We’re all aware that while a calendar year can sometimes seem to pass by in the blink of an eye, a whole big bunch of things can change within that timeframe. Businesses come and go, controversies spike and wane, fads and “challenges” crop up and quickly disappear, country boundaries are redrawn and politicians, well, they may be the only thing that doesn’t change.
However, there is little-to-nothing that even comes close to the changes we’ve seen in cryptocurrency over the past year. While Bitcoin was closing in on the $10K mark and Ethereum was knocking on the door of $800, they are below $4k and $140 respectively as of today. Litecoin didn’t fare much better, dropping from $180 to just over $60 in that same timeframe, but it has actually regained some lost ground in the first few months of this year.
In fact, at the beginning of February, LTC was sitting at $47, an astounding 47% gain, and after a brief dip it ended the third week of March by breaking that $60 threshold. Litecoin has been on a fairly nice trajectory since December, and it looks as though this trend may continue. At least a couple more months.
Why?
It could be in anticipation of the upcoming Aug. 7 Litecoin block mining reward halving. At that time, the mining reward will be halved from 25 LTC to 12.5 LTC, and the market could be pricing-in the impending supply drop. We saw this exact sort of price rally before their first halving back in 2015 when the price jumped from barely over $1 USD, to almost $9 before dipping down below $4 just a month before the event.
In the first quarter of 2019, LTC has appreciated more than 60%. If history is any indication, we may see this trend continue until the end of June or possibly a little later into July. While I don’t claim to be a market analyst or expert, and by no means should you take my opinion as gospel, but looking at their current path and historical data I truly think we could see LTC approach $80 or even more before the halving.
After that, it’s anybody’s guess where the price will go.
