Why Litecoin's Price Shot Up 30%, Far More Than Bitcoin, Ethereum

Why Litecoin's Price Shot Up 30%, Far More Than Bitcoin, Ethereum

The fork is scheduled to take place on Sunday and will award Litecoin holders free Litecoin Cash.

According to Chris Smith of BGR: "It's unclear why Litecoin is surging, but the imminent launch of the Litecoin Cash fork may be one good guess".

Iqbal Gandham, UK Managing Director at eToro said: "News of backpedalling from South Korea on plans to ban exchanges has bolstered the cryptomarkets today, and Litecoin is no exception". The founders state that Litecoin Cash has a 2.5 minutes goal block time, which is faster than Litecoin with 90% lower transaction fees.

These days there are very many concerns about cryptocurrencies and the top one, that demands to have appropriate regulations put on, is that anyone can set up a virtual coin and scam people out of money.

However, those who wish to receive 10 Litecoin Cash for every Litecoin they now hold can look forward to doing so on February 19th.

The anticipated roll out of LitePay on 26 February will also be a factor and, with Litecoin's founder Charlie Li having talked down the possibility of a fork, LitePay will likely be the main reason behind the moves this week. Don't fall for it and definitely don't enter your private keys or seed into their website or client.


Lee considers it unsafe and warns to stay away from Litecoin Cash right now. "This also applies to all Bitcoin forks trying to confuse", he added. One Litecoin coin can now be bought for approximately $222.72 or 0.02319020 BTC on cryptocurrency exchanges including Koinim, WEX, BTC Trade UA and Liqui.

Forks aren't uncommon in the cryptocurrency world, although they are not without controversy.

Additionally the Singapore registered non-profit Litecoin Foundation is also an investor in the new system.

There is a catch though! The name alone appears to be a jibe at Bitcoin Cash, a sincerely-developed BTC fork aimed at preserving the original form of Bitcoin while improving the speed and efficiency of the currency. Not entirely dissimilar to Bitcoin Cash's forking from Bitcoin, Litecoin Cash claims to be better than its predecessor - though there's little evidence to support such a claim.

LitePay, which has a similar website layout to that of bitcoin payment provider BitPay, will be offering numerous same services to that of the Atlanta-based provider. The fans and founders are divided as well. However, Litecoin could not sustain those levels and plummeted to $120 in tune with the storm that hit the crypto markets, pulling down even the mighty Bitcoin from great heights.

Related Articles

  • BT Group (BT.A) Receives "Equal weight" Rating from Morgan Stanley

    Mengis Cap Mngmt Incorporated holds 0.48% of its portfolio in Wells Fargo & Company (NYSE:WFC) for 12,950 shares. J P Morgan Chase & Co's price objective indicates a potential upside of 3.34% from the stock's previous close.
    U.S.  secretary of state heads to Turkey after short visit to Lebanon

    U.S. secretary of state heads to Turkey after short visit to Lebanon

    Secretary of State Rex Tillerson is urging Hezbollah to cease its activities overseas to help reduce tensions in the region. Lebanon is also protesting Israeli violations of Israeli airspace, often to bomb targets inside neighboring Syria.
    Chris Fischer: 5 Things To Know About Amy Schumer's New Husband

    Chris Fischer: 5 Things To Know About Amy Schumer's New Husband

    Fisher once worked at Mario Batali's New York City restaurant, Babbo, after being introduced by his friend, Jake Gyllenhaal . Sources told USA that the ceremony was held in a rented house in Malibu and officiated by a comedian.
  • Trump Backs Grassley Immigration Bill

    Trump Backs Grassley Immigration Bill

    That promise has Democrats and other critics anxious that the House could block whatever the Senate is able to pass. Ryan addressed those critics last week, telling reporters that he plans to hold a vote on immigration .
    Here's What Warren Buffett Is Buying and Selling Now

    Here's What Warren Buffett Is Buying and Selling Now

    Even after rebounding a bit, Teva is still down 39% from a year ago - even after the after-hours "Buffett rally". Berkshire disclosed the holding-worth about $358 million-in the famous conglomerate's latest quarterly filing.
    Alabama restaurants, 4 chefs among semifinalists for 2018 James Beard Awards

    Alabama restaurants, 4 chefs among semifinalists for 2018 James Beard Awards

    Each year, New Orleans chefs, bartenders, restaurants and bars usually figure prominently in the James Beard Foundation Awards . Central Florida chefs have been represented in the James Beard Foundation awards in the past.
  • SuperTrend Spotted Above Stock Price for Velocys Plc (VLS.L) — Signal Focus

    Traders often add the Plus Directional Indicator (+DI) and Minus Directional Indicator (-DI) to identify the direction of a trend. The 200-day moving average is a good measure for a year timeframe, while shorter moving averages are used for shorter timeframes.
    Fannie Mae needs $3.7 billion infusion of federal cash

    Fannie Mae needs $3.7 billion infusion of federal cash

    Since being taken over by the government, Fannie Mae has sent $166.4 billion to the Treasury. Mayopoulos said in a statement that the company's underlying business was strong.
    19-year-old shoots 17 dead at U.S.  high school

    19-year-old shoots 17 dead at U.S. high school

    His son also told him that he walked by two people on the ground motionless - and apparently dead - as students rushed outside. Thursday near the school in Parkland, Florida , an affluent town in northwest Broward County , about 15 miles from Boca Raton.
  • Lima Group nations flay Venezuela election date

    Lima Group nations flay Venezuela election date

    We need them because unfortunately this problem gets worse day by day, Santos said at an event in Bogota. That, combined with hyperinflation in the oil-rich country, has led to the mass exodus.
    Hopes of reversing Alzheimer's raised by enzyme study

    Hopes of reversing Alzheimer's raised by enzyme study

    The data shows that BACE1 inhibitors "have the potential to treat patients with Alzheimer's and without unwanted toxicity". A new study has successfully reversed both the biological and behavioral hallmarks of Alzheimer's disease in mouse models.
    GPU shortage caused by crypto craze is hindering search for ET

    GPU shortage caused by crypto craze is hindering search for ET

    Nvidia - the most prominent GPU manufacturer - is working hard to meet demand, but materials are becoming increasingly scarce. Mining involves solving complex mathematical puzzles which are used to lock cryptocurrency transactions to the blockchain.