Litecoin (LTC), the world’s fifth-biggest cryptocurrency, has recently been living up to its name. Litecoin, it seems, is fully lit.
On Wednesday, the token reached a one-month high of $218, an appreciation of almost 30 percent in the last 24 hours, according to CoinMarketCap. That’s over a 100 percent boost from its February 6 low of $105. However, the reason for this price spike is making some investors — and even Litecoin’s founder, Charlie Lee — raise their eyebrows.
LTC seems to be soaring because of the hype surrounding an upcoming “hard fork” on February 18, called “Litecoin Cash.” The developers behind this move are pledging to give out new tokens to existing LTC holders. For every single LTC on the block, 1,371,111 holders will receive 10 Litecoin Cash, or “LCC,” according to the future cryptocurrency’s website.
Here’s everything you need to know about this move and the reactions to it:
Hard Fork? What Does That Mean?