Litecoin Hard Fork Rally – Litecoin Doubled in the Past Seven Days Leading up to the Fork.
The Litecoin hard fork rally has Litecoin loyalists jubilant. Litecoin is like the often overlooked younger brother among the major cryptocoins. It is the fifth-largest cryptocurrency by market capitalization, according to CoinMarketCap and is frequently passed over in favor of Bitcoin or Ethereum on the top of the food chain and even more frequently by cryptocoin investors looking to altcoins for quick profitmaking in the cryptocoin markets.
Litecoin is showing gains as high as 10% today after a so-called “hard fork” resulted in the creation of a new cryptocurrency.
The Litecoin hard fork rally started last week – rising 55% in light of the expected hard fork. has risen 55 percent in the past seven days as a result of a recent rally.
The Litecoin hard fork rally ramped up ahead of Sunday’s planned hard fork at block 1,371,111 which led to the creation of Litecoin cash. A hard fork is a radical divergence in the protocol of a blockchain network. Such events result in the creation of a new blockchain, and therefore a new cryptocurrency. Bitcoin itself went through hard forks last year and the jury is still out as to the ultimate value of hard fork spinoffs like Bitcoin cash.
The Litecoin hard fork rally is understandable; after a hard fork, holders of a cryptocurrency receive one new digital coin for every unit of that cryptocurrency they own. In one sense, Litecoin holders became instantly richer.
That’s because Litecoin cash was trading at $7.12, according to CoinCodex, and was up 163%.
Litecoin is a mature, proven cryptocoin and I see the Litecoin hard fork rally as the next evolutionary step for Litecoin on its path to find its own way outside the shadow of Bitcoin. What Litecoin cash might evolve into no one can say at this early stage.