Litecoin from its recent low at 105$ surges up ahead to 230$. Litecoin ( LTC ) has had a rough few months. From its all-time high of $375 in December, the Bitcoin fork dropped to a mere $105 just nine days ago. Along the way it seemingly lost support from its creator, Charlie Lee, who sold all of his holdings late last year. But things are looking up again.
In the last 24 hours alone, the volatile cryptocurrency is up more than 30 percent.
But Why is this happening ? As we all know Litecoin ( LTC ) was started loosing its value when Charlie Lee the creator said that the entire Litecoin Crypto project was a scam and is not willing to work in future. He also sold all of his LTC in the past year 2017. After this news the value of LTC went down from all-time high 315$ to 105$. But the recent Litecoin charts and coinmarketcap analysis shows that the market capital of Litecoin has been increased to $10B and the price is surging up ahead rushing towards 300$ again.
Recent News being flashed out that the Litecoin ( LTC ) creators are doing a fork which will happen on 18th February 2018 and due to this the price started to rise up. As we all know what a fork is ? In the past year 2017 Bitcoin had a hardfork from which the Bitcoin Cash ( BCH ) was emerged as a result. Hardfork usually means the split of blockchain in two chains of blocks. One chain will be running the old algorithm for example Bitcoin and the other new developed chain will be running a new algorithm for the emerged cryptocurrency for example Bitcoin Cash ( BCH ). Hardforks mostly happens in means of development in the blockchain network. We can also see hardforks with Etherium (ETH) as well which gave birth to a new coin Etherium Classic (ETC).
What happens when there is a Hard Fork ?
As I already said about the creation of new blockchain and a new crytocurrency and along with the Hard Fork you get free coins or tokens as per the split of the blockchain.
When a hardfork happens, the amount you hold in your old blockchain for example lets take Bitcoin. You hold 5 BTC in your wallet and when the hardfork takes place a new generated blockchain will automatically get credited for yourself in the ratio 1:1 that means you receive 5 BCH in your wallet. But the price of the new coin varies in the market for its dependencies and uses.
Due to this the price of the LTC is going up. The LTC hardfork will give the holders of LTC 1:10 ratio. That means when the hardfork happens the holders will get 10 Litecoin Cash for holding 1 LTC.
The hardfork is happening on the website listed below:
https://litecoinca.sh/
Litecoin Hard Fork SCAM and there is NO Hard Fork being run on 18th February
The news from the creator of LTC Charlie Lie has been flashed out that they are not planning for any hardfork and thus the upcoming hardfork is a scam. He also said not to send any of the private keys of your wallet to the website running the hardfork as they don't know who they are.
PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there! https://t.co/qXbiIxp5Al
Charlie Lee [LTC] (@SatoshiLite) February 4, 2018
He also said in his tweet below of the hardfork concerning Litecoin
Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *... all scams trying to confuse users into thinking they are Litecoin.
Charlie Lee [LTC] (@SatoshiLite) January 30, 2018
This also applies to all Bitcoin forks trying to confuse.
So through his official tweets we can clearly say that the hardfork about Litecoin is a SCAM and thus will not occur, but if you already HODL Litecoin in your wallet than YES you can do it if it happens you'll get it but don't breach your private keys to the website.
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I am a C# and java programmer, currently taking part in the blockchain technology to create apps which are capable of running with this tech.
Don't take any of my opinions as a Financial Advice as this are my own personal opinions concerning cryptos and blockchain technology.