Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher?

Each halving in Bitcoin is typically front run by a bull cycle, where the price of the leading cryptocurrency by market cap experiences rapid volume expansion and price mark up. The digital silver to Bitcoins digital gold, Litecoin, also experiences such a phenomenon ahead of its halving an event scheduled at regular intervals that reduces the block reward miners receive for validating the network.

With Litecoins halving in less than 70 days away, the market is watching the #5 ranked cryptocurrency to see if it once again carries the market higher. The last time Litecoin caused the entire crypto market to rally, it was the catalyst that helped put in Bitcoins bear market bottom and sparked a mini alt season. Will Litecoin once again spawn an all-out alt season and help Bitcoins parabolic move trend even higher?


Litecoin Breaks $100 Again, Confirms As Support, Off to the Races?

The crypto market is becoming increasingly bullish on Litecoin as the crypto asset nears closer and closer to its halving an upcoming event in which the Litecoin supply is diminished. The halving, which will see the block reward miners receive cut in half, taking the reward from 25 LTC to just 12.5 LTC.

Related Reading | Will Litecoin (LTC) Rally to $1,000 After August 2019 Halving?

In the past, these halving events are typically front run as investors anticipate an offsetting of supply and demand that drives the price of these scarce, hard-capped, deflationary assets to skyrocket in short order.

Crypto analysts and traders who are watching Litecoin price charts are calling for the confirmation of cup and handle formations to play out, taking the price of the digital asset as much as 50% higher in anticipation of the upcoming halving.

Today, Litecoin broke up above $100 once again, which it is now currently retesting to confirm as support.

The bullish price action in Litecoin has been enough to lead the entire crypto market into a recovery following this weeks bleeding out across most trading pairs.

Litecoin also helped to drag the price of Bitcoin higher with the #1 cryptocurrency by market cap reaching above $8,000 once again, but continuing to struggle with overhead resistance at $8,100.

While the #5 ranked cryptocurrency was able to help Bitcoin continue to climb higher, Litecoin itself has gained 10% against the BTC ratio on the LTC/BTC trading pair. Against USD the LTC pair is in a clear, valid uptrend.

The reason behind Litecoin dominance increasing relative to Bitcoin, is due to the closer proximity of Litecoins halving, which is fueling the positive sentiment.

Those that are overly bullish on Litecoin have to look no further than previous halving to justify their positions. In the past, price rose rapidly ahead of each halving. Theres also a potential fractal playing out, according to some traders.

Most analysts have targets for the altcoin somewhere upwards of $150 and higher. For the ratio, traders are targeting 0.02 or higher.

The post Can Litecoin Halving Spark Crypto Alt Season and Boost Bitcoin Price Higher? appeared first on NewsBTC.

24.05.2019 / 13:10 102
Five Months to Litecoin (LTC) Halving, Demand, Price and Hash Rate Soar Five Months to Litecoin (LTC) Halving,
Litecoin prices trending higher Hash rate around ATHs at 347 TH/s against 359 TH/s The direct correlation of hash rate with prices means Litecoin
deVere CEO: ETF, Lightning, and Halving Drive Recent Bitcoin Rally deVere CEO: ETF, Lightning, and Halving
After taking a brutal beating throughout much of 2019 thus far, Bitcoin made its largest green one-day candle of the year this past week, providing
Litecoin Price Analysis: How High Will Halving Hype Push LTC? Litecoin Price Analysis: How High Will
In approximately 179 days, Litecoin (LTC) will undergo a block-reward halving cutting the coin reward for miners from 25 to 12.5 coins. With
Analyst: Upcoming Litecoin Halving Could Ultimately Send LTC Surging Analyst: Upcoming Litecoin Halving
As the cryptocurrency markets continue to be battered by frequent bouts of volatility and face growing downwards pressure from bears, investors are
Latest Litecoin News: 71.5% of the Total LTC Has Now Been Mined Latest Litecoin News: 71.5% of the
Today, the blockchain project of Litecoin reached a new milestone as there are now 60 Million LTC minted as per information provided by Litecoin.com
Bitcoin Halving is 500 Days Away, But What Does It Mean for Price Now? Bitcoin Halving is 500 Days Away, But
Bitcoin halving is 500 days away, which means the impact of a block reward cut will begin to have an impact in the not too distant future. Halve The
Comments (0)
Add a comment
Comment on