Litecoin (LTC) has been the biggest gainer in the cryptocurrency top 10 over the past 24 hours, data from digital currency tracker Coinmarketcap shows.
The cryptocurrency made most of its gains in today’s trading. Having traded mostly sideways on Tuesday, Litecoin experienced a sharp increase in the early hours of today’s session, gaining more than $20 in just a couple of hours. The Litecoin price reached an intraday high of $185.51 earlier in the session and is currently hovering around $180.
Earlier this week, a newly-created organisation announced plans to initiate a hard fork to split the Litecoin blokchain and create a new cryptocurrency called Litecoin Cash. According to a press release issued by the Litecoin Cash foundation, the new blockchain will switch to SHA-256 hashing algorithm, which is also being utilised by Bitcoin and Bitcoin Cash.
The announcement prompted a response by Litecoin’s creator Charlie Lee, who turned to Twitter to warn LTC holders that the fork was most likely a scam.
“PSA: The Litecoin team and I are not forking Litecoin. Any forks that you hear about is a scam trying to confuse you to think it's related to Litecoin. Don't fall for it and definitely don't enter your private keys or seed into their website or client. Be careful out there,” said.
“Since on the topic of scams, any fork of Litecoin, calling itself Litecoin something or other, is a scam IMO. Litecoin Cash, Litecoin Plus, Litecoin *... all scams trying to confuse users into thinking they are Litecoin. This also applies to all Bitcoin forks trying to confuse,” he added.
In today’s trading, the Litecoin price stood at $180.84, as of 09:39 GMT. The cryptocurrency has gained 16.7% in the past 24 hours.
For further information on how to buy and trade Litecoin, see our comprehensive Litecoin guide.