The cryptocurrency market at the moment is enjoying a relatively positive run, with a majority of the coins providing good yield after Bitcoin broke the $9000 barrier. While Bitcoin has stolen the show in 2019, it would also be safe to say that other altcoins have done their part as well.
One altcoin on the podium is Litecoin, with the Charlie Lee-invented cryptocurrency growing at a whopping 340 percent in 2019 alone. The last all-time high for the altcoin industry can be dated to February 2017, following which Litecoin went up by 700 percent, Stellar Lumens went up by 3200 percent, XRP went up by 5300 percent and Ethereum, the largest altcoin, rose by a significant 1060 percent.
In a recent analysis, it was pointed out that altcoins will shoot up in value after the Bitcoin halving, which is 339 days away. The analyst further added,
“Another interesting fact :
Both bottoms formed +- 530 days before the Bitcoin halving.
A potential alt season is only 600 days away!!! You better start accumulating”
Stackin Bits, a cryptocurrency enthusiast, replied to the tweet stating,
“This makes the most sense to me from a cyclical standpoint. Maybe some intermittent pumps from the bigs to keep the profit cycles alive, but a ton of sense behind what you’ve posted imo.”
There was also a discussion of a probable money influx at the all-time high, which is still speculative. The common consensus within the community is that numbers will crack the all-time high, following which parameters will rise again. Litecoin, at press time, was trading at $130.97, with a total market cap of $8.156 billion. The 24-hour trading volume for the cryptocurrency was fluctuating between $3.23 billion and $2.36 billion. Charlie Lee was also in the news recently after he stated that there was no point of LocalBitcoins, a rising cryptocurrency exchange, without cash trades. He further added,
“They completely banned local bitcoins access in Germany and then they started insisting on KYC AML for everyone. you know I not a big fan of where they’re going.”