Litecoin rising. Momentum returning to cryptos?

[Nadilapars]

 

Litecoin value has almost doubled in two weeks and stands out amongst general increase in prices among main cryptos recently 

There are signs cryptocurrencies are on the rise with Bitcoin near $10,000 (February 16) and a Litecoin surge grabbing attention. 

As the case with most cryptos Litecoin recently dipped following record highs. However, it broke $214 (February 16) from a low of $110 on February 2 suggesting further price increases are imminent. Litecoin’s gain has stood out amongst a general growth pattern seen in many leading cryptos this month. 

Since its inception Litecoin founder Charlie Lee has positioned his creation as the silver to Bitcoin’s gold. The main benefits of Lee’s digital coin over Bitcoin are twofold. 

Michael LaVered of Oracle Times explains: “Litecoin combines all of the benefits of Bitcoin, but with shorter transaction times and lower fees.” 

LaVered believes that Litecoin could potentially overtake Bitcoin in price because of the difficulty the leading cryptocurrency faces in scaling. 

However, one of the driving factors behind Litecoin’s recent rise is the announcement of a potential hard fork called LitePay. 

LitePay will enable Litecoin users to make purchases through businesses with a flat 1% transaction fee. Litecoin founder Lee has disassociated his digital coin from the spin off, denouncing it as a “fraud”. However, Litecoin users are being attracted with the offer of 10 coins of litecoin cash per coin held. 

 

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