Litecoin (LTC) is having another rally on a mix of popularization and news of an upcoming hard fork. While the community considers the fork a scam, or possibly risky, the price of LTC is on the mend, possibly looking at $250 and above within hours.
And while this dollar price is attractive, the chart against Bitcoin (BTC) shows that LTC has re-gained the July 2015 spike against BTC. This is partly due to the still depressed BTC price, so the coin could take over in its most recent rally.
LTC grew by more than 28% overnight to $234.56, and is now up more than 60% from the lows last week, showing a very rapid recovery.
With a hard fork coming around February 18, some buyers may be interested in the additional Litecoin Cash coins, awarding 10 new coins for each LTC held.
While the recovery of LTC prices has been due to the culture of holding and not selling quickly, the current drive is for people to spend their LTC in the real economy. Spending Litecoin may become much easier with new payment technologies unrolled to communicate with sites.
The Litecoin Foundation has also noted that finding ways to spend Litecoin more widely would be greeted. Currently, the Litecoin network is fast and fees remain low. Additionally, the Coinbase service to merchants would give wider access to processing the crypto coin payment.
Charlie Lee Still Stands At the Helm
Despite selling all his coins, the creator of Litecoin Charlie Lee remains close to the project. The latest tweets show that there are big plans for Litecoin, including marketing and improvements on wallets:
The LTC price, however, may have its corrections in the future, just like the previous run to $370 and the slide to as low as $95. In the summer of 2017, LTC also corrected from $85 back to $40, giving investors a fright that its rise was another "chicken flight" followed by a drop and years of stagnation.
But with new developments coming, Litecoin may be shaking off accusations that it is a "dead coin". The asset may keep its position, but also offer trading opportunities in the meantime.