Litecoin Surges Over 140% in 2019, Charlie Lee says This Might be Reward Halving Effect
The fifth largest cryptocurrency by market cap of $4.5 billion has been one of the best top performing digital assets of 2019. Currently, it is up 140.89 percent. However, this is not the highest increase LTC saw this year, as on April 6th, Litecoin went to $94.89, that means, it saw an increase of over 210 percent.
Back in December 2018, Litecoin dropped down to its yearly low at $23, but since then Litecoin has come a long way. However, still, LTC is down 79 percent from its all-time high of over $360.
At the time of writing, LTC has been trading at $72.83 with 24-hours loss of 5.79 percent, as per Coinmarketcap data.
According to Litecoin creator Charlie Lee, this significant surge in price could be due to the upcoming Litecoin reward halving event. The event that will reduce the coin reward from 25 to 12.5 coins is scheduled for August 6th and still has 92 days left.
During his chat with 499Block, Lee shared:
“The reward halving might be why LTC is doing so well price-wise in 2019. Maybe the price will go up more before the halving, or people might take profit. It’s hard to say.”
The historically bullish event for Bitcoin could see Litecoin skyrocketing to well above its last peak.
Crypto to Become Money
Lee has time and again emphasized how Litecoin is working towards becoming money and according to him, even that is the case for Bitcoin. However, there is one but the only property of sound money that is missing from these two cryptos that is fungibility.
“To get fungibility, you need privacy. So they go hand in hand. I think privacy/anonymity is extremely important for money. And that is why I’m working on adding MimbleWimble (the technology in Grin) to Litecoin. That’s something we are focused on this year.”
Lee further talked about Bitcoin’s lesser known competitors, Bitcoin Cash and BItcoin SV. About the scalability issue, he believes “Bitcoin will always have a scalability problem” as decentralization and scalability is a tradeoff.
Where on one side, Lightning will help Bitcoin scale without sacrificing decentralization, according to him, Bitcoin Cash on-chain scaling will kill decentralization.
On the topic of Binance delisting BSV, he says the exchange shouldn’t have listed it in the first place.
Crypto is Way too Male-Dominated
“Westerners see cryptocurrencies as money and Asians see cryptocurrencies as a way to make money,” said Lee on the topic of the difference between the eastern and western crypto communities. He further added that Asians are “more speculative” and good at making money.
Charlie wrapped the discussion on the prospect of females in this industry that he says are no “different than males” but as a community should make noise and let people know that there are so many in this industry as he says, crypto is way too male-dominated.
Litecoin (LTC) Live Price
1 LTC/USD =$288.0084 change ~ 4.00%
Litecoin’s price is $288.01 LTC/USD exchange rate today. The real-time LTC market cap of $19.23 Billion currently ranks #10 with , daily trading volume of $1.91 Billion and live coin value change of LTC 4.00 in the last 24 hours.