Will Litecoin {LTC} gain pace as halving agent approaches and bulls race against time

Fibo Quantum

A day ago, the value was near the $90 level. Now the coin has managed to surge below $80. The price of LTC is currently at $79.43 according to the latest data. A decline of 11.30% was noted in the course of the past 24-hours. The trading volume is $3.835 billion.

The circulating supply has 62,698,762 tokens. The total market cap of Litecoin is $4.980 billion. A month ago, the price was near $135 which had led analysts to believe that the price may cross $150.

However, their joy was cut short as Litecoin entered the bear market, along with most of the altcoins. Some have attributed this recent mega drop to Trump’s tweet against cryptocurrencies.

Although this is not an uncommon event at all, as the prices always vary. The king coin maintains its dominance rate above 66% for now. Binance Singapore now has Litecoin on its trading platform, though this has not helped the price consolidate.

Few hold the opinion that LTC will find support at $80. The halvening is less than a month away, and a couple of weeks later, miners will depart. As the block rewards are drastically reduced, demand is expected to grow.

This has led me to believe that the price for LTC may go beyond $100. The announcement of LTC being adopted as the official currency of the Miami Dolphins had yielded a great reaction.

Even Changpeng Zhao, the head of Binance congratulated Charlie Lee and his altcoin for his great achievement. The Singapore Exchange adding LTC to its platform just prior to the halvening event is a largely strategic move.

Please let us know what you think of this situation. For now, the bear market looks like it is here to stay. Unless the bulls can effectively push back, the price will keep trading in the red zone.