Bitcoin, Ethereum, Litecoin Crypto Investors: Here’s Upcoming Bullish Events to Keep Tabs On
Although we are in a bear market, there are some virtual currencies that will be experiencing positive and bullish events in the future. According to the recognized cryptocurrency trader, Moon Overlord, there are reasons to believe that digital assets will start to grow in the future.
In a recent Tweet uploaded, he said that Litecoin will be halving as soon as August of this year. Litecoin is currently the 7th largest digital currency in the space and it has a market capitalization of $2 billion. Each coin can be purchased for $33.
This is not the only positive thing about Litecoin this year, Charlie Lee, the founder of the popular cryptocurrency, mentioned that in 2019 they will be working in adding Confidential Transactions (CT) to Litecoin and make it fungible. This is something that other virtual currencies have done in the past.
He then mentioned that Ethereum (ETH) is also going to be reducing its block reward by 33% in February this year. The decision to implement this reward reduction was taken several months ago. The Constantinople hard fork is going to trigger this reward reduction. Although it should have been approved in the past, the new scheduled date for the network upgrade is February 27.
Ethereum is the third largest cryptocurrency in the market after Bitcoin (BTC) and XRP. With this reward reduction, Ethereum might be able to recover the second position in the market.
Bitcoin is also going to experience positive things in the future. For example, the most valuable virtual currency is going to be reduced by half in just a year. In this way, Bitcoin miners will be receiving just 6.25 Bitcoin every time they find a new block. Currently, each miner receives 12.5 BTC per block mined. Every single day, there are 1,800 mined, with an inflation rate per year of 3.82%. The inflation rate at the next block halving event will be 1.8% per year.
According to Moon Overlord, block reward reductions and halvings are the most bullish events in crypto history and it is time to start paying close attention to them.
Block reward reductions and halvings are the most bullish events in crypto history, it's time to pay attention and start accumulating.
— moon (@MoonOverlord) February 2, 2019
There are only 21 million Bitcoin that will ever be mined. However, several millions of BTC have already been lost due to individuals forgetting or losing their private keys. In the past, when Bitcoin experienced the second halving, the prices of the digital asset grew exponentially and allowed the virtual currency to reach $20,000.
The bear market might have affected digital assets, but halving events are going to help these virtual currencies reduce their supply with increased demand.