Litecoin (LTC) Leapfrogs Bitcoin Cash To Become The Fourth Largest Cryptocurrency After 12% Surge
Litecoin Becomes The 4th Largest Cryptocurrency Surpassing Bitcoin Cash After 12% Surge
- Litecoin surged over 13% in the last 24 hours
- Bitcoin Cash lost its position as the 4th largest digital asset
- Litecoin price has surged around 18% as the halving date approaches. The digital currency has also surpassed Bitcoin Cash (BCH) as the fourth largest virtual currency in the market.
- Indeed, Litecoin became the second largest gainer among the top 65 digital currencies.
Litecoin Surges Before Halving Event
One of the apparent reasons for this price surge is related to the fact that the digital currency is going to be halving as soon as in August. Rewards for miners are going to be dropping from 25 LTC to 12.5 LTC per block.
This seems to be bullish for the digital currency because of supply and demand theory. Indeed, with a stable demand for the virtual currency, the price of the digital asset is expected to keep growing. There will be less selling pressure from miners, which could have a positive impact on the price of the digital currency.
Privacy Features For Litecoin
At the same time, Binance Research explained that the digital currency experienced an increase in its hash rate of over 150 percent in the last six months. Furthermore, Litecoin price appreciated over 380% since it bottomed in December 2018.
Earlier this year, Charlie Lee, the founder of the digital currency, announced they were going to be working on privacy features for Litecoin. The goal was to add Confidential Transactions (CT) or Mimblewimble.
According to CoinMarketCap data, Litecoin‘s price is up 13.39% and it is trading at over $117 at press time. Meanwhile, Litecoin has a market capitalization of $7.28 billion. Bitcoin Cash has also grown over 4%, it has a market cap of $7.15 billion and a price per coin of $401. Nonetheless, the latter is now in the fifth position.