Litecoin (LTC) is putting on a show today amid news a group of developers may seek to fork its blockchain, the fifth-largest by total value.

The cryptocurrency was last seen changing hands at $216, a one-month high, according to data service CoinMarketCap. Overall, LTC has appreciated by 33 percent in the last 24 hours, up over 100 percent from the Feb. 6 low of $106.94. Further, with the move, litecoin's market capitalization has jumped above $10 billion for the first time since Jan. 29.

Still, the reasons for the move may give investors pause.

LTC appears to be edging higher due to news of an upcoming fork called "Litecoin Cash," which is promising new tokens to existing holders at block 1,371,111. For every 1 LTC held at block 1,371,111, holders will receive 10 "LCC," according to the official website.

However, there is a notable contingent that is warning about the new cryptocurrency.

Litecoin founder creator Charlie Lee and the litecoin community have dismissed the project, calling it a "scam" meant to confuse litecoin owners. Bitcoin similarly boomed on the release of a rival blockchain called bitcoin cash last year, though there were perhaps more stark differences between the two technologies, both propelled by competing ideologies.

Closer analysis shows the LTC price increase has been bolstered by strong volumes from Coinbase's GDAX exchange, a sign less-savvy consumers may be active in the market.

However, questions about the fork aside, technical charts indicate the news may be enough to extend a rally in the flagging market.

Why is litecoin rising? Crypto jumps almost 30 percent in just HOURS

LITECOIN’S price jumped a staggering 20 percent today in just a few hours after opening with the $300 mark now in its reach in a positive more for the cryptocurrency. Why is litecoin rising today?
On December 8 last year, Litceoin took a slight tumble down to $96 after months of relative stability.

Within days, the cryptocurrency reach dizzying heights of $300 to £400, first hitting a high of $327 on Tuesday, December 12 in a staggering victory for the currency.

The currency then crashed again with lows of $120.

But today, February 14, Litecoin has seen a rise of almost 30 percent on recent prices.

Why is Litecoin rising today?

A major part of the reason for LTC’s gain during this period can be attributed to the release of Litepay which was first announced in the days leading up to Christmas 2017.

Litecoin founders have seen a raft of positive news published in recent days and weeks.

Litecoin’s new payments solution known as Litepay is scheduled for release on February 26.

The Litepay feature will allow businesses to accept Litecoin payments and official Litecoin debit cards, bringing the cryptocurrency closer to mainstream.

Microsoft also announced plans to will use the Litecoin platform as a foundation for its decentralised identity system - along with Bitcoin and Ethereum.

According to Palwasha Saaim, a Research Analyst at Lombardi Financial, LitePay will truly be a “game changer.”

Saaim said: “Litecoin users will be able to convert Litecoins to dollars and vice versa through their Visa-compatible LitePay cards, which will be usable at all ATMs or businesses that support Visa payments.”

The sixth largest cryptocurrency by market cap could now be well on its way to become the first digital cash break down the barriers and reach the mainstream.

Litecoin Nearly Doubles Its Value in Under 2 Weeks

Cryptocurrencies are as volatile as ever, but these days, that volatility is moving in the right direction—and there may be no better example of that than Litecoin.

The digital currency is up 34% in early trading Wednesday and has seen its value jump from $109.07 on Feb. 2 to $210.98 as of 9:45 a.m. EST Wednesday. That’s a 93% increase in just under two weeks.

The cryptocurrency’s market cap has soared by more than $5.6 billion in that time period, according to CoinMarketCap.

Litecoin is the fifth largest digital currency, as ranked by market capitalization. Since its debut at the start of 2017, it has increased in value by nearly 5,000%. So what’s driving today’s increase?

No one factor seems to be deserving of credit. Crytopcurrencies, on the whole, are on the rise today after Mario Draghi, the president of the European Central Bank, shrugged off talk of a crypto ban. A new Litecoin payment solution is also set to release in the coming weeks that will allow businesses to accept payments using the coin.
Another possible reason for the rise? The imminent release of Litecoin Cash, which claims it will award 10 Litecoin Cash coins for each Litecoin token. Cryptocurrency analysts, though, warn Litecoin Cash has no ties with the founders of Litecoin and could be a scam. Litecoin’s founder Charlie Lee has warned via Twitter that “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.”