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Litecoin Climbs Past $125 To Reach Highest In A Year

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Litecoin rose above $125 today, hitting its highest in more than a year as the digital currency benefited from several tailwinds.

The altcoin (cryptocurrency other than bitcoin) reached as much as $128.25, up more than 10% for the day, CoinMarketCap figures show.

At this point, the digital asset was trading at its loftiest level since May 2018, additional CoinMarketCap data reveals.

When explaining this latest rally, analysts pointed to several variables, including litecoin's upcoming halving and the strength the digital currency has shown over the last several months.

[Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.] 

Litecoin Halving

Several market observers emphasized the key importance of litecoin's halving, which will reduce the digital currency's mining incentive by 50%, as a major factor driving these gains.

This event, which is scheduled to take place in August, will cut litecoin's rate of new supply in half.

Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare, spoke to this development, stating that:

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"The halving is acting as a price catalyst."

Joe DiPasquale, CEO of cryptocurrency fund of hedge funds BitBull Capital, offered a similar point of view, claiming that:

"Litecoin's resilience and the recent surge are attributable to the upcoming halving."

Litecoin A 'Market Leader'

Some analysts took a different tack, focusing on how well litecoin prices have performed over the last several months.

The digital currency has climbed more than 400% since December, when its price fell to less than $23, CoinMarketCap figures show.

"Litecoin has been a leader throughout this recent bullrun," said Mati Greenspan, senior market analyst for social trading platform eToro.

"It is one of the most well established coins in the crypto market and has very strong fundamentals," he added.

"Litecoin has consistently been a market leader since the crypto market hit bear market lows in late 2018," said Jon Pearlstone, publisher of the newsletter CryptoPatterns.

As a result, the altcoin's "breaking out" "above recent highs before Bitcoin and other large altcoins is consistent with prior bull moves."

Next Price Targets

Following litecoin's recent gains, a handful of technical analysts weighed in on what's next for the altcoin.

"Breaking the $120 price level was crucial for Litecoin since it had failed to surpass that resistance twice recently," said DiPasquale. 

"Now, with LTC trading around $125, we can expect a steady rise towards $150 with some normal pullbacks along the way, provided Bitcoin remains between the $7,600 - $8,000 range at the very least," he stated.

DiPasquale was not the only one to highlight the relationship between bitcoin and its digital sibling.

Cryptocurrency entrepreneur Erik Finman claimed that the biggest cause of litecoin's recent gains was "Bitcoin’s rise with anticipation of a Bull Run happening this year."

Going forward, the digital currency faces "significant resistance from $130-$150," said Pearlstone.

As a result, he claimed that "The next leg up for Litecoin" will have "far more meaning from a technical standpoint to determine longer-range targets."

woot go ltc :) 

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ltc is being more popular everyday..might even past eth and then pass bch.. is amazing how 1 coin that was  worth 40 dollars at 1 point.. to become what it is right now.. im  surprise it took also,, it gaining more momentum then bch and eth.. wanna see how far it will go by the end of this year hopefully ill see it happen

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If you have spare money, then this is right time to enter the crypto market. As always the best coin to invest is Bitcoin. But, if you have a small balance and still want to grab 2x or 3x profit then my recommendation will be Litecoin and Binance coin. 

P.S - Always do your own research before investment.

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That is a good news to hear even though bitcoin had a drop to 7600 USD litecoin maintained is price and support so that is a good news to heart.  Go ltc.

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Posted (edited)
On 6/12/2019 at 12:17 AM, polor12 said:

ltc is being more popular everyday..might even past eth and then pass bch.. is amazing how 1 coin that was  worth 40 dollars at 1 point.. to become what it is right now.. im  surprise it took also,, it gaining more momentum then bch and eth.. wanna see how far it will go by the end of this year hopefully ill see it happen

Well currently at $137 but that is because of following Bitcoin as some other alt coins and main currencies as the market keeps doing always.

Still since his feedback is so good, people tend to trade between these top coins where litecoin belongs.

Therefore it means litecoin will continue to build up a brighter future.

Edited by DreamStage

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Yeah, it's hovering around $135.00 and since Bitcoin is up, I'm actually confused why Litecoin did not go up as well. Ethereum went up a little but I saw no change in the Litecoin price. Bit weird but since I'm saving Litecoin it would be decent to see some more uptrend in the market. Will just have to wait and see on what it does. Last thing we need right now is a horrible crash.

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Is anyone getting a bad feeling that Litecoin is going no where as of the last few days? I've decided to invest in ETH so that I can wait on some passive rises on the market, I'm hoping that I'm right but I'd rather much doubt it. I always buy coin and it ends up going down in value as always.

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On 6/16/2019 at 6:03 PM, DreamStage said:

Well currently at $137 but that is because of following Bitcoin as some other alt coins and main currencies as the market keeps doing always.

Still since his feedback is so good, people tend to trade between these top coins where litecoin belongs.

Therefore it means litecoin will continue to build up a brighter future.

Not just this for its build up lately in price and exposure of it being a good altcoin to invest in.

But because of the halving happening very soon in less than a month and two weeks time. So its value will continue to rise as more and more people are accumulating it so to build up their portfolio and get ready for this event.

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I know it's crazy, just watch the market right now, BTC is about to escort it's way to $10,000.00 soon, also LTC still going no where. A great feeling to have invested in other coins. I'm not even so sure why Litecoin is going no where, I thought it would follow Bitcoins footsteps. Obviously yet again I was wrong. I'm glad I was wrong.

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