Litecoin (LTC) has been experiencing a strong surge of late and some analysts believe this could be setting Bitcoin up for an eventual recovery.
From a December low of $23, LTC has skyrocketed to an unbelievable $60, meaning it has seen a growth of 160% against the USD and 110% up against Bitcoin. Many in the marketplace are pinning this growth to Litecoin’s impending block reward halving, which will improve the cryptocurrency’s supply-demand economics. Moon Overlord, a popular analyst, explained that the so-called “halving” will be the catalyst pushing LTC closer and closer to its $350 peak over time. He wrote on Twitter:
“The LTC halving is quickly approaching… the crypto bottomed approximately 200 days before it’s halving in 2015… We are almost exactly 200 days away from the next LTC halving… LTC peaked 2+ years after its halving, if it follows a similar path this time the peak will be in 2021.”
Crypto Trader Halo Crypto believes that Litecoin’s move past $60 could be the catalyst Bitcoin needs to start a run in the near future. He drew a comparison between LTC and Bitcoin showing that there are clear similarities in how that chart precedes action in the Bitcoin-to-USD market. Halo also expressed a possibility of Bitcoin also experiencing a bullish reversal. These sentiments are similar to those of CoinDesk’s technical analysis team, who once said LTC leads Bitcoin, like a shepherd and his sheep.
Get in on the action with Litecoin and CryptoFish.
CryptoFish provides the latest news, educational insights and a secure place to buy various cryptocurrencies.
At CryptoFish, we offer a very simple way for you to instantly purchase leading cryptocurrencies like Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple using your debit or credit card online.
CryptoFish does not store your credit card details, encrypts your personal information and is GDPR compliant, making it one of the safest and most secure options. You can trust CryptoFish to easily, securely, and instantly buy cryptocurrency.
If you have any questions, please check out our FAQ section on the website or visit our Educational Portal. Our super-friendly CryptoFish support team is also here to assist you. You can drop them an email or chat live on the website. To chat, simply type your question into the chat box on the bottom right hand side of your screen.
By signing up for updates you will receive the most relevant global news stories. The CryptoFish News Desk cuts through the online hype so you don’t have to.