The beginning of the year was a rough period of time in regards to cryptocurrencies but the last few weeks the market has stabilized and it has started to rebound. Just one week ago Litecoin was below $120 per coin but in the last few days the price of Litecoin has been soaring and at the time of this post the price is right around $230 per coin. What is the reason for this sudden increase in the price of Litecoin?
There are a couple of reasons for the harp rise in the price of Litecoin. There has been a lot of news recently about the Litepay system that will make it easier for people to perform transactions with Litecoin. There is also the news that on February 18th Litecoin is supposed to have a fork where Litecoin Cash will be created with a split that is supposed to be 10 to 1. That means for every Litecoin that you own you should be given 10 Litecoin Cash coins. There are still a lot of details about this fork that are unclear, but for now it's playing a role in the sudden increase in the price of Litecoin, which is terrific if you own this coin. I believe that right now there is a FOMO (Fear of Missing Out) effect going on in the community and many investors are trying to get there money into Litecoin. I'm not sure how long this increase will sustain but I would be careful of purchasing any coin after it has had such a sharp increase in such a short period of time. I believe that the coin will drop down a little bit before it truly skyrockets up to new all time highs. Regardless, I think this coin is a great long term investment with a ton of potential. Just HODL and enjoy the good times like right now.
Stay Cool My Friends
*DISCLAIMER* - This article is not meant to serve as any investment advice and is meant purely as entertainment.