Litecoin (LTC) has been one of the better crypto performers this year. In spite of correcting from $99 to its current price of $76, it’s still in an uptrend from its lows of $21 a few months back. Going forward, Litecoin is likely to continue showing strength thanks to the upcoming block halving. With each passing day, the Litecoin halving is getting closer, and could play a huge role in supporting the price of Litecoin (LTC). Even Charlie Lee recognizes the possible impact of the halving to the price of Litecoin (LTC). In a recent interview, he stated that,
“The reward halving might be why LTC is doing so well price-wise in 2019. Maybe the price will go up more before the halving, or people might take profit. It’s hard to say. I always tell people to average cost in when buying and average cost out when selling.”
Clearly, while it’s hard to tell its potential impact on LTC, chances are that it will have a huge impact on the price, if the last halving is anything to go by. Chances of Litecoin halving leading to a huge price rally will increase if the market, especially Bitcoin (BTC), will be bullish by the time it happens. So far, Bitcoin hasn’t disappointed. It is now close to $6k from a low of $3100. If it continues on its current trajectory, Bitcoin could easily be trading upwards of $8k soon. This could significantly support Litecoin’s price especially just before the halving.
Besides, the speculative wave that is likely to come with the halving, Litecoin (LTC) is getting better as a functional currency. According to Charlie Lee, they are now working on making Litecoin fungible. They are looking to add MimbleWimble, the technology that will make each unit of Litecoin (LTC) similar to the next one. Once implemented, Litecoin (LTC) will become money, just like fiat. This could significantly drive up its usage as a currency. That’s because, no one would want to transact huge amounts of money in a crypto that could be blacklisted based on its source. Litecoin (LTC) is already one of the most adopted cryptocurrencies in the market, and once it becomes fungible, its adoption could skyrocket. This places it in a good position for growth this year, since according to Charlie, it’s the key thing he is working on at the moment.
Litecoin’s prospects are also increased by its increased adoption by major global brands. One of the big brands that have adopted LTC is UFC. Millions of people watch UFC matches annually, which makes it a perfect platform for driving LTC adoption going into the future.
With all these factors at play, it is quite clear that Litecoin (LTC) is a practical investment this year. Its correction may be an opportunity to buy in, in anticipation of it possibly gaining in the near to medium term. Besides, in the weekly charts, it has key support on the 50-day MA. If this support holds, could help propel LTC upwards.