Litecoin Price Shoots 40% In the Last Week In a Massive Price Surge

While the rest of the crypto market has been on a hiatus for the last week, Litecoin proves to be the underdog making massive surge of nearly 40% in the last week. At the press time, Litecoin (LTC) is trading at $139.73 with a market cap of $8.6 billion and daily trading volumes shooting to $4.4 billion.

As per our seven days chart on WorldCoinIndex, Litecoin (LTC) has moved all the way from $100 to making its new 2019-high of $139. Besides, there is no doubt saying that Litecoin has been the best performer of 2019, so far, with its price surging 4.5x or 350% from the start of 2019.

So what has caused investors to rush after Litecoin and push the cryptocurrency on a northward trajectory? It’s the upcoming Litecoin halving even that is scheduled to happen in August 2019.

On August 8, 2019, Litecoin’s blockchain will undergo halving meaning the mining rewards to the Litecoin miners will be halved from 25 LTC tokens at present, to 12.5 LTC tokens after halving. It means that the halving event will reduce the rate at which new LTC tokens are added to the blockchain thereby limiting the supply.

This has caused the investors to make quick moves and grab their LTC tokens thereby pushing its price northwards. Historically, crypto halving events have served as a fuel to pump the price of the digital currency. Halving events usually create a FOMO and thus creates a bullish movement

Analysts are expecting the Litecoin price surge to continue further and move $150 in a few days from now. On the other hand, Litecoin founder Charlie Lee presented his stats that how the halving event won’t affect the profitability of the miners as electricity costs for mining will still be low and thus investors should consider holding the cryptocurrency even after halving.

Besides during the crypto bull run of December 2017, Charlie Lee had warned his investors about the price volatility that could strike and the same happened in the coming months. Crypto markets lost the steam and over entire 2018, Litecoin was reduced to 10% of its price.

Moreover, Charlie Lee had sold his entire Litecoin holdings after a few people cited his personal interests in holding the digital currency. The Litecoin founder has once again clarified that he doesn’t wish to but LTC back again. However, he admits to be having a few tokens with the sole purpose of experimenting changes to the Litecoin network.