The number Google searches for famous cryptocurrency Litecoin has reached a 12 month high this week. This could possibly be because of the token’s next block reward halving will take place in the next couple of months. Also, the fact that Litecoin prices have jumped over 340% could be the reason for Google search numbers.
After the tragic market decline of 2018, Litecoin has recovered significantly and is growing at a healthy pace. Currently priced at around $140, Litecoin has achieved a market cap of over $8.5 billion, making it the fourth largest crypto platform in the world. This indicates that the bears are finally gone, as Bitcoin too, has doubled in the last three months. The project is also just 47 days away from the next block reward halving, which is expected to be the catalyst for prices in the coming.
Cryptocurrencies are growing in popularity day by day, especially after the crypto winter ended in February earlier this year. Recently, an analysis report showed that the popularity of cryptocurrencies in general, and Bitcoin in particular, has surpassed even the most famous personalities like Elon Musk, Warren Buffett, and Kim Kardashian.
Does this mean that Litecoin will keep booming? Well, yes and no. Litecoin’s popularity is due to the fact that it has managed to recover so rapidly since the beginning of this year. Therefore, if it has to grow, it needs to continue doing all the hard work on adoption. So from this point of view, the popularity of Litecoin may not necessarily result in higher prices.
However, the other side suggests just the opposite. Researches by experts have proved that the popularity of a cryptocurrency is directly proportional to the price. Which means that a rise in popularity will lead to a rise in the price, as people tend to invest in currently popular tokens.
So in a nutshell, the relation between price, popularity, and growth is cyclical, in which, each factor is, more or less, equally important for the growth of a particular token. Litecoin, as of now, has all of these going in its favor, and it is safe to say that the foreseeable future seems to be positive.