Litecoin (LTC) Halving Excitement Spikes The Price By 18%

Litecoin (LTC) halving event is approaching and with it, the excitement grows leading the price of the asset to soar by 18 percent this week only. The fundamentals show that the price could go even higher and we read more on the analysis in the coming altcoin news below.

The LTC-to-Dollar rate today established an intraday high of about 4 and it later took its 24-hour adjusted gains to 8.
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60 percent which is the highest climb out of all cryptocurrencies on Friday. The move also helped the altcoin to erase the losses during the last week downside trend and at the same time, the largest cryptocurrency Bitcoin still managed to recover by 7 percent and to compensate the similar losses.

The biggest difference between Litecoin and Bitcoin is that the investors and traders are now interested in holding the first one. This is because of the Litecoin (LTC) halving event which is expected to reduce the supply rate of the altcoin to 12.5 LTC. Investors are looking at this event as a bullish one but are still taking cues from the textbook supply-demand theory.
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They also believe that the reduced supply in LTC against an appreciation in demand will make the asset more valuable. As a result, LTC could become a more profitable asset than other top coins in the near term.

The sentiment could also be seen further across the Litecoin blockchain. For example, Binance research reported that the altcoin had a hashrate increase of more than 150 percent in the last six months and the mining profitability is up by 125 percent. During the same time, LTC increased by more than 380 percent against the US dollar.

LTC still needs to prove that there will be a higher demand. The founder of the asset Charlie Lee announced back in February that they would likely offer increased privacy with the new Mimblewimble update. The announcement helped LTC increase in far but unless the update kicks in soon, every upside action will only be left for speculation.

As reported in the best cryptocurrency news sites and analysis, the Fibonacci retracement graph sketched from the price point of $182 to a low of $22 provides a good idea of how the LTC price will play out in the near future. Traders are also willing to break above $121 in order to open a long shot towards the $148 price level.