Litecoin (LTC-USD) has consolidated on its bullish start to 2019 in its pairing with the US dollar, pushing beyond the $83 mark and showing very little signs of slowing down. Widely regarded as an analogue of Bitcoin (BTC-USD), LTC has tagged along to the north with Bitcoin, gaining strength on the back of BTC’s meteoric rise in April and May 2019. As we head into the middle of the second quarter of 2019, we look at Litecoin to get some direction as to what lies ahead for this pairing.
Litecoin’s Q1 performance record has been consolidated with the gains it has made in April and May 2019. This is all coming on the back of the expected halving of its mining rewards that will occur in August 2019. Litecoin is programmed to reduce its mining rewards by half every four years or after every 840,000 blocks, whichever comes first. With 12.5 LTC going to be produced from every new block after the halving is complete, it is possible that buyers are snapping up as many Litecoins as they can before the process sets in. This may account for its stellar performances in the last two months.