The Litecoin (LTC) price reached exchange rates exceeding $8.65 and 0.29 Bitcoins. This represented an extended growth rate of over 25% in merely 24 hours. During a whole week, LTC has gained over 80% against Bitcoin, 88% against the US dollar, and 90% against the Euro.
There are several reasons to explain this price behavior, but no reason should be regarded as the responsible cause. In this article, we will take a closer look at the most likely possibilities and from there you can draw your own conclusions.
This has been pointed out as the main cause for the price surge: Litecoin mining is set to unfold predetermined sequence, where half of the coins will be mined in about four years after its initial release. The other half of the remaining coins will be mined in the next four years, and so on until all 84 million LTC coins are going to be mined until the year 2150. The block halving will occur on August 25; then Litecoin miners will only get half of the Litecoins they were getting before. The market expectation is that halving the supply should double the price.
The Greek situation
The Greek economic situation has been pointed as one