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23 October 2021
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Price Analysis

Litecoin reaches a new annual high in the run-up to halving

The price of litecoin (LTC) has reached a new high in 2019. The price of LTC has risen by around 15.4% in the last 24 hours to a value of around $ 116.48 at the time of writing. The last time LTC saw such values ​​was in the summer of 2018.

Litecoin, also known as the digital silver, is most likely in a rally due to the upcoming halving. The expectation is that it will take place in approximately 70 days.

During a halving, the reward for mining blocks on the blockchain is halved. In mid-August that will go from LTC 25 to 12.5 LTC for litecoin. Such halves are usually accompanied by a race rally.

A second reason for the rising rate of litecoin is that an altcoin season may have started. Almost all cryptocurrencies on the market today turn green, many of these coins show a growth of more than 10%. Bitcoin SV even showed a growth of more than 30% today, probably because Craig Wright has acquired bitcoins copyright.

Litecoin was created in 2011 by Charlie Lee. The cryptocurrency is very similar to bitcoin, but focuses primarily on faster transaction speeds using the Lightning Network that launched in 2017.
Last week it appeared that LTC increased by more than 230% in 2019. At that time, the price had to test an important resistance level at $ 100. That seems to have been broken by now.
Travala.com also announced this month that it will collaborate with the Litecoin Foundation. In the same week, the German stock exchange Börse Stuttgart announced that they would be offering litecoin exchange-traded notes (ETNs) on their platform.

Shortly before, Michael Novogratz, CEO of Galaxy Digital and a well-known bitcoin (BTC) bull, said he did not understand the current rally of litecoin. He believes that the altcoin is useless and is overvalued. Of course, not everyone agreed.

Bitcoin is also going to perform a halving next May. Brian Kelly, CEO of BKCM, recently announced that he is very bullish about the price of bitcoin because of the upcoming halving.
Did you miss the weekly bitcoin (BTC) price analysis of Crypto Insider David this morning? Click here to read it yet!

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