FXstreet

Litecoin has more than tripled this year. Will it continue to outperform bitcoin?



Litecoin enjoyed some sharp gains today, pushing higher as the digital currency benefited from tailwinds such as the upcoming halving. At this point, litecoin had surged 16% in 24 hours and was trading at its highest since mid-May. Litecoin, which is very similar to digital sibling bitcoin, rose in value as several other cryptocurrencies experienced notable gains.

The cryptocurrency is scheduled to undergo a halving in August, at which point the mining reward will decrease from 25 LTC to 12.5 LTC.

When this event takes place, the rate at which new litecoin enters the market will reduce by 50%, potentially placing upward pressure on the digital currency's price.

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