The cryptocurrencies have noted a new bull rising in the market, even as Bitcoin was praised for its developments and performance in the market; however, another coin has emerged to compete in terms of popularity, by reporting larger gains. Surprisingly, Litecoin is the new competition for Bitcoin.
Since the beginning of 2019, Litecoin has managed to register 316% gains, according to Coinbase’s trading view chart. The price of the coin spiked from $31.96 to $133.23 within six months, leaving most major cryptos behind, even Bitcoin. This surge in Litecoin prices could be associated with its listing on Coinbase as well as the upcoming halvening. The Litecoin halvening would not only cut the coins offered to miners by 50% but also cut supply all over. The aim of this process is to drive the prices and to prevent the depletion of the coin’s value.
A report from Bloomberg stated that Litecoin spiked by 60% in the three months before halvening and a similar thing could take place for the king coin which would undergo halvening in May 2020. Senior Market analyst at eToro’s, Mati Greenspan told the publication that:
“Every time we’ve seen a halving event in Bitcoin or Litecoin, the price has risen astronomically. So if that pattern continues, what we’ve seen so far is small potatoes in comparison. This is quite normal for the crypto market.”
Bitcoin’s performance in the new year has been impressive compared to 2018, as the coin managed to report 127% in gains in a matter of six months. The rally carried the price of the king coin from $3,841.17 to $8,738.92 and the next resistance is just above $9k.
At press time, Bitcoin was valued at $8,670.33 with a market cap of $153 billion. The 24-hour trading volume of the coin was noted to be $19.918 billion as it spiked by 4.56% over the past day. In the past seven days, BTC grew by 8.55%, however, slipped by a minimal 0.24% within an hour.
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