Litecoin has had an interesting few years. The 2017 bull run that saw Bitcoin peak at $20K, impacted the entire market, and altcoins like Litecoin also surged to new ATH’s. Litecoin reached $420, which is surprising considering that it started out at just $3 at the beginning of 2017. 2018 was miserable – and saw Litecoin fall by more than 75% in the space of one month. The price eventually slumped to just $20. But the first 6 months of 2019 saw somewhat of a resurgence for the coin, as it rallied back to $146. Now, Litecoin has seen a whopping 101% gain since the start of 2020. So, is LTC set for a 2020 ATH?
What is Litecoin?
Litecoin is a peer-to-peer cryptocurrency, built out of a fork of the Bitcoin blockchain. It’s often referred to as the silver to Bitcoin’s gold, and was founded by Charlie Lee in 2011. Litecoin is one of the top performing cryptoassets, sitting in the top 10 with a market cap of $3,941,668,799.
Why an ATH?
Litecoin has recently expereicned a daily exponential moving average (EMA) golden cross, which saw the 50 EMA move to 200 EMA to the upside. The last time this happened was in March last year, and it preceded a rally of 180% in only a few months.
This time, it could potentially inflate the price even more, as anticipation is mounting around Bitcoin’s halving event (due in May) and the bull run it could bring to the market.
During the Bitcoin halving, the block reward for miners will be cut from 12.5 BTC to 6.25 BTC per block, which has historically signalled a major bull run as the price rises and supply begins to dry up. Halvings also impact the hash rate, inflation rate, and how many blocks are produced a day.
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Fungibility is the only property of sound money that is missing from Bitcoin & Litecoin. Now that the scaling debate is behind us, the next battleground will be on fungibility and privacy.
I am now focused on making Litecoin more fungible by adding Confidential Transactions. 🚀
— Charlie Lee [LTC⚡] (@SatoshiLite) January 28, 2019
Institutional investors are also paying attention to the changes in the markets. It’s now clear that big things are going to happen. It’s definitely an exciting time to be among the top digital assets by market cap, particularly as retail and institutional investors alike start accumulating.
Should we see a Bitcoin bull run, the entire market will be affected. This could ultimately take Litecoin to a new all time high, although it is performing well on its own accord.
So, is LTC set for a 2020 ATH? It’s looking fairly likely. Litecoin’s performance is mirroring its performance in 2019, which was remarkably bullish. Will it top it’s ATH of $420 this year? If the entire market hits a bull run after the Bitcoin halving, we could very well see a meteoric rise by Bitcoin and the top altcoins.
LTC will rise and rise
So, is LTC set for a 2020 ATH? Ultimately, the markets are pointing in that direction. With an almost certain bull run on the way for Bitcoin, the entire market will be affected. Frankly, we haven’t seen such a bullish mood since 2017. Litecoin could very well top $420, making it an even bigger player in the game. Other altcoins are performing well too, but Litecoin has a shot at some really major change here.