Litecoin (LTC) Claws Back Above $90 Following Brutal Correction; Halving 18 Days Away
Litecoin’s price pushed into positive territory Wednesday, as crypto markets eyed consolidation following a brutal weeklong correction. Litecoin remains in a classic downtrend marked by lower highs and lower lows heading into next month’s halving event.
It has been a week of wild moves for the Litecoin price. The fourth-largest cryptocurrency by market capitalization bottomed at $77.50 on Tuesday, its lowest since early May and marking a 46% reversal from the June 22 swing high of $146.43.
Since bottoming on Tuesday, Litecoin has recovered more than 16% to trade at $90.52, according to CoinMarketCap. The cryptocurrency has gained 5.3% in the last 24 hours.
LTC also put up firm gains against bitcoin, which briefly tested the $9,000 price level earlier in the day. The LTC/BTC cross rose 11% to 0.009262.
Year-to-date, Litecoin is still up 200%, putting it among the top-tier cryptocurrencies of 2019. At current values, it has a total market capitalization of $5.7 billion. Trade volumes were reported at $4.9 billion.
With the Litecoin halving event just 18 days away, traders can expect significant volatility over the next three weeks. After the halving, Litecoin’s inflation rate will fall to 4.26% from 8.74%.
Litecoin Partnerships Grow
Litecoin is being dragged down with the broader cryptocurrency market this week as bitcoin continues to unwind from its 17-month high. Bitcoin is not only the king of the crypto universe, its dominance has been growing for the last seven months. As a result, the fate of altcoins and tokens is tied to how BTC performs.
If there was one major cryptocurrency to escape bitcoin’s immediate sphere of influence this year, it was Litecoin. After all, it was LTC that sparked the huge crypto rally of February thanks to a constant flow of positive news from the Litecoin Foundation.
Earlier this week, Litecoin was named the official cryptocurrency of the Miami Dolphins. Through the partnership, game attendees have the ability to pay with LTC and BTC when participating in the team’s 50/50 raffle. Proceeds of the raffle benefit both the Miami Dolphins and its charities.
Charlie Lee, Litecoin’s founder, issued the following statement:
“This collaboration propels Litecoin in front of an audience of millions of people around the world at a time where adoption of cryptocurrencies continues to gain momentum and the ecosystem is able to support real world use cases in ways previously not possible. We see this as a powerful way to raise awareness and educate people about Litecoin and cryptocurrencies on a tremendous scale.”
In addition to sponsoring the UFC and scoring other high-profile partnerships, the Litecoin Foundation recently announced it is teaming up with TravelbyBit to allow users to pay with LTC when booking their travels. Through TravelbyBit, customers can pay with LTC for more than one million flights and hotels around the world.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.