Litecoin price data analysis reveals that LTC price has jumped twenty-three percent (23%) in the past twenty-four hours.
Litecoin has been enjoying bulls in the market as the cryptocurrencies halving event nears. However, the crypto saw a sudden spike in its price yesterday and here’s why.
Litecoin (LTC) had its most profitable day yesterday in three weeks as the crypto registered a gain of twenty-three percent (23%) in its price.
Litecoin remains the globe’s fourth-largest cryptocurrency with the price now hovering around ninety-five dollars ($95) after the recent surge. The crypto comes fourth after Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH)
The surge was apparently the result of an announcement made by a football team as Miami Dolphins made Litecoin their official cryptocurrencies. This move will enable the team’s fans 50/50 raffle through the crypto as well as through BTC.
Litecoin was already on a bullish route as a bullish bias had formed due to the announcement that the cryptocurrency will be cutting its supply in August this year. The announcement has increased the slope of the rise.
After the event, Litecoin miners will get half reward i.e. 12.5 LTC instead of 25 LTC on the mining of each block. This will push miners to add less LTC into the cryptocurrency ecosystem and the deflationary nature of this process would exponentially increase the value of Litecoin as an asset to hold.
Crypto Analysts predict that if the pattern continues the effect of these halving events will create an exponentially greater increase in cryptocurrency prices for both Litecoin and Bitcoin.
However, not everybody shares this view as the CEO of Bull Bitcoin stated that Litecoin was simply running a fraud scheme that now entwined Miami Dolphins as well.