Economy

Litecoin price (LTC/USD) sees sharp increase on Wednesday morning

Litecoin price (LTC/USD) sees sharp increase on Wednesday morning

Litecoin Cash that is expected to come soon and be sold as a faster version of Litecoin. This should prevent any major issues with block times on the Litecoin Cash network.

Receive News & Ratings Via Email - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings with our FREE daily email newsletter. Interest in Litecoin had begun to grow significantly at the beginning of the day; by 3 am LTC was worth 183.55, a 14% increase in value since 3 pm on Tuesday when the LiteCoin price had been $158.04. This is the first time the digital asset has shown solid gains in just under two months.

Litecoin has surged almost 40% in the past two trading sessions after news on Wednesday that a payments processor for the digital currency was to launch later this month.

And users are said to be able to convert Litecoins to dollars - vice versa - through the Visa-compatible cards, which will be usable at all ATMs or businesses that support Visa payments.

Coinbase, the leading US marketplace for major cryptocurrencies, also announced on Wednesday that it has launched a new service that lets merchants accept bitcoin, bitcoin cash, ethereum and litecoin payments. He also said that the Litecoin Foundation, a Singapore-registered nonprofit for advancing litecoin, is an investor in LitePay.

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In addition to LitePay, Coinbase recently launched a crypto payments app enabling merchants to receive the top digital currencies, including Litecoin. There is a catch though which has raised concerns of a scam and drawn criticism from Litecoin founder Charlie Lee.

While Litecoin has been on the move this week, there has been some uncertainty over the cause of the move, with some speculation over the possibility of a Litecoin fork and creation of Litecoin Cash being considered as one of the key drivers. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin.

Litecoin Cash is the source of this content. Be careful out there!

Most people have absolutely no idea what Litecoin is, or that the sixth cryptocurrency of the world by market cap is about to get a fork of its own much like Bitcoin did previous year. Over $2 billion has been traded in LTC over the past 24 hours, and it continues to rise on the long awaited good news.

While the potential of Litecoin Cash may be helping to drive up the price of Litecoin, promises made by the fork creators, along with a general level of skepticism surrounding cryptocurrency, has some questioning the legitimacy of the fork.