Above $125: Litecoin Jumps to Highest Price in Over a Year
Litecoin’s price hit its highest level in over a year on Monday.
The world’s fourth largest cryptocurrency as per market capitalization rose to $128.07 at 12:00 UTC on Coinbase – the highest level since May 23, 2018 – and was last seen trading at $126, representing a 10 percent gain on a 24-hour basis.
Notably, the recent price action suggests LTC is leading the broader market higher. The cryptocurrency is currently up more than 30 percent from the low of $97 seen on June 4.
Meanwhile, bitcoin, the world’s leading cryptocurrency by market value has gained just 7 percent during the same time frame.
LTC’s outperformance could be associated with the mining reward halving due in less than 60 days. On Aug. 8, the reward for mining on litecoin’s blockchain will be halved from 25 coins to 12.5 coins per block.
The cryptocurrency rallied more than 500 percent in three months before the previous reward halving, which took place on Aug. 25, 2015.
The price increased from around $1.5 in May 2015 to hit a high of $7.00 in July 2015 before falling back to $3.00 post-halving, according to historical data.
If history is a guide, LTC continues to rise over the next four weeks before witnessing a bout of profit taking ahead of the Aug. 6 event.