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Litecoin prices have risen sharply this week. & Nbsp;Shutterstock
Litecoin prices have surged over the last week, rising more than 60% since hitting at low over the weekend.
The & nbsp;alternative protocol asset (altcoin) rallied as it is benefited from several different factors, including anticipation surrounding a pending hard fork and steadily improving market sentiment. & Nbsp;
The digital currency, which has often been described as the silver to Bitcoin's gold, rose to as much as $ 237.88 on February 14, to 66.8% increase over the weekly low, CoinMarketCap figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Climbing to as much as $ 236.09 today, additional CoinMarketCap data reveals.
At this level, Litecoin was more than 65% over the recent low of $ 142.61 en hit on February 11.
Hard Fork
When explaining Litecoin's recent gains, market observers have repeatedly pointed to the upcoming fork that will result in a new digital currency called Litecoin Cash.
If the fork takes place, investors who hold Litecoin will receive Litecoin Cash, a development that has been
Charles Thorngren, CEO of & nbsp;Noble Alternative Investments, & nbsp; also spoke to this development, emphasizing that while all cryptocurrencies have been benefiting from a broader improvement in the market, Litecoin has had an additional tailwind in the form of this hard fork. & nbsp;
"The hard fork is a great sign for Litecoin," he said. & nbsp;
Thorngren & nbsp;emphasized that since & nbsp;the altcoin has often been considered the silver to Bitcoin's gold, "Seeing Litecoin builds its own momentum is very encouraging."& Nbsp;
FOMO Returns
Senior contributor to Fati, pushed to increase the risk of missing out (FOMO), according to Mati Greenspan, senior market analyst for social trading platform eToro.
This development has helped drive strong demand and price action.
"Crypto investors have been sitting on their hands for weeks waiting for a rally, so on as they are" Greenspan wrote yesterday. & Nbsp;
A New Gold Standard? & Nbsp;
While Litecoin has frequently lived in the shadow of its digital sibling Bitcoin, the tide may be turning, at least according to one analyst.
"At the moment, I think Litecoin is the gold standard for cryptocurrency transactions, and is driving the industry forward both in terms of valuation and commerce-based integration,"& Nbsp;said Oliver Isaacs, & nbsp; blockchain investor, advisor and influencer.
He emphasized that while he has driven the digital currency's recent price movements, "More people are starting to realize Litecoin is faster, cheaper, and offers all of the technological benefits and advantages of BTC."& Nbsp;
Marouane Garcon, managing director of & nbsp;Amulet, a crypto-to-crypto derivatives platform that focuses on customer success and usability, also spoke to Litecoin's future success and viability. & nbsp;
"Litecoin could become king of the micro payments, & nbsp; and if that happens the price will rise with its adoption," he said. & nbsp;
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.
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Litecoin prices have risen sharply this week. Shutterstock
Litecoin prices have surged over the last week, rising more than 60% since hitting at low over the weekend.
The alternative protocol asset (altcoin) rallied as well as many different factors, including anticipation surrounding a pending hard fork and steadily improving market sentiment.
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The digital currency, which has been frequently used as the silver to Bitcoin's gold, rose to as much as $ 237.88 on February 14, to 66.8% increase over the weekly low, CoinMarketCap figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
Climbing to as much as $ 236.09 today, additional CoinMarketCap data reveals.
At this level, Litecoin was more than 65% over the recent low of $ 142.61 en hit on February 11.
Hard Fork
When explaining Litecoin's recent gains, market observers have repeatedly pointed to the upcoming fork that will result in a new digital currency called Litecoin Cash.
If the fork takes place, investors who hold Litecoin will receive Litecoin Cash, a development that has been
Charles Thorngren, CEO of Noble Alternative Investments, emphasizing that while all cryptocurrencies have been benefiting from a broader improvement in the market, Litecoin has had an additional tailwind in the form of this hard fork.
"The hard fork is a great sign for Litecoin, "he said.
Thorngren emphasized that since Bitcoin's gold, "Seeing Litecoin builds its own momentum is very encouraging."
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FOMO Returns
According to Mati Greenspan, senior factor analyst for social trading platform eToro.
This development has helped drive strong demand and price action.
"Crypto investors have been sitting on their hands for weeks waiting for a rally, so Greenspan wrote yesterday.
A New Gold Standard?
While Litecoin has frequently lived in the shadow of its digital sibling Bitcoin, the tide may be turning, at least according to one analyst.
"At the moment, I think Litecoin is the gold standard for cryptocurrency transactions, and is driving the industry forward both in terms of valuation and commerce-based integration, " said Oliver Isaacs, blockchain investor, advisor and influencer.
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He emphasized that while he has been driving the digital currency's recent price movements, "More people are not starting to realize Litecoin is faster, cheaper, and offers all of the technological benefits and advantages of BTC like "segwit and the lightning network."
Marouane Garcon, managing director of Amulet, a crypto-to-crypto derivatives platform that focuses on customer success and usability, also spoke to Litecoin's future success and viability.
""Litecoin could become king of the micro payments," he said.
Disclosure: I own some Bitcoin, Bitcoin Cash and Ether.
