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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