Chinese Chat Groups Use LTC Hype to Push the Price Up
The price of Litecoin (LTC) surged dramatically around the Lunar New Year celebrations. On Feb. 8, LTC price upped 23 percent in a single day and surpassed EOS became the 4th ranked cryptocurrency in terms of the market cap on the following day.
This is the first positive movement of mainstream cryptocurrencies in 2019. Many analysts attribute the sudden surge to Litecoin’s second halving which is months away. However, there are a group of stakeholders, using the LTC hype to push up the price.
The crypto mining pool Poolin.com has found a WeChat group named “Litecoin Halving Warm-up” to attract LTC investors and miners. The group admin used slogans such as “LTC many hit 18000 RMB ($2,657) this year, let’s make more money together!”, and “mining in the Poolin.com is highly profitable” to facilitate the bullish trend.
An anonymous group member disclosed that the LTC warm-up group is consist of Litecoin retail investors and miners, everybody is waiting for the halving. Fortunately, the bull run comes faster than they imagine.
LTC prices are changing hands on Feb. 8. Its 24-hour capital hit $55,750,400 and ranked first on the mainstream cryptocurrency top list of inflows. On Feb. 9, Litecoin climbed to the fourth place on the top cryptocurrencies list by market capitalization.
Charlie Lee, founder of Litecoin also tweeted that “Litecoin is trying its best to lead all of the cryptocurrencies out of this bear market.”
Lee’s remark is not an exaggeration. After Litecoin led the way with a dramatic 30% surge early in the day, Bitcoin followed close behind with an 11% gain, while other cryptocurrencies also showed a positive trend in their prices.
Crypto enthusiast is undoubtedly excited about this prospect. The admin of the LTC halving group forced groups to chant the bullish slogans, the person refused to do so would be marked as “inactive” users and get removed.
LTC retail investors are gathering useful information trying to find a “right time” to sell their Litecoin holdings at a top price. Miners are considering whether they should purchase more mining devices and looking for potential costumers.
The LTC hype spreading the crypto chat group may facilitate a bullish consensus to attract more people to buy in. It is also worth noting that the LTC halving has been over-utilized, in the previous month, the cryptocurrency has surged by over 55 percent, investors should evaluate the risk of buy-in at such a high price.