Litecoin has just had it’s most profitable day in 3 weeks, with the fourth-largest cryptocurrency climbing more than 23% in the past 24 hours. The price of bitcoin (BTC) jumped by more than $1,000 in the span of 30 minutes yesterday, with the rest of the market following, rising between 5-20 percent, with Litecoin (LTC) outperforming all other top 10 crypto by market capitalization.
The halving of Litecoin is merely 16 days away, with founder Charlie Lee saying he expects Litecoin to no longer be profitable for miners and the price to follow significantly, Litecoin has seen a sharp drop in price with some analysts going as far as to say it could drop as low as $64. Apparently, since Litecoin made an appearance as the official cryptocurrency of American football team Miami Dolphins, there was a surge, this allows fans to pay for the team’s 50/50 raffle via Litecoin as well as Bitcoin.
Litecoin is up by about 210% since the beginning of 2019, where it started at $30. The cryptocurrency’s market cap is now of $5.6 billion, down from $8 billion in late June when it was trading close to the $130 mark. While most cryptocurrencies are up in the last 24 hours LTC is outperforming the market thanks to its upcoming halving event.
The event is expected to occur on August 6 and will cut all block rewards on the Litecoin blockchain from 25 LTC to 12.5 LTC. The halving occurs every 840,000 blocks. This is expected to increase the value of LTC and more people are possibly going to accumulate Litecoin as the scarcity increases demand. Back in December the Foundation partnered with the Ultimate Fighting Championship (UFC) a leading mixed martial arts organization, to display the Litecoin logo in a title match. The publicity the cryptocurrency might’ve gotten from these partnerships may have contributed to the surge.
Litecoin is also being adopted by more places, allowing for users to use it to pay for every day activities, something that no doubt helps build a case for how useful it could potentially be if a global adoption of cryptocurrency takes palce.