Litecoin, one of the most credible bitcoin rivals, has suddenly rocketed higher today, gaining around 15% over the last 24 hour trading period and adding to a year-to-date rise of a staggering 200%.

The litecoin price began 2019 at around $30 per litecoin token after a brutal 2018 saw the billions of dollars wiped from litecoin’s value—but the litecoin price has rallied hard in 2019, climbing to a little over $100 per litecoin token.

Litecoin soared along with the wider bitcoin and cryptocurrency sector in 2017 before a sharp downturn in 2018. It appears the worse now may be over for many major cryptocurrencies, including litecoin, bitcoin, ethereum and EOS.

Getty

Litecoin traders and investors seem to have been roused by the excitement caused by the one-year countdown to the bitcoin so-called halvening event, expected in mid-May next year.

Litecoin, the world’s fifth largest cryptocurrency by market value, is due to halve its miner rewards in August of this year and if the economics applied to bitcoin’s supply squeeze are correct, the same will apply to litecoin—which will see its mining reward fall from 25 litecoin to 12.5 litecoin.

Earlier this week, bitcoin bulls were out in force talking up the potential of next year’s halvening even to trigger the next bitcoin and cryptocurrency bull run and returning the bitcoin price to its all-time highs set in late 2017.

The litecoin price dropped to lows of around $22 at the turn of the year but has rallied hard since then.

Coindesk

A bitcoin halvening—there have been two since bitcoin’s creation in 2009—is a fixed event and will occur after every 210,000 blocks are mined, or confirmed, by the system.

Some 12 months after the first bitcoin halving event in November 2012, the bitcoin price reached what was then an all-time high of $1,000.

The 2016 halvening heralded last year’s bull run which peaked in December 2017 with the bitcoin price reaching an eye-watering $19,000.

Bitcoin bulls and cryptocurrency watchers are hoping that in the run-up to next year’s bitcoin halving bitcoin and cryptocurrency holders will be hoarding bitcoin in anticipation the squeeze in supply will push up the price.

"[Cryptocurrency halvenings] are just real simple economics," bitcoin and cryptocurrency fund manager Brian Kelly said while speaking to business news TV channel CNBC about how a cryptocurrency halvening could spur on a bull run.

The cryptic OKEx tweet suggested litecoin support could be on the way.

Twitter / @OKEx

Meanwhile, the Hong Kong-based OKEx bitcoin and cryptocurrency exchange has suggested it may soon begin offering support for litecoin’s lightning network.

Other litecoin technical developments have helped to support the price over recent months.

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Litecoin, one of the most credible bitcoin rivals, has suddenly rocketed higher today, gaining around 15% over the last 24 hour trading period and adding to a year-to-date rise of a staggering 200%.

The litecoin price began 2019 at around $30 per litecoin token after a brutal 2018 saw the billions of dollars wiped from litecoin’s value—but the litecoin price has rallied hard in 2019, climbing to a little over $100 per litecoin token.

Litecoin soared along with the wider bitcoin and cryptocurrency sector in 2017 before a sharp downturn in 2018. It appears the worse now may be over for many major cryptocurrencies, including litecoin, bitcoin, ethereum and EOS.

Getty

Litecoin traders and investors seem to have been roused by the excitement caused by the one-year countdown to the bitcoin so-called halvening event, expected in mid-May next year.

Litecoin, the world’s fifth largest cryptocurrency by market value, is due to halve its miner rewards in August of this year and if the economics applied to bitcoin’s supply squeeze are correct, the same will apply to litecoin—which will see its mining reward fall from 25 litecoin to 12.5 litecoin.

Earlier this week, bitcoin bulls were out in force talking up the potential of next year’s halvening even to trigger the next bitcoin and cryptocurrency bull run and returning the bitcoin price to its all-time highs set in late 2017.

The litecoin price dropped to lows of around $22 at the turn of the year but has rallied hard since then.

Coindesk

A bitcoin halvening—there have been two since bitcoin’s creation in 2009—is a fixed event and will occur after every 210,000 blocks are mined, or confirmed, by the system.

Some 12 months after the first bitcoin halving event in November 2012, the bitcoin price reached what was then an all-time high of $1,000.

The 2016 halvening heralded last year’s bull run which peaked in December 2017 with the bitcoin price reaching an eye-watering $19,000.

Bitcoin bulls and cryptocurrency watchers are hoping that in the run-up to next year’s bitcoin halving bitcoin and cryptocurrency holders will be hoarding bitcoin in anticipation the squeeze in supply will push up the price.

“[Cryptocurrency halvenings] are just real simple economics,” bitcoin and cryptocurrency fund manager Brian Kelly said while speaking to business news TV channel CNBC about how a cryptocurrency halvening could spur on a bull run.

The cryptic OKEx tweet suggested litecoin support could be on the way.

Twitter / @OKEx

Meanwhile, the Hong Kong-based OKEx bitcoin and cryptocurrency exchange has suggested it may soon begin offering support for litecoin’s lightning network.

Other litecoin technical developments have helped to support the price over recent months.

(Excerpt) Read more Here | 2019-05-24 20:33:05
Image credit: source

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