The 2017 cryptocurrency bull run made historical past for its slightly sudden but rewarding nature, with the closely scrutised Bitcoin rising like a phoenix to $20,000 whereas different altcoins like Litecoin additionally surged to new all-time highs.
Litecoin’s run to $420 was not solely one of the crucial charming but additionally one of the crucial shocking contemplating its worth was simply $3 at the start of 2017.
March 30 will go down in historical past for Litecoin bulls because the spark that ignited the large surge in worth motion. It rose by greater than 90% to mark its largest ever one-day acquire.
The 2018 bear market was as gruelling as 2017 was euphoric. Litecoin fell by greater than 75% throughout the house of 1 month earlier than a one-year downtrend ultimately noticed its worth hunch to as little as $20.
Nevertheless, the primary six months of 2019 acted as a interval of resurgence for Litecoin because it rallied to $146 on the again of stories that Fb can be launching its personal cryptocurrency dubbed ‘Libra’.
The sentiment surrounding Litecoin in 2019 may also be in comparison with the beginning of 2020 with it recording a 101% acquire because the flip of the yr.
And whereas it appears as if a significant cryptocurrency bull market is way away, numerous technical indicators appear to recommend that it is perhaps on the playing cards this yr.
Golden cross
Litecoin just lately skilled a every day exponential shifting common (EMA) golden cross, which noticed the 50 EMA cross the 200 EMA to the upside.
The earlier time this occurred was in March 2019 which preceded a 180% rally to the upside in a matter of months.
This time round it might nicely inflate worth much more as anticipation mounts surrounding Bitcoin’s halving occasion, which can happen in Could.
Block rewards for miners will likely be slashed from 12.5BTC to six.25BTC per block, which has traditionally prompted the value of cryptocurrencies to rise as provide dries up.
Whether or not or not it is going to see Litecoin type a brand new all-time excessive stays to be seen, however an inflow of institutional funding within the trade means that it’s an thrilling time for numerous the highest cryptocurrencies.
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