Here’s Why Litecoin (LTC) Is Ready To Bottom With Its Peak Coming In 2021
Here’s Why Litecoin Ready To Bottom With Its Peak Coming In 2021
Litecoin is currently trading at around $30.83 with 24-hours losses of 0.62 percent. In the BTC market, however, Litecoin is in the green by 0.73 percent. The $1.85 billion market cap cryptocurrency is currently managing the daily trading volume of $698 million.
The upcoming event Litecoin halving is one of the biggest ones which is just about 190 days away. The Litecoin reward halving clock is ticking and expectations for the price are getting build up.
According to the crypto trader, Moon Overlord, with upcoming halving less than 200 days away, Litecoin might be all set to hit the bottom just like it happened the last time in 2015. And if it follows the same path as of last time, it will also be seeing a new peak in 2021 exactly two years after the halving.
“The Litecoin halving is quickly approaching. LTC bottomed approximately 200 days before it's halving in 2015. We are almost exactly 200 days away from the next LTC halving. LTC peaked 2+ years after it's halving, if it follows a similar path this time the peak will be in 2021.”
Litecoin halving is expected to be on 08 Aug 2019 at 05:06:03 which halves every 840,000 blocks. This halving will cut down the coin reward from 25 LTC to 12.5 Litecoins.
Currently, there are about 60 million Litecoin in existence that is 71.73 percent, to be exact, are already mined. Only 2,746,100 LTC are left to be mined now.
In the short term, analysts are not seeing any bullish signs with top crypto assets down today 1 to 2 percent or less after 5 to 10 percent losses yesterday. Crypto trader, Benjamin Blunt is actually expecting Litecoin to drop down to about $27. Though he says we must remain bearish right now, the December low of $23 might not break. And if history does repeat itself this time, Litecoin just might see the bottom.
Charlie Lee Working On Fungibility & Confidential Transactions
Recently, we reported Litecoin creator Charlie Lee’s plan to bring fungibility and confidential transactions to Litecoin in 2019 that will be optional initially as according to him, reaching consensus on mandatory would be harder.
“Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy. I am now focused on making Litecoin more fungible by adding Confidential Transactions.”
In late 2017, Lee had already given a hint that had its enthusiasts something to look forward to in 2019 when he initiated talk about these features to be added on Litecoin.