Litecoin (LTC) halving event is approaching and with it, the excitement grows leading the price of the asset to soar by 18 percent this week only. The fundamentals show that the price could go even higher and we read more on the analysis in the coming altcoin news below.
The LTC-to-Dollar rate today established an intraday high of about $114 and it later took its 24-hour adjusted gains to 8.60 percent which is the highest climb out of all cryptocurrencies on Friday. The move also helped the altcoin to erase the losses during the last week downside trend and at the same time, the largest cryptocurrency Bitcoin still managed to recover by 7 percent and to compensate the similar losses.
The biggest difference between Litecoin and Bitcoin is that the investors and traders are now interested in holding the first one. This is because of the Litecoin (LTC) halving event which is expected to reduce the supply rate of the altcoin to 12.5 LTC. Investors are looking at this event as a bullish one but are still taking cues from the textbook supply-demand theory. They also believe that the reduced supply in LTC against an appreciation in demand will make the asset more valuable. As a result, LTC could become a more profitable asset than other top coins in the near term.
The sentiment could also be seen further across the Litecoin blockchain. For example, Binance research reported that the altcoin had a hashrate increase of more than 150 percent in the last six months and the mining profitability is up by 125 percent. During the same time, LTC increased by more than 380 percent against the US dollar.
LTC still needs to prove that there will be a higher demand. The founder of the asset Charlie Lee announced back in February that they would likely offer increased privacy with the new Mimblewimble update. The announcement helped LTC increase in far but unless the update kicks in soon, every upside action will only be left for speculation.
As reported in the best cryptocurrency news sites and analysis, the Fibonacci retracement graph sketched from the price point of $182 to a low of $22 provides a good idea of how the LTC price will play out in the near future. Traders are also willing to break above $121 in order to open a long shot towards the $148 price level.
Litecoin (LTC) Value Rebounds As The Halving Event Is Pending
Litecoin Adoption: LTC Adopted On Flexa, Spendable In 39,000 Stores
“I’m excited to see Flexa help push mainstream adoption of Litecoin payments. Being able to pay with LTC at all these new major merchants is great for the entire Litecoin community.”Litecoin can now be spent but also converted to fiat via Flexa's SPEDN application which is currently live on Apple's iOS and in testing phase on Android. This comes shortly after the Litecoin Foundation (organization behind the cryptocurrency's development and adoption) joined hands with two industry partners including Bibox Exchange and Ternio, releasing a debit card that can be "loaded" with LTC, Bibox Token and Ternio Token.
Crypto Startup Flexa Adopts Litecoin-Now Available At 39,250 Stores
“I’m excited to see Flexa help push mainstream adoption of Litecoin payments. being able to pay with LTC at all these new major merchants is great for the entire Litecoin community.”Litecoin can now be spent and converted to Fiat with the help of Flexa’s SPEDN application which is currently live on Apple iOS. The decision comes shortly after the Litecoin Foundation joined the two crypto industry partners Bibox Exchange and Ternio in order to release a debit card that can be filled with LTC. As noted in the previous latest cryptocurrency news, the Video game streaming service Twitch also started accepting subscription payments via BitPay which gives its viewers a chance to contribute to their favorite gamers with cryptocurrencies. This could be great news for litecoin but for other assets as well regarding the boost in price in the upcoming months.
Litecoin (LTC) Price Goes Up By 13% Reaching $8.18BLN In Market Cap
‘’I’m still waiting for the weekly close but if it does close anywhere above the green box/line I’ll long targeting new highs.”The latest cryptocurrency news reported that the LTC supply reduction could affect the reward that is mainly used by the miners. This could also cause a drop in the Litecoin’s blockchain hashrate since the miners start allocating the computational power to more profitable cryptocurrencies. However, Charlie Lee begs to differ. He believes that the LTC miners would still be profitable despite the rewards reduction:
“If some miners stop mining, block times go up for a while (maybe a week) before difficulty readjusts and makes mining profitable again and miners will come back. Litecoin won’t die.”
Join us on Facebook
- Big BTC Price Boom Will Bring To Consolidation: Market Experts
- Coinbase Closes Its Bundle Product After 8 Months On The Market
- Bitcoin Retests The $11,000 Range Holding A Strong Low Volume
- Facebook’s Head Of Blockchain Expects Libra To Be Governed By Swiss Law
- Bakkt BTC Futures Reached “Critical Mass” And Expected To Launch Soon
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News4 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Altcoin News4 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Regulation3 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Bitcoin News3 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Regulation3 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Press Releases4 days ago
Sorry Mr President, cryptocurrency has a bright future
Altcoin News3 days ago
Coinbase Is Rolling Out New Data Tools For ‘First Time’ Crypto Investors
Blockchain News3 days ago
Blockchain Investments Could Drop 60% This Year Due To Bitcoin: Report