Litecoin is often referred to as the silver to Bitcoin’s gold. It is one of the oldest and most successful digital currencies.
Litecoin had historically been second in market capitalization to Bitcoin and is still now third, behind Ripple.
Legions of Litecoin hard-core miners, armed with their GPU mining rigs, will forever echo the litecoin battle cry and continue make the Litecoin network as secure as they possibly can.
In the past two weeks litecoin had nearly tripled in price, from $3 at the end of June to almost $9 ($8.65 more accurately) on July 10th.
Many speculations of why the price was soaring came to the surface from many sources, mining difficulty, forthcoming block reward halving, a Chinese influenced pump and dump, attacks on the bitcoin network all have been accredited to the relatively quickly soaring price.
Possible causes of the increase might be eliminated by what happened on July 10th when the price dropped, back to sub $4 prices on the same day it was nearing 200% growth.
The price dropping before the estimated Aug 25th 2015 block reward halving seems to be sufficient evidence that the block halving cannot be the cause of the price increase.The block reward halving may be fueling some demand certainly but, cannot be a the single explanation of recent upward movement.
Unlike the block reward halving, mining difficulty can never be projected. For that reason, mining difficulty and any reports suggesting mining difficulty, can surely be discredited as the explanation.
Speculation on the price increase stemming from a retraction coming from Bitcoin because of security concerns of the Bitcoin network can also be discredited given the price drop of Litecoin, so most likely Bitcoin did not reflect the price movements.
The price drop of July 10th, does offer some evidence of bulls in the market creating a pump and dump.
It may have garnered additional support coming from the anticipated block reward halving in the pump phase and that upward pressure from the block reward halving will continue.
The block reward halving means the same amount of electricity will yield half the number of coins.
Of course ignoring any mining difficulty changes and other unpredictable variables, the upcoming block reward halving is a definite signal of stronger demand and quite possibly what we are seeing is a premonition of things to come, in that light keep an eye on Litecoin in the coming days as this recent indecent could be a signal to venture back into the light.