Why did Litecoin double in value this week?

LitecoinLitecoin has shot up in value this week, up 50% due to a series of factors that are all bullish for Charlie Lee’s blockchain. The primary reason in my mind was the announcement of Litepay, a new payment processor to be launched Feb 26. Litepay is modeled after Bitpay, but obviously using Litecoin instead of Bitcoin.

Litepay plans to offer a variety of services including taking LTC payment in fiat. There is also a VISA-powered debit card planned, rumored to be offering 1% fees, so this actually seems a bit more ambitious. But this certainly wasn’t the only factor putting upward pressure on the LTC price – there was a barrage of announcements all of which were positive.
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Knockoff tokens, soundalike forks and a few scamcoins

I decided to go digital dumpster diving into the list of top 1000 cryptocurrencies by market cap to see how many Bitcoins I could find. And look how many Bitcoin knockoffs, wannabes, Bitcoin forks, and tricksters there are. Talk about brand dilution!

The whole spectrum is represented here; from early altcoins trying to tinker with basic assumptions about consensus mechanisms or block discovery times, all the way to some that are simply intended to confuse unwary investors.

Here’s the list, sorted by market cap, along with a bit of commentary. They might be sorted in terms of appeal as well, as there are some real stinkers in this bunch!

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