Litecoin Price Reaches $100 for the First Time in 11 Months

Litecoin was worth $100 and more on May 16, 2019. It was seen to be over 107 USD at about 2.00 UTC. However, the price stopped rising for the remaining part of the day and is currently trading for about 95 USD making it close at a profit of 1% within 24 hours.

There are other cryptocurrencies doing so well today. Others achieving similar feat are XRP, EOS, Binance Coin and Ether. Ether, for instance, reached a new high in 8 months by jumping to $272. Its performance appears to be the best among the other top ten cryptocurrencies. Some altcoins are also becoming more bullish as Bitcoin begins to slack. Bitcoin reached $8,360 in the early hours of May 16 but fell again to below $8,000 in the day. Seeing that Bitcoin is not steady above $8,000, some investors may want to seek refuge in the altcoins. One altcoin that is to be watched is Litecoin as its owners are going to be rewarded three months from now in a special giveaway program.

Litecoin rewards drop every year to reduce inflation. On August 6 this year, it will be cut from 25 LTC to 12.5 LTC. The next time the reward halving will take place should be in 2023 for 6.25 LTC

Reward halving, which is due in 3 months may move the price to around $160. However, anything can still happen and the price can fall especially if Bitcoin becomes too weak in the future. But because of the upcoming reward halving, one still expects LTC/BTC to be greater than 1 at least within the next few months.

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