One of bitcoin’s main rivals, litecoin, has surged by nearly 40 percent in value this month, giving the crypto market hope for recovery after January’s collapse.

The world’s fifth most valuable digital currency by market capitalization is currently up 54 percent against last week. Litecoin has appreciated by 112.27 percent from the February 6 low of $106.94 and is leading the recovery in the top 10 cryptocurrencies.

The sharp growth is connected to a potential hard fork that could boost demand for litecoin tokens, industry website Coindesk reports. The fork, called Litecoin Cash, is expected to bring users who own litecoin a 10 to 1 offering of the newer currency, litecoin cash, the official website says. However, the legitimacy of the project is reportedly under question.


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