Litecoin halving is raising the demand for the cryptocurrency as its price gained about 10% in the last 24 hours.
June 12, 2019 | AtoZ Markets – Are you a Litecoin investor? You would probably be smiling now. The cryptocurrency has outperformed other cryptos in the last seven days and in June altogether. Litecoin hit $140 for the first time since May 2018 after an impressive 505% gain from the December low. The crypto climbed to the 4th position on Coinmarketcap and now only behind Bitcoin, Ripple and Ethereum in terms of market capitalization. The demand for Litecoin has surged fast in 2019. Its market capitalization has increased by over 330% in 2019.
Litecoin compared to Bitcoin and others
The crypto market has been bearish in June so far after most cryptos face minor dips after impressive rallies in April and May. Litecoin has been the biggest gainer in June so far. The chart below shows the performance of the top 10 cryptos in the last 7 days.
In the last 7 days, Bitcoin has been sideways below $8,000 with minor up and down swings. Bitcoin Cash and Litecoin are forked from Bitcoin and both have outperformed BTC since the December lows. BCH in the last 7 days has been bearish with a minor recovery. In the top 10, only Cardano (ADA), Binance coin (BNB) and Litecoin have had net gains. Ripple and BSV are the two worst performers. Why has Litecoin maintained such fast rallies in the current bearish dips seen across the board?
Litecoin fundamental analysis: ‘having’
The most talked about the reason for the current LTC surge is the Litecoin ‘halving’ feature that will be introduced in August. It’s believed that the crypto community is excited about the ‘halving’. ‘Halving’ tend to reduce the amount of Litecoin in circulation by cutting mining rewards by half. This, in turn, is expected to drive the demand for the digital asset higher and give it a fairer valuation. With Bitcoin stabilizing at prices between 7,400 and 8,000, Litecoin could continue to $150 before the next pullbacks.
Litecoin price prediction: Elliott wave perspective
The current rally is good but if the bearish correction on Bitcoin continues, Litecoin might surrender at some point. In the last update, we continued the bullish impulse wave trend from the December low. The chart below was used.
Wave 1 is close to ending with a wedge pattern. The reversal zone was set at 120-140. Price has now gone deep into the zone. It remains to be seen how this will play out in the coming days and weeks.
It’s very clear that Litecoin is ahead of BTC and BCH which have yet to complete their respective 4th waves. If LTC price drops to $120, the bearish correction could continue toward $70 before the August ‘halving’.