Litecoin price 2018: Why is litecoin rising? Crypto jumps almost 30 percent in just HOURS

On December 8 last year, Litceoin took a slight tumble down to $96 after months of relative stability.

Within days, the cryptocurrency reach dizzying heights of $300 to £400, first hitting a high of $327 on Tuesday, December 12 in a staggering victory for the currency.

The currency then crashed again with lows of $120.

But today, February 14, Litecoin has seen a rise of almost 30 percent on recent prices.

As of 11.30am, Litecoin was worth $198.41 – a rise of a whopping 27.69 per cent.

Charlie Lee, creator of Litecoin, tweeted today: “LTC/BCH has just surpassed 0.02. This is higher than when I sold my litecoins.

“In other words, LTC has outperformed BTC since that time. Just saying!

“The market agrees that my efforts on Litecoin adoption is overcoming the negatives. Go Litecoin!”

Why is Litecoin rising today?

A major part of the reason for LTC’s gain during this period can be attributed to the release of Litepay which was first announced in the days leading up to Christmas 2017.

Litecoin founders have seen a raft of positive news published in recent days and weeks. 

Litecoin’s new payments solution known as Litepay is scheduled for release on February 26.

The Litepay feature will allow businesses to accept Litecoin payments and official Litecoin debit cards, bringing the cryptocurrency closer to mainstream.

Microsoft also announced plans to will use the Litecoin platform as a foundation for its decentralised identity system – along with Bitcoin and Ethereum. 

According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay will truly be a “game changer.” 

Saaim said: “Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”

The sixth largest cryptocurrency by market cap could now be well on its way to become the first digital cash break down the barriers and reach the mainstream.