Litecoin prices have surged over the last week, rising more than 60% since hitting a low over the weekend.
The alternative protocol asset (altcoin) rallied as it benefited from several different factors, including anticipation surrounding a pending hard fork and steadily improving market sentiment.
The digital currency, which has frequently been described as the silver to Bitcoin’s gold, rose to as much as $237.88 on February 14, a 66.8% increase over the weekly low, CoinMarketCap figures show.
[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]
The altcoin experienced some volatility over the last few days, climbing to as much as $236.09 today, additional CoinMarketCap data reveals.
At this level, Litecoin was up more than 65% over the recent low of $142.61 it hit on February 11.
When explaining Litecoin’s recent gains, market observers have repeatedly pointed to the upcoming hard fork that will result in a new digital currency called Litecoin Cash.
When the fork takes place, investors who hold Litecoin will receive Litecoin Cash, a development that has been credited with fueling demand.
Charles Thorngren, CEO of Noble Alternative Investments, also spoke to this development, emphasizing that while all cryptocurrencies have been benefiting from a broader improvement in the market, Litecoin has had an additional tailwind in the form of this hard fork.
“The hard fork is a great sign for Litecoin,” he said.
Thorngren emphasized that since the altcoin has often been considered the silver to Bitcoin’s gold, “Seeing Litecoin build its own momentum is very encouraging.”