Forbes: Litecoin (LTC) Price Triples in Q1 2019, Gaining Over 200%

  • Alex Morris
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    Forbes reports that the Litecoin quotes have climbed significantly, showing a rise by more than 200 percent, using numerous encouraging factors


Forbes: Litecoin (LTC) Price Triples in Q1 2019, Gaining Over 200%
Contents

A recent Forbes article reports that Litecoin (LTC), the ‘silver gold’ has recently achieved a high of almost $99. That happened on April 3. By that moment, LTC had appreciated by nearly 230 percent YTD.

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LTC outperforms BTC and XRP

Despite the fact that LTC has retreated somewhat by now, losing some of its gains, its rate is up more than 200 percent year-to-date, thus letting it outperform is top ten list rivals this year so far – such as, BTC, ETH, XRP and BCH.

Forbes quotes a report by SFOX where five key factors are mentioned which impact the aforementioned rise of Litecoin.

The approaching LTC halving

In August 2019, the reward for mining LTC will drop by 50 percent, which will reduce the amount of newly minted LTC which enters the ecosystem. This is expected to push the LTC price up, since there will be fewer coins.

Some platform, such as Binance, are using the same principle. However, they achieve this goal by burning their native coins.

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Expanding adoption by merchants

Since Charlie Lee launched Litecoin back in 2011, by now the amount of merchants that accept LTC has expanded. The coin was meant to be P2P cash, so any expansion of its use can cause a surge in LTC rates.

By now, SFOX states that "tens of thousands [of] merchants worldwide and growing" are selling their goods and services for LTC.

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Other factors

Among other things that have enabled Litecoin to rise is a higher speed of transactions. Starting from under 300 transaction channels in January this year, now the network has grown to nearly 1,300 ones.

Besides, as U.Today reported earlier on Saturday, the LTC founder Charlie Lee intends to implement Confidential Transactions to make the payment system more fungible.

Cover image via u.today
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As BTC Price Reaches $8,000, ‘Bitcoin Pizza Guy’ Could Have Had $800 Mln


As BTC Price Reaches $8,000, ‘Bitcoin Pizza Guy’ Could Have Had $800 Mln
Contents

“60 Minutes”, one of the most popular TV shows in America that is hosted by Anderson Cooper, recently aired a cryptocurrency-centric episode that is called “Bitcoin’s Wild Ride.” It featured an interview with Bitcoin evangelist Charlie Shrem, industry experts and, of course, Laszlo Hanyecz who is commonly known in crypto circles as ‘Bitcoin Pizza Guy.’

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The worst investment of all times?

Hanyecz was the absolute highlight of the episode. He is believed to make the very first real-world purchase with the help of Bitcoin - he spent 10,000 BTC on two Papa John's pizzas in 2010. This transaction is celebrated as Bitcoin Pizza Day on May 22.   

However, that historic event is outshadowed by the fact that these two pizzas were worth an eye-popping $800 mln. This is probably one of the worst investments of all times, but Hanyecz thinks that it wouldn’t be healthy for him to focus on his lost fortune.       

Anderson Cooper: Are there nights you wake up, like, in a cold sweat, where-- you-- (CHUCKLE) think-- "I could have had 800 million dollars if I hadn't bought those pizzas?"

Laszlo Hanyecz: I think thinking like that is-- is not really good for me.
 

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Spreading the word

Bitcoin’s Google searched reached their 13-month peak ahead of the episode, which signifies the interest of the general public. Some expected that it would lead to a price uptick given that many potential investors will find out about crypto while others claimed that CBS would simply spread FUD about Bitcoin.  

With that being said, it seems like the episode had very little impact on the Bitcoin price. At press time, the crypto king is trading at $8,015.23 with a minor 1.43 percent increase over the last 24 hours, according to CoinMarketCap data. The ‘crypto king’ quickly rebounded after plunging by more than 20 percent on May 17 and painted the whole market red.

Cover image via 123rf.com
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