Litecoin rallies by more than 183% in 2019 amidst a ruthless bear market
The year 2019 has been a brutal year for cryptocurrency holders and investors alike. The industry has witnessed significant value changes in many currencies. Bitcoin and Ethereum for example, has plunged from $19,000 to as low as $3,500 and from $1,389 to $90 respectively.
One currency however, has defied all expectations and ignored the bear market completely. The value of Litecoin (LTC) has rallied by more than 183% since January 2019 from $30 to $59 (as of March 21, 2019). In this article, we summarize and explore all the factors that has contributed to such an uprising.
The first factor that is obvious in causing LTC’s value to rise to such highs is the halving of the currency. Halving is when the ‘rewards per block solved’ is cut in half. Back in 2015, halving has caused the price of LTC to increase by more than 700% and we can predict that something similar is going to happen again when LTC halving happens in August 2019. However, for LTC to rally by a percentage as high as back in 2015 is very unlikely and depends on the current state of the industry. As for the current state of the cryptocurrency industry, we predict that the next rally will be rather low key and not as explosive.
LTC Currency Development
Even though LTC is the number four top cryptocurrency in the world (according to coinmarketcap.com), its development has never ceased to advanced. LTC is one of the most constantly upgraded project in the industry backed by founder Charlie Lee. LTC is currently focused on becoming a privacy coin as it centers its attention on adopting confidential transactions in order to enhance the currency’s fungibility. Founder Lee recently stated on his Twitter account “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”
LTC is one of the only currencies to have extremely creative marketing strategy and execution. For example, LTC has collaborated with the Ultimate Fighting Championship (UFC) to have its logo on the Octagon where fighters clash. The UFC is famous for its wide range of audiences and seeing LTC utilize that factor to its own benefit is an approach that is rare in the cryptocurrency industry. Furthermore, LTC has also partnered with a K-pop concert production company called C&U entertainment to allow the youths of Korea to be able to provide payment for concert tickets via LTC currency.
LTC’s highest value back in Deccember 2017 was at $313. This shows that its current value is nowhere near its record peak and could have two meanings. First is that its record value back in 2017 was something of a disillusion and perhaps had something to do with a pump and dump scheme orchestrated by the whales of the market. Secondly is that LTC may be currently highly undervalued and could be making its way back up. Nonetheless, it is difficult to make an accurate prediction. Due to this, it can be said that LTC is one of the currencies to keep under watch as its development in the following months could lead to some interesting revelations