It has bot just a few days since the litecoin blockchain wasgoed forked, and so far, litecoin metselspecie (LCC) has failed to draw ter a following.
After a petite spike te price late te the week, at which point litecoin specie climbed above $7 vanaf token, the fresh cryptocurrency fell to around $Trio overheen the weekend. This means that litecoin contant is just a lil’ percentage of the value of the official litecoin project.
A report by Coindesk examines the early days of the fresh cryptocurrency and attempts to explain why investors have yet to take particular rente ter LCC.
Notable Commence, Followed By Lackluster Prices
Litecoin metselspecie wasgoed originally valued at close to $1.40 and surged almost six-fold to a high of $9.25 on Feb. 20, shortly after it launched. Even by the extreme volatility that is a hallmark of the cryptocurrency space, it wasgoed an outstanding commence for the fresh token.
Litecoin itself also benefited from the fork and the quick gains for LCC, spil litecoin’s value climbed while investors secured their holdings on the fifth-most valuable digital currency ter the world te an effort to secure more litecoin metselspecie at the time of the fork.
Following this exceptional beginning, however, LCC has sputtered. Perhaps one reason is the seamless forking practice. Te other high-profile forks, such spil those for bitcoin, there has bot dramatic and prolonged discussion among different factions te the debate. This has served, among other things, to publicize the proceedings and make the crypto investment community aware of the fork itself.
Litecoin’s fork went very slickly te comparison, with relatively little discussion. Spil a result, it’s possible that many investors were simply unaware of the fork and the generation of litecoin contant ter the very first place.
Exchanges Sluggish to Adopt
Another possible reason why litecoin specie has bot slow to catch on is that no major exchange has yet announced its support for the fresh token. Early on, LCC wasgoed listed only on YoBit. The litecoin contant webstek indicated the availability of LCC on exchanges like Trade Satoshi and Mercatox before either of those exchanges actually suggested the fresh token. (See also: What Is Litecoin And How Does It Work?)
Ultimately, the name of the project may also be a drawback. Litecoin’s creator, Charlie Lee, even spoke out about the decision to call the token “litecoin metselspecie,” telling that it wasgoed reminiscent of the polarizing bitcoin metselspecie fork.
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