Litecoin Cryptocurrency Value Increases By 100% Over Three Months
The value of the popular cryptocurrency Litecoin (LTC) has doubled in the last three months, reaching just a little bit over $60. At the beginning of 2019, the coin was traded at $30, so the rapid 100% increase in value in Q1 was the best indicator for the entire existence of LTC.
According to CoinMarketCap, the cryptocurrency showed a price decline from 45% to 5%, respectively, in the first quarters of 2014–2016. In the winter of 2018, the cost of LTC fell by 48%. The values of the current year exceeded all indicators of the historical maximum of the price increase.
According to some experts, this situation may be associated with the asset halving, which means the process of complicating the crypto mining by reducing the remuneration of miners. The date of the next halving is scheduled for August 8, 2019. Then the block reward will drop from 25 LTC to 12.5 LTC.
According to the technical analysis of RSI graphs, several price peaks are observed in the dynamics of LTC cost with the decreasing gradation of location, which indicates a possible drop in value to $53. The cryptocurrency needs to exceed the maximum price of just over $64, recorded last week, for the further cost increase.
As previously reported, the capitalization of the crypto market amounted to $145 billion on April 1, 2019. The main cryptocurrencies were in the green zone, and EOS showed the highest growth.