Litecoin Cash value soars in first 24 hours
Litecoin Cash got off to an extremely strong start on Monday.
Prices have soared for the new cryptocurrency since it was forked from Litecoin on Sunday.
The project attracted a lot of skepticism since the plan to fork away from Litecoin was announced.
The most notable skeptic is the creator of the original Litecoin, Charlie Lee.
That hasn’t seemed to stop the new release from enjoying a strong launch into the cryptocurrency marketplace.
Prices for Litecoin Cash started at $1.44 per token on the CoinCodex tracker when it was launched on February 18th.
The value of Litecoin Cash (LCC) surged to $4.27 at midnight on Monday (Eastern time).
While the original Litecoin sat at $218.43 at this time.
Litecoin Cash launch lifted Litecoin price
Those who held Litecoin prior to the fork received 10 LCC for every original Litecoin (LTC) they owned.
Litecoin prices saw a sharp rise in the run-up to the fork as investors scrambled to capitalize on free LCC.
Many of those prior holders received a welcome boost after the fork.
In the first 24 hours since it’s launch, Litecoin Cash volumes on the YoBit exchange exceeded $2.8 million.
At the time of press, the volume for the last 24 hours stands at $17.33M with the value for 1 LCC already hitting $9.16.
Litecoin Cash is only currently available for trade on YoBit but it seems the initial launch hype has attracted a high degree of attention.
What’s the difference between LCC and LTC?
The most notable change Litecoin Cash makes from the original project is a switch from the Scrypt algorithm for mining to SHA-256.
This change means older hardware once for mining purposes is again relevant.
The cryptocurrency went live on Sunday at around 4 p.m. Eastern time when it split at block 1371111.
Litecoin creator Charlie Lee, however, has dismissed the project as a “scam.”
The 1% premine to enrich the developers of LCC. That’s the scam.
— Charlie Lee [LTC] (@SatoshiLite) February 17, 2018
Lee claims the project has used the name to suggest a close relationship between the two projects.
Speaking to Inverse last week, Trevor Gerszt, CEO of crypto investment service CoinIRA said:
“Litecoin Cash doesn’t bring anything to the table,”
“It touts that it has more coins and faster transaction times, but Litecoin already has more coins than Bitcoin, and Bitcoin Cash was developed to solve the problem of slow transaction times, so those concerns have already been addressed.”
Whether Litecoin Cash can sustain its initial momentum remains to be seen.