Call it a slow start.
The launch of a new cryptocurrency by the fork of the Litecoin blockchain passed without technical difficulties, but at the time of writing this article, the market practically does not accept the new coin.
Currently, it is trading at just $ 6,17, and the daily trading volume was about $ 1,8 million. The cost of Litecoin cash (LCC) is 3% of the price of the official Litecoin project, the fifth largest cryptocurrency and one of the few who have trading volumes exceeded $ 1 billion over the past 24 hours.
But at the same time the start was noticeable, if you look at the dynamics of value.
LCC opened 20 in February at about $ 1.40 and rose to $ 9.25, which means 560-percent growth, according to data from CoinCodex (one of the few that already show data for this project). Even Litecoin benefited from this move - by rising in price, as investors sought to accumulate it before the LCC appeared and LTC holders would receive free coins.
However, despite such an audience, not a single large crypto-exchange has yet announced support for LCC.
At the moment, it is only on YoBit, while the other exchanges mentioned on the Litecoin Cash website (Mercatox and Trade Satoshi) have not yet formally added cryptocurrency.
It seems that the choice of the name was the biggest drawback for the team. Liteco creator Charlie Lee (Charlie Lee) was one of the first critics, and even the LCC developers admitted in an interview with CoinDesk that the name should have attracted people to the project (using “cash” resembles “bitcoin cash”, a bitcoin fork that resulted from users regarding the project roadmap).
Lee blamed the cryptocurrency team for intentionally causing confusion in the market, and few of the broader industry disagree.
Overall, the LNC 24-hourly trading volume, which had fallen from $ 5.6 million earlier this week, is rather low, considering how much attention this digital currency has attracted before the fork.
Only time will tell if the LCC will catch up with the leaders of the cryptographic market, or whether it will take the bitcoin gold path (another bit of bitcoin, which, it seems, few people have fallen in love with in the investment community).