Litecoin’s halvening may trigger the much-awaited alt season

  • 30 June 2019, Sunday, 05:30

With the rise and fall of Bitcoin, the altcoins are going through a roller coaster movement too. While most alts wait for the alt season to begin their uptrend journey, Litecoin has already left most alts behind and is competing with the king coin, Bitcoin.

Litecoin has had a progressive year till now as it has reported a growth of 391.80% since the beginning of 2019. The price of the coin soared from $29.12 to $143.25. Even though the price of Bitcoin has been wavering over the past few days, Litecoin has tried to maintain its standing on the CoinMarketCap list.

At press time, LTC noted a growth of 12.15% over the past day and was valued at $131.31. The market cap of the coin was reported to be $8.20 billion as the 24-hour trading volume of the coin was noted to be $5.71 billion. In the past seven days, LTC fell by 6.96% and was undergoing a 0.53% correction within the past hour.

According to the data collated by CMC, LTC was highly traded on CoinEgg exchange as it reported a volume of $401.34 million with LTC/USDT pair. The second place was taken by DOBI Exchange which traded LTC/USDT pair and noted a trading volume of $275.44 million. DOBI exchange was followed by Coinall with a trading volume of $267.61 million with LTC/BTC pair.

During the bull run in 2017, LTC reported an all-time high of $375.29, while the all-time low for the coin was noted to be $1.11. This sudden surge of LTC price was not just contributed by Bitcoin’s price fluctuation, but mainly because of the impending halvening. The halvening is scheduled for August 5, 2019, and this could take the price of the coin even higher than expected and act as a trigger for the alt season.