BTC - Could Litecoin Really Go Parabolic This Summer?
2023-05-20 08:41:00 ET
Seemingly out of nowhere, Litecoin (CRYPTO: LTC) is on the move again. The coin is up 13% over the past seven days after significantly underperforming the market for much of the year. Over that same period, both Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) are basically flat.
Why the sudden price action in Litecoin ? There appear to be several different factors at work here, including a potentially significant catalyst coming in early August. As a result, some analysts are now suggesting that Litecoin could soar as much as 200% over the next three months.
The "Litecoin could soon go parabolic" narrative is based around an upcoming event known as the halving, which is now scheduled for August 3. In a halving event, the reward paid to crypto miners for mining a new block on the blockchain falls by one-half. So, for example, Litecoin miners are currently rewarded with 12.5 Litecoin every time they mine a new block. On August 3, that reward will fall to 6.25 Litecoin.
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Could Litecoin Really Go Parabolic This Summer?