As the first firecrackers of Chinese New Year ring out across the cities and towns of Southeast Asia the markets are looking good. Nearly all of the cryptocurrencies in the top 25 are in the green and Bitcoin has broken through the $9,500 barrier and is heading upwards during this morning’s Asian trading session. One altcoin has shown exceptional growth over the past couple of days and it is the stalwart Litecoin.
Litecoin is trading 30% higher over the past 24 hours according to Coinmarketcap. This time yesterday it was also up to $180 but today it has reached a monthly high of $233. Litecoin has never really recovered from it’s all time high and has been down trending since December 20. Several things have caused this including founder Charlie Lee selling his entire stash, though he claims this would reduce any conflict of interest should the altcoin go into any large partnerships.
The renewed interest is an upcoming fork in which Litecoin Cash will be created. Despite the divisions in the LTC community and Lee himself calling the new version a scam, Litecoin has skyrocketed. This usually happens when free tokens are distributed at the time of the blockchain fork. Litecoin Cash creators have dangled the digital carrot and promised LCC tokens at a ten to one ratio for LTC holders. Feelings are mixed but something doesn’t ring right as to get these tokens users have to compromise the security of their wallet key.
Adding to the FOMO is the February 26 release of the LitePay service which will allow merchants to accept Litecoin has also revived interest in this crypto stalwart. LitePay is a Visa-compatible system that converts Litecoin to dollars, which would enable users to use Litecoin anywhere Visa is accepted.
As a result Litecoin has moved up the market cap chart to 5th place with a $12.8 billion capacity. Litecoin can be traded with fiat on many exchanges which has also increased its adoption. Around $2.6 billion has been traded in the past 24 hours and LTC continues upwards.
Other altcoins enjoying double digit positive momentum this morning are Iota, Monero, VeChain and OmiseGO.
More on Litecoin can be found here: https://litecoin.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.