Could Litecoin Surge And Reach The Third Position In the Cryptocurrency Market?
Litecoin (LTC), one of the most popular digital currencies around the world, has been expanding during the last months. The virtual currency has surpassed different digital assets in the last half a year, including EOS and Bitcoin Cash (BCH). Could it continue growing and surpass XRP?
Could Litecoin Surpass XRP?
Litecoin has been growing in the market during the last few months. One of the reasons why Litecoin is behaving in such a positive way is related to the fact that the network is going to experience a halving in the near future. As soon as in August, the virtual currency will reduce the reward for miners, which can have a noticeable effect on the market.
At the moment, Litecoin miners are rewarded with 25 LTC per block. However, this is going to be reduced to 12.5 LTC per block in August. This is something that is making worried some miners because they will suddenly be earning less than before.
Charlie Lee, the founder of the cryptocurrency wrote on Twitter that users will remain profitable even after the halving.
“Litecoin block halving is in 56 days! Here are some stats on mining profitability. After halving, miners are still profitable with electricity under 10 cents. Many are paying only 5 cents and therefore should keep mining LTC post-halving.”
Here are some stats on mining profitability. After halving, miners are still profitable with electricity under 10¢. Many are paying only 5¢ and therefore should keep mining LTC post-halving. (https://t.co/AcQPEjdNtb) pic.twitter.com/VtA9aAv7FS
— Charlie Lee [LTC⚡] (@SatoshiLite) June 10, 2019
Charlie Lee has also commented about market volatility. He said that he would not be issuing another warning about the volatility in the market. In the past, he said that users should be prepared for Litecoin to drop down to $20 from $300. And indeed, this happened and Litecoin bottomed close to 23. He mentioned that he did not purchase Litecoin again since he sold close to LTC’s all-time high.
As the date for the halving gets closer, Litecoin continues to expand and reach new highs in more than a year. At the time of writing this article, Litecoin is being traded around $138 and it has a market capitalization of $8.58 billion.
Meanwhile, XRP has a market cap of $16.98 billion and a price per coin of $0.399. If Litecoin wants to surpass XRP, it will have to grow at least 100% more. Which seems difficult but not impossible considering the halving event just a few months away. If that happens, each LTC should be worth $275.
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