Litecoin Makes Fresh 2019 Highs as Price Surges 14%
- Litecoin jumps to $128, which was last hit in May 2018
- Upcoming Litecoin reward halving less than two months away
- Pro crypto 2020 Democratic Presidential candidate Andrew Yang met up with Litecoin founder Charlie Lee
As Bitcoin turns green and goes back above $8,000, Litecoin leads the cryptocurrency rally as it surges more than 14 percent going from $112 to today’s high at $128. This level was last time hit in May 2018 as we climb to over 1-year highs.
This surge has LTC climb the fourth spot by market capitalization of $7.8 billion as it trades at $127 at the time of writing.
LTC/USD chart, Source: TradingView
Litecoin is one of the biggest gainers of the cryptocurrency market with 317 percent gains till date in 2019.
This surge is all thanks to the upcoming Litecoin halving event on 5th August. With this event, the coin reward will decrease from 25 to 12.5 LTC. In terms of supply, currently, 74.03 percent that is 62,189,125 LTC has been already mined out of the total 84 million Litecoins to be ever produced.
Crypto trader Moon overlord points out how this upcoming event is bullish and the “reality is LTC has one of the strongest mining networks and communities and I fully expect it to recover.”
The $LTC halving coming up and the TA in BTC and USD is bullish.
But yet people on here tell me its useless https://t.co/bh1UFWyvJl
— moon (@MoonOverlord) February 2, 2019
An event that is historically bullish for Bitcoin is expected to take LTC to new peak as well as Luke Martin, a cryptocurrency analyst took to Twitter to share that it could actually go significantly higher in the next few months.
“I was sleeping on the LTC halving being only 60 days away now. Price is up 5% today breaking out of consolidation. I think it could go higher than the most recent .0182 swing high,” explained Martin.
$LTCBTC peaked days after $LTC halved in 2015. It proceed to selloff leading up to and following the $BTC halving. I think we will see similar price action in 19-20. If so then #LTCBTC would return to the top of the channel over the next couple months before retesting ~0.011. pic.twitter.com/vXz5KcuE2k
— Financial Survivalism (@Sawcruhteez) June 8, 2019
Another potentially bullish event was pro crypto 2020 Democratic presidential candidate, Andrew Yang meeting with Litecoin founder Charlie Lee to reportedly discuss the future of cryptocurrency.
While sharing a picture of the two, Yang congratulated Lee on being a pioneer in the industry further commenting “let’s build the future.”
this was the exact bottom too
charlie is the goat https://t.co/jIJl0v8Eks
— moon (@MoonOverlord) June 10, 2019
Litecoin seems to be poised for more gains, now it would be interesting to see how high it would go in the next two months and if it will drive other cryptocurrency’s price up as well.
Reminding his followers via Twitter, Litecoin creator Charlie Lee shared the following update on the microblogging platform:
Litecoin block halving is in 56 days! https://t.co/EBWbsIUp47
Here are some stats on mining profitability. After halving, miners are still profitable with electricity under 10¢. Many are paying only 5¢ and therefore should keep mining LTC post-halving. (https://t.co/AcQPEjdNtb) pic.twitter.com/VtA9aAv7FS
— Charlie Lee [LTC⚡] (@SatoshiLite) June 10, 2019