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article imageLitecoin leading the way in cryptocurrency recovery

By Ken Hanly     Feb 16, 2018 in Technology
The crypto market is recovering at least in the short term led by litecoin. The recent cryptocurrency market capitalization was $466 billion its highest level since February 2.
On February 6 the capitalization hit a low of just $276 billion. The new high represents a 68 percent rise from its low.
Reasons behind gains
The chart for litecoin shows that is oversold. The reaction to the Senate hearings on regulation was also positive. As a recent Digital Journal article also points out it looks as if US regulations are not coming for some time.
It may be that the market has already digested the negative signals out of China and South Korea.
Bitcoin is also joining the upward trend breaking through the $10,000 barrier. Ripple, neo, and others are also faring well.
Litecoin's stellar comeback
Litecoin (LTC) has run up 54 percent in one week. From its low of $106.94 on Feb. 6 it is now up by 112.27 percent from that low leading the top ten cryptocoins in the recovery. However, litecoin is still down 2 percent on a yearly basis.
As of writing this litecoin is trading at $228.73 at a 3.50 percent rise so far on the day. Check the link to see the present value. Litecoin is that fifth largest cryptocoin in terms of market value.
Upcoming hard fork may explain litecoin rise
Some investors may see a potential hard fork that would produce another coin as a way of making money even though some question the legitimacy of the entire project
The upcoming fork is called Litecoin Cash no doubt in imitation of Bitcoin Cash. It promises new tokens to existing holders of litecoin at block 1,371,111. Every holder will receive 10 litecoin cash (LCC) for each bitcoin they hold.
Charlie Lee founder of litecoin calls the project a sham designed to confuse litecoin owners. We will have to wait and see whether the fork goes through and what its ultimate effects on the price of litecoin are if it does.
The appended video features Charlie Lee warning about the situation.
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