While Litecoin might be having a resoundingly triumphant start to 2018, the same can’t be said of its newest offspring. Forked coin Litecoin Cash, which has now begun trading at volumes of just over $1 million USD, is struggling to maintain a price north of $6 USD.
At present, the Litecoin Cash has only been adopted by YoBit – while other exchanges, such as Mercatox and Trade Satoshi, have not yet formally integrated the cryptocurrency.
Litecoin Cash (LCC) opened at $1.30 USD and climbed as high as $9.25 USD, before settling in above $6 USD at press time. The entire project is now valued at some 2% of Litecoin’s value, which accordingly is the world’s fifth largest cryptocurrency.
At the time of the fork, existing Litecoin owners received Litecoin Cash coins at a ration of 10 LCC per 1 LTC.
A slow start
Litecoin Cash enjoyed a rocky start to life thanks to criticism from Litecoin founder Charlie Lee, who accused the fork project of benefitting from the confusion surrounding the ‘Cash’ moniker.
Cash, of course, was the suffix adopted by Bitcoin forkers dissatisfied with the cryptocurrency’s scaling proposals.
Litecoin Cash enjoys little in common with Bitcoin Cash, and is instead rooted in goals that Litecoin creator Charlie Lee has described as a ‘scam’.
An online lead identifying themselves as ‘Tanner’ responded that “We’re using the Litecoin Cash name simply because it has become customary in recent months for a coin which forks a blockchain to prefix its name with the name of the coin being forked. This practice has become a widely understood convention. We’re not associated or affiliated with Charlie Lee or any of the Litecoin team in any way; we are big fans though.”
According to the team behind the project, Litecoin Cash’s mission is to build a cryptocurrency that offers faster transaction times that Bitcoin. Litecoin Cash’s target block time is 2.5 minutes – some for times faster than Bitcoin, while its team has claimed transactions will verify 90% faster than what Litecoin can achieve.
Only time might well as to whether the broader cryptocurrency market will accept the presence of Litecoin Cash, or how Litecoin’s price might adjust now that the fork has concluded.
At the time of writing, LTC trades at $211 USD per coin.
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