The Litecoin price (LTC/USD) has hit its highest level in more than a year thanks to a big surge that occurred in Monday’s trading.
Following a lacklustre morning session, the fourth-largest digital currency on the market experienced a sharp price jump on Monday afternoon, which allowed it to surge past the $120 mark. The coin rose to as high as $129.71, which was its highest price level since May 22, 2018. LTC finished the day at $129.07, well above its opening price of $115.00.
Litecoin experienced a small dip in today’s early session, with its price falling to as low as $127.20. However, it has managed to avoid further losses in subsequent trading. The coin even managed to recapture the $129. At the time of writing, the Litecoin price was hovering around the $129.10 mark, according to data from digital currency tracker Coinmarketcap.
Litecoin’s rally was likely driven by the upcoming halving which will reduce the rewards for Litecoin miners to 12.5 LTC, from 25 LTC, currently. The event is scheduled for August 6.
As noted by industry website Coindesk, the digital currency gained more than 500% in the three months prior to the previous halving, which took place on August 25, 2015. The online publication noted in a recent article that the Litecoin price had surged from around $1.5 in May 2015 to $7.00 in July of that year. It pulled back to $3 following the halving.
“If history is a guide, LTC continues to rise over the next four weeks before witnessing a bout of profit taking ahead of the Aug. 6 event,” the website said.
In today’s trading, the Litecoin price stood at $129.10, as of 09:55 BST. The digital coin has gained 10.3% in the past 24 hours, Coinmarketcap data shows. The coin’s total market capitalisation currently stands at just over $8 billion.
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