Story by: Billy Bambrough
Bitcoin has been repeatedly trying and failing to break the psychological $4,000 mark, but while the bitcoin price treads water, litecoin and binance coin have been soaring.
Litecoin has almost doubled in price so far this year, though it remains well below the all-time high it hit in December 2017.
Now, litecoin—one of the oldest rivals to bitcoin, launched in 2011—looks like it could this year overtake Ripple’s XRP to break into the top three biggest cryptocurrencies by market capitalization.
Litecoin’s rapid rise over the last few months, which has been on the up since it hit recent lows of $23 per coin in December last year, has been largely put down to developer efforts to improve security and privacy and several high-profile partnerships.
Meanwhile, crisis-hit Venezuela this week launched a government-sanctioned cryptocurrency remittance service, allowing users to send bitcoin and litecoin into the country—somewhat proving litecoin and bitcoin’s use case in a country that’s becoming reliant on cryptocurrencies.
These developments for litecoin could be just getting going, along with an upcoming halving, scheduled for August this year, which will tighten the supply of new litecoin. Previous cryptocurrency halvings have seen prices for their digital tokens rise, though there’s no guarantee this will happen again.
Original story: https://tinyurl.com/y5kqbwf4