Litecoin, abbreviated as LTC, has had quite a rollercoaster ride in the recent past. Despite the digital asset having an almost ecstatic build-up to the halving event of the cryptocurrency that is due to take place in the coming 88 days, the dealings of the asset have failed to keep up with the hype and has registered a drop in its price. On April 26, it had some promising moments; it tried to rally for the crucial resistance of one hundred US Dollars before eventually dropping to eighty five US Dollars.
CoinPriceForecast, a finance prediction platform that employs machine learning technology, declared in the 5th of May that regardless of the halving coming up, it expects to see a reduction in the price of LTC by 2023's end. In comparison to January's price of 70 US Dollars, right now the pricing stands at 88 US Dollars, an increase of twenty five point seven percent. It is predicted that the digital asset will continue to augment heavily until the middle of the year, peaking at an approximate eighty nine US Dollars.
A brief examination of the market indicates that LTC is currently being traded at 88 US Dollars, an increase of point three seven percent during today's trading session. Despite this small hike, its performance over the last week has shown a drop of 1.55%. Its market capitalization which currently stands at a massive 6.4 billion US Dollars puts it on the twelfth rank in terms of total market value.
Crypto analyst Captain Faibik says that the halving event may very well turn out to be the trigger for a huge Litecoin price surge, the FOMO (Fear Of Missing Out) pushing the prices to a whopping four hundred and fifty US Dollars. On the other hand, Charlie Lee, the creator of Litecoin, expresses optimism similar to that of the analyst. He projects an unprecedented rise in its price over Bitcoin, claiming that the ratio may touch 0.025 BTC, which is more than a seven hundred percent surge. He advertises the investment in Litecoin as the ideal way for portfolio diversification on account of its numerous benefits like high throughput, scalability through side chain, MimbleWimble's enabled confidentiality and fungibility.
Emily Jackson
- 2023-05-07
Will Litecoin Price Surge After the Upcoming Halving Event?
Litecoin's upcoming halving event is just around the corner and its effect on the cryptocurrency's price has been subject of speculation. CoinPriceForecast predicts a decrease by 2023's end, while crypto analyst Captain Faibik and Litecoin creator Charlie Lee have expressed optimism pointing to unprecedented surge in prices.
