Litecoin, one of the most popular cryptocurrencies in the market, has reached its highest price in more than a year. The digital currency has grown today more than 10% and it became the fastest growing crypto among the top 34 coins. Could Litecoin keep growing?
Litecoin Hits New High In Over a Year
According to data provided by CoinMarkeCap, Litecoin has reached the highest price in more than a year. The digital currency is now being traded around $126 and it has expanded over 10% in the last 24 hours.
There are different drivers that helped the digital currency increase in price during the last months. One of them is related to the fact that Litecoin is going to be halving as soon as in August 2019. This halving is going to reduce mining rewards by 50%. Miners will receive 12.5 LTC per block compared to the 25 LTC per block that they currently received.
Analysts believe that halvings help virtual currencies increase their prices. This happens because there is a growing or stable demand for a digital asset but a lower selling pressure from miners that will have half the coins they currently have.
The digital currency has also been in a bull trend that started in December 2018 when the virtual currency bottomed close to $22. Since that moment, Litecoin registered a price increase of over 400%. Mati Greenspan, the Senior Analyst at eToro, wrote on Twitter that the Litecoin rally in December kicked off the current bull market in which digital currencies are currently operating.
He has also mentioned that Litecoin is one of the most established digital assets in the market and is fundamentals are “quite strong.”
Exactly. The Litecoin rally in mid-December is arguably what kicked off the current bull run that we're in.
It's one of the most established crypto in the market and the fundamentals are quite strong.
— Mati (@MatiGreenspan) June 10, 2019
Mati Greenspan showed that Litecoin’s transactions per day bottomed at around $20,000 and that hash rate has also been reaching new all-time highs. This shows that there is a very strong interest in this virtual currency. Other users said that Litecoin proved to be a valuable currency due to the long time it has been in the market and due to the fact that it has been a very secure network.
According to CoinMarketCap, Litecoin has a market capitalization of $7.87 billion and a price of over $126. This is the highest mark registered since May 2018, after the bull market in the space. Don’t forget to check our litecoin price prediction for 2019.
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