Will Litecoin Rise After Halving? Expert forecast
Everyone is talking about the upcoming Litecoin halving and its effect on the price of the cryptocurrency. Recall, the reduction of miners rewards for a block traditionally leads to an increase in its price. And the bull ran begins long before the event itself. And what will happen after? How long is it worth keeping Litecoin after the fifth of August? There are different opinions on this point.
Tonight LTC is trading at $ 123. Over the past day, the cryptocurrency increased by 2.35 percent, but over the past seven days, its profit has been slightly disappointing - 5.7 percent of losses for investors.
CoinMetrics analysts have published a new study of the market and technical prospects of cryptocurrency. They note that the LTC price has grown until the previous halving, while now there is no reason to change the trend.
The short history of the project does not allow us to conclude, the impact of halving on the block reward (even in the case of Bitcoin) is quite noticeable. It is because of the prevailing characteristics of the industry that the upcoming halving is considered a catalyst for the bullish price movement of the digital asset.
While Litecoin fully confirms this theory. The coin began to rise in price a few months ago, and over time, the pace of price increase intensified.
Only in 2018, the profit of the miners of Litecoin amounted to about 5.3 million LTC or $561 million.
Experts talk about low selling pressure on the market even after halving. Traders have every reason to expect a further increase in the price of the asset.
If market players keep waiting for the halving only, when it helds, the activity of the bears will still be low, which will lead to a few more months of increase in the price of the coin.