• LTC/USD gets back above $60.00.
  • Three main catalysts behind the long-term growth.

Litecoin (LTC), now the fourth largest coin, has been growing strongly since the beginning of the day. The coin has grown by 2.5% so far with the upside momentum gaining traction. At the time of writing, LTC/USD is changing hands at $60.35, off the intraday high touched at $60.80.

LTC has been recovering strongly since the beginning of the year driven by both internal fundamentals and external factors. 

Thus, Litecoin’s hashrate has been on the rise since December 2018, indicating that miners are joining the network amid the price growth. It’s a positive development for the coin as more network security and less vulnerability to 51% attack. 

Another bullish catalyst came from Litecoin’s founder Charlie Lee, who said that the team planned to increase the coin’s privacy. Recently, he reiterated his position, saying that the developers were working on improving the tech specifications of the network.

"We still have a lot of work ahead of us. Need to make sure the tech is solid and come up with a plan to test everything and safely upgrade the Litecoin network. When we have a solid plan, we will write up a Litecoin Improvement Proposal (LIP) for the community to critique.”- he tweeted on February 11.

Read more Lee’s comments here

Apart from that, Litecoin is moving towards halving, which will result in the reduced miner renumeration and tightened supply. THis is another strong factor behind Litecoin’s bullish potential. The halving is scheduled to take place in August.

LTC/USD, 1D chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price prediction: BTC/USD clinches to $10,000 amid growing bearish pressure  - Bitcoin confluence

Bitcoin (BTС) is changing hands marginally below $10,000. The first digital coin has lost over 3% since the beginning of the day and stayed amid increased bearish pressure. The price attempted to break above $11,000 on July 20, but the upside momentum failed to gain traction.

More Bitcoin News

Litecoin market update: LTC/USD revisits $90 key support

Litecoin’s value continued to thin under $100 amid rising selling pressure across the board. Bitcoin made a temporary dive under $10,000 while Ethereum tested the support at $210. 

More Litecoin News

Bitcoin Cash price analysis: BCH/USD hits oversold levels as reversal impends

Bitcoin Cash is trying hard to stay above $300 on Tuesday. The 4-h hour chart shows a continued downtrend from the high recently hit at $340.

More Bitcoin Cash News

Poloniex transfers its foreign customers to Bermuda-based subsidiary

The majority of non-American Poloniex users will now be serviced by a new Bermuda subsidiary of the cryptocurrency exchange, the platform operator, Circle, announced on Monday, July 22.

More Cryptocurrencies News

Bitcoin Weekly Forecast: bulls lick wounds after major sell-off

The cryptocurrency market has lived through a dreadful week as Bitcoin(BTC), and all major altcoins crashed below several important support levels. 

Read the weekly forecast

BTC

ETH

XRP