Litecoin price 2018: Why is litecoin rising? Crypto jumps over 30 percent in just HOURS sponsored by City & Business News Litecoin price 2018: Why is litecoin rising? Crypto jumps over 30 percent in just HOURS LITECOIN’S price jumped a staggering 34 percent today in just a few hours after opening with the $300 mark now in its reach in a positive more for the cryptocurrency. Why is litecoin rising today? PUBLISHED: 17:05, Wed, Feb 14, 2018 | UPDATED: 17:06, Wed, Feb 14, 2018
On December 8 last year, Litceoin took a slight tumble down to $96 after months of relative stability.
Within days, the cryptocurrency reach dizzying heights of $300 to £400, first hitting a high of $327 on Tuesday, December 12 in a staggering victory for the currency.
The currency then crashed again with lows of $120.
But today, February 14, Litecoin has seen a rise of more than 30 percent on recent prices. Related articles Cryptocurrency latest: ‘Game-changer for Litecoin’ to be released
As of 5pm GMT, Litecoin was worth $211.73 – a rise of a whopping 34.61 per cent.
Charlie Lee, creator of Litecoin, tweeted today: “LTC/BCH has just surpassed 0.02.
This is higher than when I sold my litecoins.
“In other words, LTC has outperformed BTC since that time.
Just saying!
“The market agrees that my efforts on Litecoin adoption is overcoming the negatives. Go Litecoin!” Why is Litecoin rising today?
A major part of the reason for LTC’s gain during this period can be attributed to the release of Litepay which was first announced in the days leading up to Christmas 2017.
Litecoin founders have seen a raft of positive news published in recent days and weeks.
Litecoin’s new payments solution known as Litepay is scheduled for release on February 26.
GETTY Litecoin price: Litecoin is about to launch Litepay
The Litepay feature will allow businesses to accept Litecoin payments and official Litecoin debit cards, bringing the cryptocurrency closer to mainstream.
Microsoft also announced plans to will use the Litecoin platform as a foundation for its decentralised identity system – along with Bitcoin and Ethereum.
According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay will truly be a “game changer.”
Saaim said: “Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”
The sixth largest cryptocurrency by market cap could now be well on its way to become the first digital cash break down the barriers and reach the mainstream. GETTY Litecoin price rise: litepay will allow businesses to accept Litecoin payment
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.
“But the surge can also be explained by reports of the launch of a new payments solution, Litepay. Any news that brings the currency closer to the mainstream is bound to have a positive impact.
”
Others have cited confusion over whether Litecoin will fork to create Litecoin Cash as being behind today’s spike.
Litecoin Cash is promising new tokens to existing holders at block 1,371,111.
For every 1 LTC held at block 1,371,111, holders will receive 10 “LCC,” according to the official website. GETTY Litecoin price: The price jumped a staggering 20 percent today
However, Litecoin founder creator Charlie Lee and the litecoin community have dismissed the project, calling it a “scam” meant to confuse litecoin owners.
Mr Gandhi said: “Investors are also mindful of next week’s hard fork. The original coin is expected to split on Sunday evening, giving each Litecoin holder 10 new coins for every one – an obvious motivation for those looking to get involved ahead of time.
”
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.
“Litecoin Cash, which may very well be a scam as it’s in no way affiliated with the original Litecoin project, will award Litecoin holders 10 Litecoin Cash coins for each original Litecoin token.
“You should be careful with your Litecoin possessions.” Related articles.
