Litecoin’s price reached the highest level in over a year starting this week reaching the price point of $126 with a 10 percent gain on a 24-hour basis. Let’s look more into the altcoin news analysis today.
The fourth largest cryptocurrency per market cap reached up to $128 at 12:00 UTC on Coinbase which is the highest level since May 2018 when it was seen trading at about $124. Notably, the recent price spike suggests that litecoin’s price is leading the wider market much higher. The cryptocurrency is now up by more than 30 percent from the low of $87 that was seen on June 4.
In the meantime, Bitcoin as the world’s leading cryptocurrency by market cap gained another 7 percent during the same time. Litecoin’s great performance could be associated with the mining reward halving event that is due in less than 60 days. This summer, on August 8, the mining reward on the litecoin blockchain will be halved from 25 coins to 12.5 for each block.
This major altcoin rallied more than 500 percent in a period of three months before the previous reward halving which happened in 2015 on August 25. Litecoin’s price increased from about $1.5 in 2015 which later hit a new high of $7.00 in July 2015 before dropping back to $3.00 after the halving even according to the historical data. If this data is to be followed, litecoin will still rise over the next few weeks before receiving a profit of the August 6 event.
It is also important to understand that as we mentioned in the latest cryptocurrency news, Litecoin’s non-price metrics are seeing some solid growth as well. The hash rate reached a new high of more than 400 trillion hashes per second. The major moving averages are in favor of the bulls since the 50-day MA is located above the 100-day MA. Further, the relative strength index (RSI) is pushing higher than the consolidation showing a prolonged rally from the low price at $66 seen at the end of April this year.
It looks like Litecoin will set the new resistance level of $150 in the short-term. The rally to this price point might not happen, only if Bitcoin plunges strongly and takes the entire market with it.
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
- Fiat Money Is Used 800 Times More Than Bitcoin To Launder Money
- 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
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Bitcoin News4 days ago
Bridgewater Founder Ray Dalio Makes A Bullish Prediction For BTC
Altcoin News5 days ago
Bear Euphoria Continues As Bitcoin Plummets Below $10,000
Regulation4 days ago
French Authorities Will Approve Crypto Regulations For ICOs & Exchanges
Regulation4 days ago
G7 Approves The Japan Crypto-Based SWIFT Alternative
Bitcoin News4 days ago
Bitcoin Bounces Back Near $10k, Analysts Aren’t Convinced Of A Run
Press Releases5 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 News4 days ago
Blockchain Investments Could Drop 60% This Year Due To Bitcoin: Report