Litecoin price leaps up today
The Litecoin price has jumped a staggering 34% today as it closes in on the $300 mark.
The popular crypto has now seen a 100% increase since it’s recent low of $120, but why is Litecoin’s price rising?
On December 8, 2017, Litecoin’s price dropped to just $96 after months of stability, only to shoot up in a matter of days to highs of over $300.
In early February, Litecoin’s value plummeted to just $120, but its price has shot up to a high of $218.23 today, according to Coinmarketcap.
With the current value at $207.94 (at time of press), Litecoin has enjoyed a 30% boost over yesterday’s price.
The creator of Litecoin, Charlie Lee, 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!”
What’s behind the Litecoin price boom?
LTC’s gains during this period can be attributed mainly to the release of Litepay, which was first announced in the run-up to Christmas 2017.
Litecoin founders have enjoyed a great deal of positive news published in recent days and weeks.
Litepay is Litecoin’s new payments, and the schedule for release is on February 26.
The introduction will allow people to simply quickly and securely pay for purchases using Litecoin.
The new payment solution has been tipped as a “game changer” for Litecoin, and all cryptos.
This new feature will also allow businesses to accept Litecoin payments from official Litecoin debit cards, propelling the cryptocurrency into the mainstream.
Microsoft also announced plans to use the Litecoin platform as a foundation for its decentralized identity system – along with Bitcoin and Ethereum.
According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay will 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.
Backpedaling on regulations
In a statement about the cooling off of regulation fears, the head of eToro, Iqbal Gandham, said:
“News of backpedaling 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.
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.
A hard fork is a significant change to the software that powers the cryptocurrency.
Hard forks can be implemented to rectify essential security risks found in older versions, add new functionality, or reverse unwanted transactions (in the case of a hack).
This change will create a split that will divide Litecoin into two, and create Litecoin Cash.
Litecoin Cash promises 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.
However, Litecoin founder creator Charlie Lee and the Litecoin community have dismissed the project, calling it a “scam” meant to confuse Litecoin owners.
Mr. Smith added to that sentiment, saying:
“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.”