Thursday, 19 September 2019

Litecoin Leads Into Halving, Chinese Data

Litecoin continues to outperform the major coins ahead of the halving. Chinese data projects rally as they seek to decentralize the data economy.

LTC

Litecoin was the best-performing coin in the top 30 during the last week, which was dominated by Bitcoin’s pullback from the recent highs. The pause in BTC took the wind out of the market’s sail but it looks more like a measured pullback in the number one coin with the price up 5% in Monday trading.

LTC is up over 12% for the last week and the price continues to be supported by the upcoming halving. Mining rewards in Litecoin are set to be cut by 50% from 50 coins to 25 in a process which is slated to happen every four years in both BTC and LTC.

The bullish fundamentals are due to the implications of the halving on supply and demand, with fewer coins arriving on the market as inflation slows due to reduced mining rewards. Another factor is that miners face a 50% reduction in their profit and may shut down their operations and look for alternatives, which again means less supply. The date for the halving has been set for August 25th.

Another recent Litecoin development was a partnership with Travala.com, the leading blockchain-based hotel booking platform. The goal of the tie-up is to accelerate the use of cryptocurrency in online booking.

Matthew Luczynski, CEO and Founder of Travala.com commented:

The consumer is in the driver seat when it comes to achieving mass-market cryptocurrency adoption, and we’re delighted to embark on this journey with the Litecoin Foundation with a unified goal: to bring the mainstream use of cryptocurrencies into everyday life. This is a proud milestone for us as we continue building out our platform to welcome those who share the same vision for the crypto economy.

The move higher in LTC has cleared recent resistance and the key levels from the first half of 2018. A strong close this week should see continued gains towards $150-160. Litecoin’s market cap has surged from $1.8 billion to almost $8 billion thus far this year.


source: bitrates.com
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