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

BCH  USD 12/02/18 Hourly Chart

Following a mixed start to the day, the major cryptocurrencies are in positive territory and for Litecoin, a move through its first major resistance level is going to be needed to avoid a pullback to its 23.6% FIB Retracement of $205.27. Litecoin's total supply is 55,198,433 coins.

At the time of writing Litecoin is trading at just over $232 according to Livecoinwatch (including South Korean markets) which puts it around 28% higher than this time yesterday.

Litecoin gained 36 per cent value in last 24 hours, getting its capitalization to $11,9 billion, which makes it fifth most capitalized cryptocurrency in the world.

The cryptocurrency's dramatic price increase has largely been driven by the announcement that LitePay - an instantaneous payment processor allowing vendors to instantly convert Litecoin transactions into fiat currency - will launch on February 28th. He also said that the Litecoin Foundation, a Singapore-registered nonprofit for advancing litecoin, is an investor in LitePay.

Litecoin's recent rise could be in anticipation of an upcoming service called LitePay, which will enable businesses to accept Litecoin for goods and services.

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The fork will occur precisely at block 1371111.

Litecoin Cash's creators, however, assert that their currency was not a scam, and that their intention was merely to offer improvements on Litecoin's blockchain to its users - including, they claim, more secure and flexible mining algorithms. There is a catch though which has raised concerns of a scam and drawn criticism from Litecoin founder Charlie Lee. This seems to be rather similar to how Bitcoin Cash has evolved in the past few months, as those changes have worked out quite well for the popular altcoin. For receiving your free Litecoin Cash altcoins, you have to import the private key from your Litecoin wallet into the new wallet of Litecoin Cash. In the case of Bitcoin, there has only been one successful fork so far, whereas everything else has taken a backseat. Be careful out there! The digital currency has gained almost 7% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.

Litecoin (CURRENCY:LTC) traded 6.6% higher against the U.S. dollar during the twenty-four hour period ending at 10:00 AM Eastern on February 15th.

Litecoin's market cap is up to $12.58bn and Bitcoin Cash continues to be the next target, though some care will be needed in the days ahead to ensure that there has been no influence on Litecoin from the fork chatter from earlier in the week.

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