie Lee, who is now a software engineer at Coinbase Inc., a startup that seeks to make it easier for merchants to take bitcoin.
New York Times, NYT
But this is not stopping the ascent of things like Litecoin, which is generally viewed as the second-most-popular digital money, with a total value of about $250 million last week. Unlike bitcoin, which was invented by a shadowy creator known only as Satoshi Nakamoto, Litecoin was created by Charles Lee, a 36-year-old former programmer at Google who lives with his wife and two children in Silicon Valley.
Mr. Lee said he wrote the original code for Litecoin in the hours after his children had gone to sleep. At the time, he said, many of the new currencies were being created by people who kept large hoards of the money they created, and then cashed out as soon as it rose in value. Mr. Lee, by contrast, gave advance notice of Litecoin’s release, and on that day he began with no coins himself.
At $800, the price of Bitcoin is now so great that it threatens to shut out some mainstream users.
You may be wondering whether there were ever any mainstream users in the first place. But Charlie Lee, a former Googler and MIT grad, recognized such an audience did exist. In 2011, two years after the birth of Bitcoin, the former Googler and MIT grad decided to create a version of Bitcoin that would make it more accessible.
He called it Litecoin.
Appears to repeat at San Francisco’s Chronicle