The fifth-largest digital currency, Litecoin (LTC) has seen significant gains in today’s trading, thanks to a sharp surge that occurred in the opening hours of the session.
The digital coin had a mixed performance yesterday, finishing the session in the negative territory, despite enjoying some positive price action during early trading. Having opened the session at $74.59, LTC rose to an intraday high of $75.93 in the morning session, but it couldn’t maintain its early momentum. The coin finished the session at $74.18, following a late rebound from a three-day low of $72.99.
Litecoin managed to rebound in the early hours of today’s trading, with its price surging towards the $77 mark. The coin rose to as high as $77.03 as part of this early push. It has pulled back in more recent trading, but has remained in the positive territory. At the time of writing, the Litecoin price was hovering around the $75.50, according to data from digital currency tracker Coinmarketcap.
In a recent article, industry website Coindesk noted that Litecoin had seen monthly gains in each of the previous four months. This is Litecoin’s longest monthly winning streak since August 2017. The website highlighted the upcoming halving of rewards for Litecoin miners as being one of the reasons for the coin’s strong performance in recent months.
The event, which is expected to occurred in August, will reduce mining awards to 12.5 LTC, from 25 LTC, currently. “Miners will be earning 50 percent fewer coins for every block mined after August and will be adding significantly fewer litecoins to the software’s ecosystem, possibly leading to supply deficit,” Coindesk said, explaining why the upcoming event bight be having a positive effect on the Litecoin price.
As of 16:24 BST, the Litecoin price stood at $75.69, up 2.5% from the same time yesterday. The coin’s total market capitalization currently stands at $4.67 billion.
Featured image: Paul Biryukov/Shutterstock.com