Litecoin led the cryptocurrency rally Wednesday, vaulting more than 30% as anticipation builds for the launch of payment processor LitePay and an upcoming fork of its Blockchain.
X LitePay will allow businesses to accept Litecoin payments from customers anywhere in the world. It also will let users “load your card with dollars using any Litecoin wallet” and “spend dollars anywhere debit cards are accepted, or withdraw cash from any compatible ATM,” according to the LitePay website.
The move is seen to spur the mainstream adoption of the digital currency — which is fifth largest behind Bitcoin, Ethereum, Ripple and Bitcoin Cash.
Litecoin jumped 34% to more than $200 Wednesday. Its larger peers posted gains ranging from 5% to 11%. Bitcoin crossed above the $9,000 mark Wednesday after a tumble below $7,000 in early February, but sits well below all-time highs of $20,000, according to Coindesk.
Litecoin’s surge is also being attributed to an upcoming fork of its Blockchain called Litecoin Cash, or LCC. “For every 1 LTC you hold at the fork block, you’ll receive 10 LCC,” the Litecoin Cash website says. The Litecoin fork is expected to take place Sunday.
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Among Bitcoin-related stocks and equities, Riot Blockchain (RIOT) jumped 7% on the stock market today, Long Blockchain (LBCC) rallied 6%, Overstock.com (OSTK) gained 3%, Marathon Patent Group (MARA) climbed 5%, and Bitcoin Investment Trust (GBTC) soared 10%.
All are recovering from sharp recent sell-offs and remain stuck below their 50-day moving averages.
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