On Thursday, May 30, things are going well in the crypto market with all coins down to number 28 (Chainlink) are all in green and Bitcoin SV being the best performing asset among the top-100 list (+79.29 at press time), being on spot 8 now.
In a recent CNBC’s Fast Money show, the host panel was discussing Bitcoin price surge along with the rise in the value of ‘crypto silver’ – Litecoin.
The show host mentioned that on a year-to-date basis LTC has added around 440 percent and made an ironic comment, saying “sell your house, sell the car, sell the kids, buy Litecoin!”
LTC price progress
After LTC price decreased to the low of slightly under $23 in late 2018, in May it recovered to $116.84. This is a breakneck rise of over 416 percent, which is even higher than that of BTC.
As reported by Forbes recently, analysts explain Litecoin’s surge in price with several tailwinds, including the LTC halving which is due to take place in August, the current bullish Bitcoin behaviour and also a pretty strong sentiment in the market.
The approaching LTC ‘halvening’
LTC is to go through a halving in August this year, which will see miners’ reward drop by half – from 25 LTC to 12.5 LTC and make Litecoin more scarce. Therefore, the price of the asset is expected to rise by laws of the market.
Currently, LTC is sitting at $116.17, as per data from Coinmarketcap.