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Contrary to the weeping and gnashing of teeth experienced in the crypto market last year, 2019 has been surprisingly fruitful so far. Although we are just in the second quarter of the year, I guess it is yet safe to say that the crypto market started the year off in high spirits. And I mean that literally, as figures show that the prices of the top crypto coins are all in green. That is in fact wonderful cryptocurrency news for investors and enthusiasts.
Among these soaring crypto coins is Litecoin (LTC) dubbed ‘crypto silver.’ In 2019 alone, the digital coin has risen up to 440% of what it was in late 2018. The coin which was sold for about $23 late last year has climbed all the way up to $116.84 today. This rise is way higher compared to the rise seen in the world’s leading cryptocurrency, Bitcoin (BTC).
While discussing the hard comeback made by BTC during one of the CNBC’s Fast Money show, the host stumbled upon the recent spike in LTC price and, as expected, was stunned by the figure. We all are. In a lighthearted joke, he suggested that people should get into the LTC zone now because there is still more from where this rise came from. According to him, you can “sell your house, sell your car, sell the kids, and buy Litecoin.”
What Caused the LTC Spike?
Several theories have been postulated on the huge spike in LTC price. Among them is the theory on the LTC halving that is proposed to take place this year – August to be precise. According to analysts, the halving which would cause a reduction in the amount of LTC in circulation is a huge drive for the enormous spike in price.
In about three months time from today, LTC miners will only be rewarded with half of the usual reward. Instead of 25 LTC, the halving will cause miners to be rewarded 12.5 LTC, thus causing a kind of scarcity of the virtual coin in the market.
And by the market laws, this scarcity is the fuel needed to drive the price straight to the top. Therefore, the rise we see today is but a tip of the iceberg. There is more to come in later part of the year. No wonder the host advise you start investing right now. Invest wisely, though.