The price of cryptocurrencies was devastated since the start of 2018. With threats of implementing strict regulations coming from different countries, Bitcoin’s price is a far cry from its all-time high last December getting to almost $20,000. And the same is true for many altcoins.
However, the past few days, Bitcoin along with other altcoins have been able to recover. Thanks to South Korean regulators changing their mind from banning crypto activity completely, it allowed cryptocurrencies to recover from weeks of losing value.
But the true winner for the month of February would have to be Litecoin. Litecoin was able to leave February in green while most cryptocurrencies were red.
Charlie Lee started Litecoin with one vision in mind. That is to make a silver standard for cryptocurrencies. Charlie Lee believes that Bitcoin is the gold standard of cryptocurrencies while Litecoin is the cheaper version that can be used for smaller transactions.
What Made Litecoin’s Price to Increase?
Bitcoin has experienced a 4% loss by the end of February. On the other hand, Ripple and Ethereum both have experienced losses as well. Ripple dropped by 22% while Ethereum, on the other hand, plummeted by 20% from January to February. Now, as for the entire cryptocurrency market, the entire market capitalization has dropped by 8% to $449 billion according to CoinMarketCap report.
What exactly made Litecoin different from the other digital currencies? What makes it so special? There are a number of reasons as to why Litecoin’s price increased last month.
One of the reasons as to why Litecoin was able to do well in the past month was basically because of Bloomberg Terminal allowing cryptocurrency investors to see its price compared to other top cryptocurrencies out there.
Another reason as to why Litecoin was able to have a good month was because of Litecoin Cash. The fork happened on February 18. What makes Litecoin Cash different is its cheaper transactions while allowing 4 times the transaction bandwidth of Bitcoin. Litecoin Cash announced that Litecoin holders will have 10 LCC, something that made the price of Litecoin jump for the month.
Charlie Lee Warns Against Litecoin Cash
Charlie Lee, however, warns Litecoin holders about Litecoin Cash. According to Charlie Lee, he believes that the creators of Litecoin Cash were simply trying to replicate the success made by Bitcoin Cash. However, unlike Bitcoin Cash, Litecoin isn’t exactly splitting. He said that “It confuses people into thinking Litecoin is splitting. The Litecoin community has no interest in splitting. It’s just some people trying to make a quick buck. And calling it Litecoin gives them some legitimacy”.
But of course, Litecoin Cash was quite successful getting the attention of potential investors. In fact, from opening at $1.40, it was able to hit $9.25 in a matter of two days. However, it leveled out to $0.94 today.
Though Litecoin was able to recover, keep in mind that it still has a long way to go in order to regain the $365 record last December. Is it possible for Litecoin to get to this price in the coming months considering the bullish trend of the cryptocurrency?