Blockchain News

Litecoin Has Potential to Rally 700% Against Bitcoin, Says its Creator Charlie Lee

According to its founder, Charlie Lee, Litecoin ($LTC), a cryptocurrency that is sometimes referred to as the silver to Bitcoin’s gold, has the potential to see significant gains versus the flagship cryptocurrency ahead of its highly anticipated August halving event.

Since reaching a record low against Bitcoin in June 2022, the cryptocurrency has already increased by 85%, and Lee believes that LTC/BTC could rally to 0.025 BTC, representing a 700% increase during the next bull cycle.

According to Lee, this potential development may be attributable to Litecoin’s intrinsic design advantages, which include greater throughput, superior scalability with extension blocks, improved fungibility, and increased anonymity through MWEB.

Lee expects Litecoin will climb 10% (0.025 LTC/BTC) in the next bull market and feels that a rise of at least 5% to 0.0125 BTC each Litecoin token “shouldn’t be too difficult to achieve.” With the next halving due in a little more than 90 days, he does not expect a drop of more than 1% to 0.0025 BTC as the cryptocurrency’s popularity rises.

Litecoin’s recent price rebound has been followed by rising excitement about the forthcoming block reward halving. The Litecoin block reward for miners will be reduced by 50% in August 2023, from 12.5 LTC to 6.25 LTC.

As a result, fresh LTC supply will be cut in half, presumably making it scarcer on the market and pushing up prices if demand stays level or rises. According to CryptoGlobe, historical Litecoin pricing data predicts that the price of Litecoin may increase months after its halving event, reaching a new all-time high next year. However, the cryptocurrency may experience a correction immediately following the halving.

Litecoin “trends to rally quite strongly before its halving,” according to data reviewed by famous cryptocurrency analyst Rekt Capital, with the cryptocurrency climbing 820% after bottoming out 122 days ahead of its first-ever increasing 550% after bottoming out 243 days ahead of its second halving.

Historically, cryptocurrency has performed better after its halving event. LTC increased by 12,400% after its first halving and 1,573% after its second halving. It’s vital to note that the impact of halving events on cryptocurrency prices is uncertain, and experts’ perspectives differ. A cryptocurrency’s previous success does not guarantee future performance.


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