Within the final 5 months, Litecoin (LTC) has carried out exceptionally within the cryptocurrency market and has grown 3.5 instances. On Monday, Litecoin’s worth grew to its highest degree within the final 12 months, rising to $128.07. The final time the worth of the coin got here near that was final 12 months on Might 23 when it traded at $126.
LTC Performing Properly Regardless of Market Fluctuations
Presently, Litecoin is defying odds and continues to carry out nicely regardless of the present market fluctuations. There was mass adoption of Litecoin that’s pushed by the rising utilization of Litecoin Onchain that will additional drive the worth of LTC. The rising pattern of Litecoin is a results of a mix of partnership and the rising reputation of the coin’s platform.
In keeping with latest worth motion, LTC is surging to a better worth, and presently, it’s up by over 30% since June four when it traded at $97. Over the identical interval, the world’s main cryptocurrency by market share, Bitcoin, has solely gained 7%.
The outperformance of the coin is probably going a results of the mining reward halving that’s anticipated within the subsequent two months on August 8. The mining reward on the Litecoin blockchain is anticipated to be halved to 12.5 cash per block from 25 cash.
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Litecoin to Replicate 2015 Efficiency?
Within the final three months earlier than the earlier reward halving that occurred again on August 25, 2015, the cryptocurrency rallied by over 500%. The value elevated from $1.50 in Might to a excessive of $7.00 by July 2015 earlier than lastly dropping again to $3.00 after halving. Based mostly on the earlier pattern, the cryptocurrency will proceed gaining within the subsequent 4 weeks earlier than experiencing a stint of revenue taking previous to the August 6 occasion.
Within the final 5 days, the worth of LTC has proven large progress after the coin leaped from $98.86 to round $121.12, and presently, Litecoin is buying and selling at $116.57. The coin is anticipated to exhibit the bullish pattern within the coming months and will attain $150 by the tip of the 12 months.
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