Litecoin halving is 13 days away — So where is the LTC price rally?

1 year ago

Bitcoin (BTC) is inactive almost a twelvemonth away from its adjacent artifact reward halving, but Litecoin (LTC) miners are already bracing for impact.

In little than 2 weeks, Litecoin’s block subsidy volition driblet from 12.5 LTC to 6.25 LTC per block.

Whales banal up connected LTC — but BTC worth stays weak

Despite its fair stock of controversy, Litecoin remains the 12th largest cryptocurrency by marketplace headdress astatine astir $6.8 billion.

Its miners presently rake successful 7,200 LTC successful artifact rewards daily, adjacent to a U.S. dollar worth of astir $670,000.

As the halving nears, large investors look to beryllium seeking an casual trade, fashionable trader Mikybull Crypto and others noting “whales” buying up astir $60 cardinal worthy of LTC successful the past 2 days.

— Mikybull Crypto (@MikybullCrypto) July 19, 2023

In BTC terms, however, determination appears to beryllium small worthy celebrating.

Litecoin presently trades adjacent all-time lows against the largest cryptocurrency, data from Cointelegraph Markets Pro and TradingView shows — a inclination which has persisted done the years careless of erstwhile halvings.

As of July 19, LTC/BTC trades astatine 0.0031, with its all-time debased of 0.0017 coming successful June 2022. By contrast, 1 LTC was erstwhile worthy arsenic overmuch arsenic 0.052 BTC — the equivalent of $1,560 today.

Litecoin's all-time precocious successful USD came successful May 2021, erstwhile it traded astatine implicit $400 per token versus its much humble $93 today.

Little consolation for Bitcoin forks

In presumption of weakness against Bitcoin, Litecoin is acold from the worst performer.

A popular comparison done the years has been forks of Bitcoin versus BTC itself, and the results proceed to overgarment a grim representation of the world of going against the market’s web of choice.

Bitcoin Cash (BCH) saw all-time lows successful BTC past month, and contempt a bounce since, remains astatine conscionable 0.00817 BTC — 98% beneath its all-time highs of 0.432 BTC.

For Bitcoin SV (BSV), the representation is adjacent worse, with a copycat bounce from grounds lows successful June already stalling.

At the clip of writing, BSV/BTC traded astatine 0.00124 BTC — likewise 98% beneath all-time highs.

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This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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