Up 100%: Litecoin Price Sets Q1 Performance Record

Litecoin's price has doubled in the first three months of 2019 to register its best first-quarter performance on record.

The fourth-largest cryptocurrency by market capitalization is currently trading at $61, representing a 100 percent gain on January's opening price of $30. It clocked a six-month high of $64.20 earlier this month, according to Bitfinex data.

As can be seen, LTC's 100 percent rise in Q1, 2019, is the biggest first-quarter gain on record.

The cryptocurrency last rallied in Q1 two years ago.

On Aug. 8, the reward for mining on the litecoin blockchain will be reduced from 25 LTC to 12.5 LTC. The shift means miners will be adding fewer coins to the ecosystem after August, possibly leading to supply deficit.

LTC created a long-term low near $1.12 in January 2015 and rose to highs above $8.70 in July before falling back below $4.00 ahead of Aug. 25 - a day when the mining reward was cut in half from 50 to 25 LTC. With bitcoin rallying 100 percent in Q1, history seems to be repeating itself.

LTC could rise even further in the second quarter, albeit after a pullback, as technical charts are showing signs of bullish exhaustion.

On the daily chart, the relative strength index has created a series of lower highs as opposed to higher highs in price.

LTC seems to have found acceptance above the 10-month MA, currently at $53.60.

Validating that argument is the fact that LTC consolidated around the 10-month MA for almost a year before entering the bull market in Q1 2017.