CRYPTO MOVERS AND PRICES
CRYPTO STORY OF THE DAY
Litecoin (LTC) Is Bouncing Off What Could Be Described As 3-Year Support (Chart) - Recent Activity Gives Important Insights For Bitcoin In 2020
LTC had a rollercoaster year to say the least. The coin was the best performing in the Top 10 for the first half of 2019 rising over 3.3x from Jan 1 to July 22 reaching USD ~142 and becoming the fourth largest crypto by market cap. The protocol underwent a block reward halving in early August and saw consistent declines from that point on. Ultimately, LTC would lose nearly all of the gains it saw into the halving event and closed the year up only 13%. Of major interest in 2020 is the first Bitcoin 'halving' since mid-2016 - its third overall.
Crypto Takeaway: Litecoin's halving probably offers the best precedent at trading relative to bitcoin's this year. That said, it is with plenty of limitations. LTC does not have nearly the liquidity of BTC, it is not as highly followed as BTC and it does not have any popular forks which also trade, to name just a few. That said, given that it is the only similar event to occur after the awareness-driving run-up of 2017/18 it's still likely as good as it gets for research purposes. We'll be conducting a more in-depth analysis comparing trading dynamics as the first half of 2020 plays out.