todaysgazette.com
Litecoin has seen a recovery of around 300% in the year 2019. LTC price increase largely due to the Bitcoin rise and partly due to the anticipation of the approaching halving update.
Litecoin has jumped from less than $70 in April to its current price of $118. With less than 30 days to the halving expectations are high that the coin would continue its steady rise in volume.
Litecoin (LTC) Analysis
While halving is not a guarantee that Litecoin’s price will continue to rise, it is usually interpreted as a bullish signal. Currently, each mined block generates 25 LTCs and after halving it will be reduced to 12.5 LTCs.
The current market optimism has been waning in the past two weeks as the market appears to be entrenched in a bearish trend. This does not mean that the price would return to its level pre-April but a slight devaluation is possible as the market currently seems undecided and an outbreak in any direction is possible.
The past two weeks has seen Litecoin fall from its yearly high of $146 to about $120. Since then the price has more or less fluctuated around the $120 mark. In the last 24 hours, nothing significant has happened to the price of LTC.
A Look At The Historical Data of Litecoin (LTC)
Litecoin daily volume has never been as high as it is today. Daily volume is fluctuating from $3billion to $4billion. However, the market capitalization, as well as its price was higher during its record high period. Where the price reached $374 and the market capitalization reached $18 billion.
The Hash rate similarly hit an all-time high a few days ago when the LTC hash rate was 468 TH/s. The recent development of Litecoin is also notable because the rest of the market has not performed as well as Litecoin.
The other top 5 cryptos apart from Bitcoin sank below their psychological levels recently. ETH is less than $300, XRP is below $0.40 and BCH is below $410. While Litecoin has consistently outperformed these crypto assets.
Although Litecoin looks strong at the moment, looking at the current market trend a sharp devaluation is likely to occur before halving.
Do you agree with our Litecoin analysis? Leave your comments below.