Most cryptocurrencies had a dismal month of February. And most investors would like to forget it! However, Litecoin has been one of the few bright spots in the doom and gloom of February! While Litecoin is still off its all-time of $375, having closed the month of February at around $ 203, it still gained 24% month over month. It was one of the best performing cryptocurrency of the month.
Litecoin hard fork
The increase in value in Litecoin can be attributed to the Litecoin Cash hard fork. It was airdropped to almost all the Litecoin holders. This is another reason why the returns in Litecoin got much sweeter. Moreover, the anticipation of the execution of the lightning network also led to the bullish phase in the cryptocurrency. The impending launch of Litepay also seems to have increased its value.
Currently, it is trading around the $ 205 mark. Earlier, it even reached the levels of $ 230. It remains to be seen whether it is able to cross those $ 230 levels or not. Currently, these $ 230 levels seem like a big resistance for Litecoin. This is one of the main reasons why most of the traders will be keeping a watch on these levels. On the other hand, when you look at the performance of Litecoin Cash, it is down by approximately 31% in the last 24 hours. After reaching a high of around $ 4.50, it has fallen all the way down to $ 1.39. Many investors are worried about the fall of Litecoin Cash as well. Investors are waiting to see if it is able to rebound in the 2nd half of the year.
See the cryptocurrency ticker at the end of article for current prices!
With most of the cryptocurrencies bouncing from their lows, it remains to be seen whether Litecoin is able to outperform in March as well or not. Of course, a lot also depends on the overall trend in the cryptocurrency market. This is the reason why the movement of Bitcoin can impact Litecoin as well. Moreover, the declining trend in Litecoin Cash is worrisome for many of the investors as well. If indeed, it is able to reverse the declining trend, further value can be created for Litecoin holders.
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