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Litecoin has recently implemented a “Hard Fork” as a result of which a new cryptocurrency- Litecoin Cash has been created. In addition, the hard fork has been having a huge influence on the value of the altcoin as well. According to CoinDesk the value of Litecoin has increased by 55% in just one week after the hard fork had been occurred.
Litecoin is one of the most popular cryptocurrencies in the market currently, with estimated 5th largest market capitalization. The hard fork which was implemented quite recently led to the Litecoin Cash spinoff, which has been showing a good performance in the market starting from the same day it was announced.
Implementing a hard fork means a radical change in a blockchain network protocol which usually means creating a new blockchain hence a new cryptocurrency- which in case of Litecoin was the Litecoin Cash. After the appropriate fork occurs in the blockchain, the holders of the cryptocurrency receive corresponding amount of new coin units with the amount of cryptocurrency they already own. In case of Litcoin, the holders of the cryptocurrency receive 10 times as more Litecoin Cash for each owned Litecoin coin.
Litecoin Cash is currently supported by Mercatox, YoBit and TradeSatoshi. These exchangers also credit Litecoin Cash to Litecoin holders automatically on their platforms. In addition Coinomi Wallet is another great supporter of Litecoin Cash announcing that the coin will be accepted in their mobile app version very soon.
With the promising performance in the market and the growing list of supporters of the new cryptocurrency the new cryptocurrency has a good potential to become the next big spinoff in the crypto world. Meanwhile a good performance so far is hardly a guarantee for a strong long-lasting currency especially in nowadays highly competitive market. Hence only with time the actual value of digital coin can be determined.
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