Litecoin (LTC) Price Sets 2019 Records with Pre-Halving Rally
The asset bucked the trend and continued on its track, easily breaking above the $125 mark.
Litecoin (LTC), the asset credited with triggering the most recent bull market, is on the rise again. LTC broke the $125 mark, with just around 55 days left until the reward halving. Historically, halvings have arrived with increased interest and significant price spikes.
LTC climbed to $128.45 on Tuesday, adding more than 10% day-on-day. The asset once again “flippened” Bitcoin Cash (BCH) to become the fourth largest coin by market capitalization. Currently, trading volumes exceed $5 billion’s equivalent in 24 hours. LTC reached a daily peak on Monday at $129.71, but Tuesday’s rally may break those yearly highs.
The rise of LTC is becoming a self-fulfilling prophecy, as social media pick up the trend. With markets on the constant lookout for strong rallies, LTC has become a new favorite:
The higher visibility attracted more than $500 million’s equivalent of inflows from Tether (USDT) and more than $752 million from Bitcoin, show Coinlib data. With those inflows, LTC becomes the leading altcoin on the receiving end of higher liquidity, displacing Ethereum (ETH) as the usual leading altcoin.
LTC also taps into the rise in Asian trading, potentially gaining additional liquidity.
The asset has been viewed with skepticism, and has been seen as a coin with limited development. However, LTC has remained one of the leading altcoins, potentially used both for speculation and for spending.
At the same time, Litecoin’s network experiences record activity levels, possibly based on the launch of the L5 mining rig. Litecoin’s hashrate has grown to above 407 TH/s, on track to double within three months. If the news of the more efficient rig are right, Litecoin mining may remain profitable, especially in the case of a price spike.
Attacking the Litecoin network would now cost more than $73,000 an hour, up from around $65,000 in the past days. Thus, Litecoin has the third most secure proof-of-work network, after those of Bitcoin (BTC) and Ethereum (ETH).
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.