Litecoin Price surges ahead of hard fork that is scheduled to take place this weekend. In particular, Litecoin has advanced by 112.27 percent from the low of February 6 of $106.94.
15 February, AtoZForex – It looks like Litecoin is leading the recovery of the cryptocurrency market. While digital coins are getting back their gains they have lost during the first month of 2018, some of the cryptocurrencies is showing the most remarkable moves. Litecoin has had a stellar run during the past two days, as it is now trading 54 percent week-on-week.
Cryptocurrency market Recovery
At the moment, the overall cryptocurrency market capitalization figure stands at $466,110,310,411 – this is the highest level since the 2nd February. It also marks a 68% rise in the market cap from the low of $276 billion figure that we observed on the 6th February.
What had caused the cryptocurrency market to crawl back to the December 2017 highs?
Nobody knows for sure. However, the cryptocurrency market experts believe that the sharp recovery might be connected with chart factors, which implies oversold conditions. If we look deeper into the fundamentals of the market, then the rebound in the cryptocurrency market is largely linked to the US Senate’s SEC and CFTC hearing that was held in the beginning of this month.
Both chiefs of the key US regulators have signaled that regulation of the cryptocurrency market is not immediately required. This is despite the growing concerns about the state of the technology and the possible harm that might arise for the unexperienced US consumers.
Litecoin Price Surges Ahead of Hard Fork
Some of the digital currencies have been showing extra strength during the past week. In particular, Litecoin has advanced by 112.27 percent from the low of February 6 of $106.94. Now, the LTC, the native token of Litecoin, is leading the overall cryptocurrency market rally.
One of the possible reasons for Litecoin price rally is an upcoming hard fork that has boosted the demand for the cryptocurrency. However, the market insiders have been expressing some criticism in regards to the legitimacy of the project. As of now, Litecoin is trading at $224.97.
In the meantime, the Ripple coin XRP has solidified almost 90% from the 6th February low of $0.58836. Now, the coin is the second biggest gainer in the top 10 cryptocurrencies of 2018. Currently, you can buy one XRP for $1.13 .
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