Overall, LTC has appreciated by 33 percent in the last 24 hours, up over percent from the Feb. Further, with the move, litecoin's market capit Still, the reasons for the move may give investors pause. LTC appears to be edging higher due to news of an upcoming fork called "Litecoin Cash," which is promising new tokens to existing holders at block 1, However, there is a notable contingent that is warning about the new cryptocurrency.
Litecoin founder creator Charlie Lee and the litecoin community have dismissed the project, calling it a "scam" meant to confuse litecoin owners.
Bitcoin similarly boomed on the release of a rival blockchain called bitcoin cash last year, though there were perhaps more stark differences between the two technologies, both propelled by competing ideologies.
Closer analysis shows the LTC price increase has been bolstered by strong volumes from Coinbase's GDAX exchange, a sign less-savvy consumers may be active in the market. However, questions about the fork aside, technical charts indicate the news may be enough to extend a rally in the flagging market. The above chart prices as per Coinbase shows: - LTC has breached the falling trendline resistance on the back of a sharp rise in volumes.
A high volume breakout indicates the rally is here to stay. That said, the dip would be short-lived as short-term momentum bitcoin satoshi vision reddit are biased bullish.