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Litecoin Price History Unveils Major Hint Prior to LTC Halving

Sun, 06/04/2023 - 15:03
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Gamza Khanzadaev
Litecoin price trajectory indicates what market can expect before LTC halves
Litecoin Price History Unveils Major Hint Prior to LTC Halving
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Litecoin has seen a remarkable surge in recent weeks, gaining almost 8% in the last seven days. This surge has made Litecoin one of the most profitable assets in the crypto market, not just in the short term, but also over the past 30 days. The reason behind this impressive performance is the upcoming halving event, which is scheduled to occur in two months. During the halving, the mining reward for Litecoin will be reduced by half, from 12.5 to 6.25 LTC.

Litecoin (LTC) Spikes 14% Weekly, 6.8% in Past 24 Hours: Reasons

With a rich history in price fluctuations, market participants are drawing analogies to gain insights into what can be expected in anticipation of this significant event. Based on past patterns, Litecoin usually starts rising 200 days before the halving and finishes around 35-40 days prior to the event. This year, Litecoin began its price growth on Jan. 16, resulting in a 15% increase so far. If the pattern holds, this cycle should end on June 29, with the halving itself predicted to occur around August 4.

LTC to USD by CoinMarketCap

However, it is important to approach these assumptions with caution as the sample size of previous halvings is small, consisting of only two cases. Additionally, the crypto market and its participants have become more sophisticated since Litecoin's last halving almost four years ago. The presence of "smart money" investors with large capital could potentially manipulate prices and exploit less experienced investors during such events.

Litecoin (LTC) Reaches Major Milestone as This Metric's Value Spikes

Despite these considerations, the current performance of LTC indicates a promising outlook for the coin leading up to the halving event. As market participants eagerly anticipate this milestone, it remains to be seen how Litecoin will fare in the coming weeks.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.