The Litecoin price (LTC/USD) has hit a new 2019 high less thanks to a strong jump that occurred in late Tuesday trading.
Following a strong Monday session, during which Litecoin rose above $125 for the first time this year, LTC’s advance experienced a bit of a pause on Tuesday. The digital coin spent large portions of the session hovering below its Monday close of $129.07. However, the situation changed dramatically in the latter stages of the session, when the coin experienced another big surge and broke above the $130 level. The coin rose to as high as 138.15, before finishing the day at $136.03.
LTC tried to extend its advance during the opening hours of today’s session, but it had already started to show signs of slowing down. Still, the coin managed to rise to $140.70, which was its highest price level since May 17. The coin has since pulled back to slightly lower levels and is currently hovering around the level of its Tuesday close, according to data from digital currency tracker Coinmarketcap.
Litecoin’s recent rally has likely been driven by excitement over the upcoming halving of mining rewards, which is scheduled for early August. The event will reduce mining rewards – the amount of Litecoins miners receive for every block they mine – to 12.5 LTC, from 25 LTC currently. The Litecoin price gained more than 500% in the three months prior to the previous halving, which took place on August 25, 2015. The current price levels mean that Litecoin has gained over 30% over the past week. The coin is up more than 300% year to date.
In today’s trading, the Litecoin price stood at $139.30, as of 15:56 BST. The digital coin has gained 8.8% in the past 24 hours. Its total market capitalisation currently stands at $8.6 billion.
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