{"id":31834,"date":"2018-02-17T16:59:56","date_gmt":"2018-02-18T00:59:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=31834"},"modified":"2019-11-07T02:33:18","modified_gmt":"2019-11-07T02:33:18","slug":"litecoin-rallies-50-ahead-litepay-announcement-fork-rumors","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/litecoin-rallies-50-ahead-litepay-announcement-fork-rumors\/","title":{"rendered":"Litecoin Rallies Over 50% Ahead of Litepay Announcement, Fork Rumors"},"content":{"rendered":"

Payment-focused cryptocurrency,\u00a0Litecoin<\/a>\u00a0(one of the strongest competitors to Bitcoin<\/a>), has experienced strong growth this week. Rallying over 50%, Litecoin is running with a cryptocurrency market resurgence that has seen the market rebound over 70%<\/a> since February 6th.<\/p>\n

The unexpected price surge accompanies rumors of an unexpected and controversial Litecoin fork that many have labelled as a scam. The future of Litecoin<\/a> appears bright, but what\u2019s driving its recent push into the top five cryptocurrencies by market cap?<\/p>\n

Litecoin's Fibonnaci Retracement<\/h2>\n

Recent Litecoin<\/a> chart data shows a strong upward trend, with LTC value increasing 54% over the course of the week from the announcement. LTC has also pushed through the 50% Fibonacci retracement level of the Q4 2017 rally in which it jumped to an all-time high of $371.<\/p>\n

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Litecoin hit a high of $357 on December 17th and is currently trading at $229.<\/figcaption><\/figure>\n

Litecoin Breaks Out Ahead of New Payment Infrastructure Implementation<\/h2>\n
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Accept, store and spend Litecoin securely, or turn Litecoin into dollars with the LitePay Card.<\/figcaption><\/figure>\n

The sharp recovery of the cryptocurrency market is associated with recent oversold conditions and other chart factors in the United States as well as cautiously optimistic governmental attitudes toward regulation.<\/p>\n

Litecoin\u2019s recent breakout, however, appears to be linked to a Twitter announcement heralding the launch of Litecoin\u2019s Litepay infrastructure.<\/p>\n

Litecoin\u2019s Litepay system, announced at the end of 2017, promises to dramatically boost widespread consumer adoption by allowing businesses and individuals to use the cryptocurrency as a highly convenient instant payment system:<\/p>\n

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Litepay appears to make it easy to load fiat currency into a Litecoin wallet.<\/figcaption><\/figure>\n

Litepay is described as a platform that allows users to:<\/p>\n

\u201cAccept payments from customers anywhere on earth.” Receive settlement from Litecoin payments directly to your bank account in your own currency, with zero price volatility or risk.\u201d<\/p><\/blockquote>\n

https:\/\/twitter.com\/LitePayInc\/status\/963245378618343424<\/p>\n

Litepay also plans to roll out an official Litecoin Visa debit card, which should alleviate some of the turbulence present in the cryptocurrency card ecosystem.<\/p>\n

Upcoming Litecoin Fork Labelled a Scam<\/h2>\n

Litecoin\u2019s recent surge can also be attributed to the confusion surrounding rumors of a potential hard fork, drawing attention from investors interested in the opportunity of fork capitalization. Targeting a February 18th launch, the \u201cLitecoin Cash\u201d fork is promising 10 Litecoin Cash tokens for each Litecoin when it splits from the Litecoin chain at block 1,371,111.<\/p>\n

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Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *… all scams trying to confuse users into thinking they are Litecoin.<\/p>\n

This also applies to all Bitcoin forks trying to confuse.<\/p>\n

— Charlie Lee [LTC] (@SatoshiLite) January 30, 2018<\/a><\/p><\/blockquote>\n