Litecoin fork is carried out, but it is accompanied by feeble pricing
At the weekend the release of new cryptocurrency passed through a fork of a blockchain of Litecoin without any technical malfunctions, but it is impossible to tell that the market accepted a new token with open arms.
Now the token bargains everything for $5 of a little more than $1 one million Litecoin Cash (LCC) so far costs only 2% of the price of the official Litecoin project — the fifth largest cryptocurrency which one of the few who managed to achieve the trading volume nearly $1 of one billion on Thursday. Flasque pricing followed quite a remarkable start of a token.
The token of LCC opened within $1:40 and on February 20 rose to $ mark 9.25, i.e. grew in price for 560%, according to CoinCodex information service (which so far one of the few who represents data on this project). Such movement was favourable to Litecoin, but the token began to fluctuate when investors decided to fix the deposits until Litecoin Cash created the blockchain and offered free tokens to owners of Litecoin.
However, despite already created audience, any large exchange did not declare LCC adding yet. At the moment the token bargains only on YoBit, and the remaining exchanges specified on the website Litecoin Cash (Mercatox and Trade Satoshi) still officially did not add this cryptocurrency.
It seems the name became the principal error of a command. One of the first the creator of Litecoin — Charlie Lie criticized. Even developers Litecoin Cash admitted to CoinDesk that the selected name owed become a peculiar lightning protector for publicity (the word “cash” is associated with “Bitcoin Cash” — a fork of bitcoin which quitted during deep splitting among users concerning development plans for the project).
As CoinDesk became known, Lie accused a command of new cryptocurrency of premeditated use of confusion in the market. Though some experts do not agree with it, marking that Litecoin have no consensus of rather further development, and many users plan to leave this network.
In general, considering what kind attention the project drew to a fork output, Litecoin Cash trading volume in 24 hours quite low — for $5.6 one million is lower than the level recorded earlier this week. Only time will show whether LCC will join leaders of the cryptocurrency market or will go on the way of Bitcoin Gold — one more fork of bitcoin which did not find support from investors.