The Litecoin ($LTC) price, sometimes referred to as the silver to Bitcoin’s gold, is anticipated by the cryptocurrency community to decline slightly throughout March and close out the month at $82.9.
The information was gathered using CoinMarketCap’s price forecasts tool, where almost 2,000 members of the community predicted the price of LTC by the end of this month. According to the consensus forecast, the market slowdown would cause the price of the cryptocurrency to fall 7.2% this month.
It’s critical to note that the forecasts made by the bitcoin community may not be realized at all. The website claims that the community’s historical accuracy is just over 87%; however, recent data reveals that it was really about 99% in December 2022, 80% in January, and then 88.6% last month.
While losing about 5% of its value over the previous 30 days amid a larger cryptocurrency market sell-off, the price of Litecoin has increased by more than 50% over the last six months. According to CryptoGlobe, the price changes of the cryptocurrency have been mostly driven by “sharks,” or huge addresses.
Addresses owning between 100 and 10,000 $LTC, or between $9,470 and $947,000 at the time of writing, which had amassed 1.15 million – more than $100 million – coins in the previous six months, contributed to Litecoin’s surge.
Litecoin experiences halving events, when the coinbase reward for miners that discover blocks on the network is halved, similar to how BTC does. The next Litecoin halving event, which would cut mining payouts from 12.5 LTC to 6.25 LTC, is anticipated to take place in August 2023. Events that reduce fresh supply on the market by half are considered bullish since they do so.
Rekt Capital, a well-known cryptocurrency analyst, found that Litecoin “trends to climb very substantially prior to its halving”; the cryptocurrency increased by 550% after bottoming out 243 days before its second halving and by 820% after bottoming out 122 days before its first-ever halving.
In the past, the coin experienced greater gains following a halving occurrence. LTC had a 12,400% increase after its first halving and a 1,573% increase after its second halving. The price of Litecoin will be cut in half in August 2023. Litecoin’s hashrate has reached a new record high of about 680 TH/s, which coincides with a rapid increase of addresses. Similar to Bitcoin, but with a different hashing method, Litecoin employs a Proof-of-Work (PoW) consensus process.
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