Since the cryptocurrency winter started, Litecoin has suffered more than many other cryptocurrencies. Many investors have been looking for positive Litecoin price prediction 2019. The silver to Bitcoin’s gold, LTC, is currently the fifth largest cryptocurrency per market capitalization. About two days ago, LTC started rising against the USD. This morning, it was trading in green and it seemed to be rubbing off on Bitcoin and Ethereum. This, in turn, is rubbing off on the entire cryptocurrency market.
Litecoin Price Prediction 2019 Update
Granted, Litecoin price is down by 85% from its all-time high. The Cryptocurrency fell below $30 toward the end of last year. However, within the last 24 hours, LTC is up by 17% against the USD trading at $55. As LTC went higher against the USD, BTC also gained about 3% as the bulls tried to cross the important $4,000 level again. Technical analysis shows that the cryptocurrency winter may be coming to an end after months of bleeding out.
The recent Litecoin price prediction 2019 shows that the rally has added up to $500 to the total cryptocurrency market capitalization within 24 hours. This is happening at a time when the Venezuelan government is marking the launch of a cryptocurrency remittance service that allows citizens to send and receive cryptocurrencies internationally.
Ever since the economic hardship in Venezuela was amplified, citizens have been struggling to survive. There has been serious political instability in the country as the president, Nicolas Maduro and the opposition party’s Juan Guaido struggle for the same position. With this new remittance service, there will be financial inclusion as well as social protection for citizens of the country.
The use of cryptocurrencies like BTC, LTC, and DASH has increased in recent months. People use cryptocurrency platforms like LocalBitcoins to evade international sanctions. Last week alone, over 25 billion in bolívars were traded according to data on CoinDance.
While the use of LTC in Venezuela is one of the reasons behind the spike, it isn’t the only reason. Litecoin has been making a lot of progress on the developmental front. The team behind it has sealed many high-profile partnerships and made privacy updates. There is also a lot of anticipation about the upcoming halving event. Mati Greenspan, the CEO of eToro had this to say about the price action:
“A combination of climbing crypto volumes and their ability to sustain these levels has created a welcome change for investors. In turn, this has given crypto prices a real boost over the last 24 hours, allowing market momentum to stretch its legs again. Litecoin’s strong rally should not come as a surprise; it was high time the fast-paced growth of the community and user base was priced in. Investors may also have one eye on Litecoin’s upcoming reward halving event, so it’s likely they’re already pricing in the supply reduction, which is scheduled for August.”
Litecoin (LTC) Price Today – LTC / USD
At the time of writing, Litecoin (LTC) was trading at $56.33. This shows that it is up by 1.47% and up by 1.43% against BTC with a trading volume of $2,072,831,401 and a market capitalization of $3,423,569,067.
Do you think the bull rally in this Litecoin price prediction 2019 is sustainable? Share your thoughts in the comment section.