The price of Litecoin, a cryptocurrency seen as the silver to bitcoin’s gold, has jumped 19% in the last 24-hour period, in what appears to be a recovery fueled by the upcoming halvening event.
According to CryptoCompare data litecoin is currently trading at $93.8, after rising 19% from about $78 in only a day. In the last 30 days the cryptocurrency is down by about 29% because of a strong correction the cryptocurrency space endured this month.
Year to date, LTC is up by about 210% as it started off 2019 close to the $30, as it was already recovering from a $22 low it saw in the 2018 bear market, which took the price of most cryptocurrencies down by well over 80%.
The cryptocurrency’s market cap is now of $5.6 billion, down from $8 billion in late June when it was trading close to the $130 mark. While most cryptocurrencies are up in the last 24 hours LTC is outperforming the market thanks to its upcoming halving event.
The event is expected to occur on August 6, and will see block rewards on the Litecoin blockchain drop from 25 LTC to 12.5 LTC per block. On Litecoin the halving event occurs once every 840,000 blocks.
It’s going to decrease inflation, which according to some analysts will remind users of the cryptocurrency’s limited supply and will, in turn, see them value LTC higher and accumulate more as scarcity increases demand.
Another factor that could be behind litecoin’s price performance is a recent partnership the Litecoin Foundation signed with American football team Miami Dolphins, which saw LTC become the team’s “official cryptocurrency” for its 50/50 raffle.
Back in December the Foundation partnered with the Ultimate Fighting Championship (UFC) a leading mixed martial arts organization, to display the Litecoin logo in a title match. The publicity the cryptocurrency might’ve gotten from these partnerships may have contributed to the surge.