Litecoin (LTC) has been one of the biggest winners so far in 2019, already gaining back ground on losses made in 2018. Developments in support for the digital currency and a slow-but-steady recovery in the overall cryptocurrency market bodes well for the coin’s future.
At the time of writing, Litecoin (LTC) is trading at $58, up more than 70 percent in the past 30 days. LTC is ranked fifth in terms of market capitalization at $3.41 billion—slightly less than the number four ranked EOS at $3.42 billion.
Litecoin has had many positive fundamental developments and is currently just five months away from its second block reward halving event.
The Halving Effect
Litecoin (LTC) will reach its second halving upon the discovery of block 1,680,000, estimated to occur on Aug 7, 2019.
At this point, the reward for mining a Litecoin block will be cut in half, from its current 25 LTC to 12.5 LTC. Litecoin halvings happen approximately every four years and act as a means of constricting the supply flow and theoretically increasing the value.
In the months leading up to the last halving in Aug 2015, the LTC price against the USD spiked by 570 percent. Litecoin hit its 2018 low of $23. down from its all-time high of $370 in Dec 2017. This made for quite a disappointing loss of over 93 percent for those who jumped in at the top—a number on par with the rest of the major cryptocurrencies in 2018 bear market.
Since hitting $23, LTC has already regained its footing—breaking out of the 2018 descending trend and surging more than 150 percent to $58.
Lite on the Low
Another development in the Litecoin camp that has caused a bit of a buzz recently, is the possible integration of the privacy-centered MimbleWimble protocol.
MimbleWimble utilizes a form of confidential transactions and is the underlying protocol which governs GRIN and BEAM.
Last month, Litecoin founder Charlie Lee expressed his interest in integrating MimbleWimble in order to help increase the fungibility of LTC.
Considering the upcoming halving and possible increased optimization of the Litecoin blockchain, it would seem that the sky is the limit. Whether LTC has what it takes to make it back to its all-time high level this year, or ever, is yet to be seen.
Do you think Litecoin will be able to return to its all-time high in 2019? What is your prediction for LTC price upon halving? Let us know in the comments below!