Litecoin Has Rallied More Than 60% This Week
Litecoin Has Rallied More Than 60% This Week
Litecoin prices have surged over the last week, rising more than 60% since hitting a low over the weekend.
The alternative protocol asset (altcoin) rallied as it benefited from several different factors, including anticipation surrounding a pending hard fork and steadily improving market sentiment.
The digital currency, which has frequently been described as the silver to Bitcoin's gold, rose to as much as $237.88 on February 14, a 66.8% increase over the weekly low, CoinMarketCap figures show.
Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.
The altcoin experienced some volatility over the last few days, climbing to as much as $236.09 today, additional CoinMarketCap data reveals.
At this level, Litecoin was up more than 65% over the recent low of $142.61 it hit on February 11.
Litecoin Hard Fork
When explaining Litecoin's recent gains, market observers have repeatedly pointed to the upcoming hard fork that will result in a new digital currency called Litecoin Cash.
When the fork takes place, investors who hold Litecoin will receive Litecoin Cash, a development that has been credited with fueling demand.
Charles Thorngren, CEO of Noble Alternative Investments, also spoke to this development, emphasizing that while all cryptocurrencies have been benefiting from a broader improvement in the market, Litecoin has had an additional tailwind in the form of this hard fork.
"The hard fork is a great sign for Litecoin," he said.
Thorngren emphasized that since the altcoin has often been considered the silver to Bitcoin's gold, "Seeing Litecoin build its own momentum is very encouraging."
Litecoin Has Rallied More Than 60% This Week
Reviewed by mir khaleq ali
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Reviewed by mir khaleq ali
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20:02
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