- By Pierre-Alexandre
June 12th, 2019
Litecoin is soaring high over the last two weeks as investors rush-in to accumulate LTC before the upcoming halving event scheduled in August 2019.
- Overview and Recent LTC Price Surge
- Recent News around Litecoin halving Event
- Litecoin Market Report Using the Omenics’ Sentscore
1. Overview and Recent LTC Price Surge
Despite the crypto market consolidation over the last two weeks, there’s one cryptocurrency - Litecoin (LTC)- which continues to make massive surge. Over the last two weeks between May 29 - June 11, Litecoin has gained 25% crossing $135 levels and eyeing its next target for $150.
As we can see the Litecoin price chart for the last two weeks, the price initially dropped from around $117 levels going close to $100. However, before it could break this crucial support of $100, the bulls took the charge and in the last one week Litecoin has gained nearly 35% of its price.
At press time, Litecoin (LTC) is trading at a price of $138.50 with its market cap moving past $8.6 billion. If we are to consider the year-to-date performance of Litecoin, the cryptocurrency has given its investors 360% returns since the beginning of 2019.
2. Top Recent News Around Litecoin Halving
Needless to say, all the buzz around LTC is currently due to the upcoming halving event in August 2019. The Litecoin halving event is said to be the major catalyst boosting the price of LTC.
Post the Litecoin halving event, the incentives for the LTC miners will be cut down by 50%. This potentially means that this will also reduce the rate at which new coins are added to the Litecoin blockchain.
Citing the shortage of supply after the halving, investors usually tend to rush to grab more coins thereby creating a price surge for the digital currency.
The Litecoin halving event is just 50 days away from now and we can already see the buzz around the cryptocurrency. The crypto halving event usually happens every four years and historical trends suggest that there is a price rally every time before the actual event.
Litecoin founder recently revealed that even after the halving event, LTC mining will still be profitable.
Litecoin block halving is in 56 days! https://t.co/EBWbsIUp47— Charlie Lee [LTC⚡] (@SatoshiLite) June 10, 2019
Here are some stats on mining profitability. After halving, miners are still profitable with electricity under 10¢. Many are paying only 5¢ and therefore should keep mining LTC post-halving. (https://t.co/AcQPEjdNtb) pic.twitter.com/VtA9aAv7FS
On the other hand, Litecoin’s mining hash rate has reached its all-time high and is currently at 400 TH/s.
With the recent price surge the optimism for LTC is at its peak. Below are some of the interesting reactions from the crypto community over the Litecoin price surge and its upcoming Litecoin halving event.
#Litecoin is in it's own market and will deviate to the more bullish side of things on each macro $crypto move into the halvening.— The Crypto Dog📈 (@TheCryptoDog) June 9, 2019
This is a powerfully easy catalyst to trade, given a little patience.
To me, $LTC / $BTC is a clear buy the dip opportunity to at least .02.
$LTC is such a stupid easy buy. It looks mad bullish, and even if this is a local top you can just #HODL until the halving.— The Crypto Dog📈 (@TheCryptoDog) June 11, 2019
It's not every day in $crypto you get a near guaranteed "if I buy this now and sell in a month I will make money" but here we have one.
Everyone should have a huge bag of $LTC for at least the remainder of this month because of the August halving.— Satoshi Flipper (@SatoshiFlipper) June 11, 2019
Buy it and forget about it, regardless what $BTC does.
I see at least another 30%+ from here 🔥 https://t.co/dcGlNqNCBb
Me in January when $LTC was $20-30, “the halving is coming up this is a fundamentally bullish event and could substantially affect the price, pay attention”— Moon Overlord (@MoonOverlord) June 11, 2019
You when $LTC is $135 “hey guys the halving is coming up this could go all the way to $150”
3. Litecoin Market Report Using the Omenics’ Sentscore
The Omenics Sentscore chart has been oscillating between the “neutral” and “positive” regions over the last two weeks. With the latest LTC price surge, the overall market sentiment has again turned “positive”:
The news sentiment indicator has been volatile with the chart oscillating across the “neutral”, “positive”, and “very positive” regions.
Over the last two weeks, the social sentiment graph for Litecoin has been oscillating between the "positive" and “neutral” zone:
The buzz around Litecoin has been volatile but is shooting northwards with the latest price surge:
There is a strong build up of the Litecoin technicals (LTC/BTC) moving from the “positive” region to the “very positive” region indicating a very high bullish trend: