Venezuelan government has a major hand In the litecoin rally – can halt anytimeMarch 31, 2019
Litecoin is setting the performance record for the first quarter. The price of Bitcoin doubled during the first 3 months of the year 2019. The prices during the fourth quarter in the past year went down by 86%, which was then the second largest losing streak on record.
The mining reward halving is considered to be one of the major reasons for the stellar gains in the first quarter of 2019.
The halving means that there will be a supply deficit in the ecosystem after August. From August 8, 2019, the reward will be reduced from 25 LTC to 12.5 LTC. This process of halving will be repeated in every 4 years, therefore, leading to a supply deficit and sustaining the price for the token.
#LNTrustChain started on Twitter to facilitate improved communication in the Litecoin community as an experimental approach. The @Hodlonaut is the first tweet that mothered the entire process. It stated, “Some LN fun.. I send 100k sats with http://tippin.me to the first person I choose to trust that replies to this. That person adds 10k sats and sends 110k to someone [Either from a reply to a new tweet, or this thread] .. and so on. How many sats before it breaks?”
Charlie Lee, the Managing Director of the Litecoin Foundation, is the latest to bear the lightening torch. The Litecoin chain has accumulated nearly 4200K Sathosis, and therefore the torch has been passed on to Abra CEO, Bill Hardt. There has been significant traction noted concerning the Lightning Torch experiment.
The value that can be transferred off the chain is 10 satoshis in this process. Ever since the beginning of this project, several eminent personalities in the crypto-space have participated in the process.
The list of personalities who previously held the torch consists of, “Anthony Pompliano, Binance’s Changpeng Zhao, Bitcoin pioneer Eric Voorh, Lightning Labs’ Elizabeth Stark, Monero’s Ricardo Spagni, and Twitter’s Jack Dorsey, among others.”
In terms of the technical chart, the Litecoin is placed very well. The recent lows are only the least points in the upward rising price trend. Immediate support for the token is at $59. It is close to what is called the all-time highest hash rate.
The 500-million added to the market capitalization of the Litecoin Rally comes at a point in time when the crisis has hit Venezuela. This is the time when the Venezuelan government has approved remittance in Bitcoin and Litecoin into the country. However, this service has been warned as one that might be disabled anytime.