Litecoin Cash is the “hard fork” of the fifth largest cryptocurrency on the market.
The token split from Litecoin on Sunday just days after the crypto saw prices rise by 30 percent last week.
What is the price of Litceoin Cash? How much is Litceoin Cash worth?
As of 9.20am, Litecoin Cash fork is worth $2.75. This is a rise of some 111 percent on its opening value of around $1.40 according to Coin Codex.
The new cryptocurrency token has seen highs of above $4 but dipped to a low at 8am this morning of £2.63 before steadying on a slightly higher footing.
Litecoin Cash is currently trading on YoBit for $2.78. It is also supposed to be trading on Trade Satoshi and Mercatox but at the time of writing, the exchanges have not listed the new fork.
What is Litecoin Cash?
The new cryptocurrency promised new tokens to existing holders at block 1,371,111 when it launched on Sunday, February 18.
Litecoin Cash spilt from the Litecoin blockchain at around 5pm ET (11pm GMT) on Sunday and will give every Litecoin holder 10 new coins for every one Litecoin they own.
The new coin, LCC, will use bitcoin’s SHA-256 algorithm for the mining purposes that creates new tokens, whereas the original Litecoin uses Scrypt which verifies transactions.
The company does not claim to be affiliated with Litecoin in any way.
The Litecoin Cash foundation website states: “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.”
The announcement of Litecoin Cash was made on February 3, and was quickly denounced by Litecoin founder Charlie Lee.
The Litecoin Cash foundation says the new cryptocurrency has a goal block of 2.5 minutes, which is four times faster than bitcoin, and its fees will be 90 percent cheaper than litecoin.