Litecoin Forks Leaves Australian Brokers More Worried

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Litecoin Forks Leaves Australian Brokers More Worried

The Australian FX industry is increasingly becoming worried since the cryptocurrency customers no longer need to incur any cost for any complaint against their broker. Most brokerages are currently troubled that their customers might take advantage of the new rules of the game and exploit them following the recent Litecoin blockchain that was forked.

According to Coindesk, the investors are yet to take interest in the new Litecoin Cash (LCC), which has remained at the bottom of the chart in the market shares. Basing on the data from the CoinMarketCap, Litecoin (LTC), the world’s fifth largest virtual currency by the market capitalization has drastically gained in the recent past and it’s currently trending at $228.

The surge in the LTC prices could be due to the fact that the investors are significantly using other cryptocurrencies such as bitcoin to gather their Litecoins. Furthermore, the price rise could be largely associated with the founder of the coin Charlie Lee’s tweet about the belief that the token could take over the market including the Bitcoin in the near future. Another reason could be because of the Litepay, which enables both merchants and enterprises to accept LTC for payment transactions.

The LCC recently performed a hard fork for its cryptocurrency as a way to create a new virtual currency. The new currency debuted with its first price of $1.40, while the LCC is trading at $5.89. Most traders and investors who had secured a few Litecoin assets gained from the offer whereby each Litecoin holder was receiving 10 LCC for every LTC they had, a move that Lee was against its launch and termed it a scam.

However, the industry is positively accepting the new coin and according to market analysts, the token have a bright future in the cryptocurrency space. The reason behind its rapid growth is the forked crypto began trading at $1.40 and significantly gained its value to $9.25 within two days of trading.

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