CV Market Watch™: Litecoin Heads Again for $250, Price Holds Even After the Fork

The Litecoin Cash snapshot is already completed and the project is open to claiming the coins.

The price of Litecoin (LTC) held fast even after the hard fork was completed this weekend, making another shot for $250. Previously, investors believed the price would rise before Sunday, and drop after the fork, or just before it.

The Litecoin community remains highly skeptical of the Litecoin Cash project, preferring not to claim the coins, and instead suggested taking profits as the price rose ahead of the fork.

You can claim your $LCC when the Wallet gets available! (<24h)

No $LTC can be used to claim LCC anymore since the block has been mined. Congrats on all of you who got in, you will get 10x your #litecoin in Litecoin Cash ?

— Litecoin Cash [LCC] (@litecoincashLCC) February 18, 2018

The LTC market price added another 9% net in the past 24 hours, and is up more than 57% this week. Trading in LTC has become more active, coming into the top 5 of the most traded assets in the past 24 hours. Significant volume comes in from Coinbase and the GDAX exchange, but OKEx as well. With this trading profile, LTC stands out indeed as a “mini-Bitcoin”, with a similar mix of Asian and US-based buyers.

A fraction of the Litecoin market, on Binance, has been fueled by USDT trading, but the price premium is not significant, and for now, the dollar-based GDAX market has a bigger influence.

LTC is still far from the peaks above $370, but the predictions for 2018 remain positive, as the digital asset keeps its visibility and for the first time, the Litecoin Foundation took up concerted marketing efforts for the coin.

At the same time, Charlie Lee remains cautious of too much enthusiasm in believing the LTC price would remain high without a chance of correction. In this, he agreed with the recent tweet by Vitalik Buterin:

Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.

— Vitalik Buterin (@VitalikButerin) February 17, 2018

What About Litecoin Cash?

The brand-new digital asset, Litecoin Cash (LCC) has followed the fate of other obscure hard forks, landing on the YoBit exchange. This market has been known for technical problems, as well as speculation. At this point, one LCC trades around $1.20. There are 10 Litecoin Cash coins for every existing Litecoin.

At the moment, it is unclear if YoBit takes actual LCC deposits, or if the balances have been credited automatically. YoBit has been known to immediately credit balances for coins such as Bitcoin Gold (BCG) and Bitcoin Diamond (BTD).

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