MENU

Why the Litecoin (LTC) price rocketed 14% higher today

The cryptocurrency market has been reasonably positive during trade on Wednesday with nine out of the ten largest cryptocurrencies posting gains over the last 24 hours according to Coin Market Cap.

The best performer by a significant margin has been the Litecoin (LTC) price. At the time of writing Litecoin is fetching US$180.98 per coin, up 14% since this time yesterday.

This has increased its market capitalisation to US$10 billion, making it the fifth-largest cryptocurrency in the world after overtaking Cardano (ADA).

Why is Litecoin on fire?

This gain appears to be related to an announcement revealing plans for Litecoin to follow in the footsteps of bitcoin (BTC) and have its own hard fork next week.

Last year bitcoin had two hard forks, resulting in Bitcoin Cash (BCH) and Bitcoin Gold (BTG).

Litecoin has followed the same formula, advising that Litecoin Cash will launch on Monday of next week.

According to a press release from the Litecoin Cash Foundation, existing holders of Litecoin will receive 10 Litecoin Cash tokens for every Litecoin they own.

Why will Litecoin fork?

The release explains that Litecoin Cash has significant advantages compared to Bitcoin and Bitcoin Cash. While those currencies both have a 10-minute block time, Litecoin Cash’s 2.5-minute block target allows much faster transaction confirmation.

Furthermore, compared to the original Litecoin, the new fork features superior mining difficulty retargeting through the DarkGravity algorithm used by Dash. Transaction fees are also reduced by 90% to provide incentive for real-world use.

Should you buy Litecoin?

While this fork may be a promising development for the cryptocurrency and make it more appealing for businesses to use the technology, I wouldn’t be in a rush to invest in Litecoin just yet.

I think that cryptocurrencies are exciting technological developments, but valuing their worth is near impossible at this stage. So for now, I intend to continue watching on from the safety of the sidelines instead of risking any hard-earned money in them.

In the meantime, I think this huge investment opportunity could prove to be far better than a Litecoin investment.

The Richest Man Alive Invests in This

The richest man in the world has just launched a $100 million investment fund and investors who don't take note could miss out on a massive opportunity.

And it isn't by sheer luck. He did it by looking to the future and investing in the big ideas of tomorrow.

This could be your chance to get in on the ground floor!

Click here to discover more!

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!