Litecoin (LTC) To Grow 80% By These Two Key Reasons

Key Points:

• The price of Litecoin has increased by 80% to $97.77 per LTC since the conclusion of the first 10 days of November, which is the highest price in eight months.
• Therefore, over the previous seven months, addresses owning between 100 and 10,000 LTC added a total of 1.15 million coins, or 0.5% of the entire Litecoin supply.

The price of Litecoin has increased by 80% to $97.77 per LTC since the conclusion of the first 10 days of November, which is the highest price in eight months.

Two main factors are responsible for the dino coin’s explosive growth, as old cryptocurrencies like Litecoin are known. Information provided by the crypto analytics portal Santiment points to the first cause. It claims that only significant LTC holders have added “cash powder” to the coin’s quotations.

Therefore, over the previous seven months, addresses owning between 100 and 10,000 LTC added a total of 1.15 million coins, or 0.5% of the entire LTC supply.

These cryptocurrency sharks began amassing at the end of July, and when Litecoin’s price dropped below $60 per coin, they seized the opportunity to fill their bags.

Litecoin in under 200 days

The second justification is a historic occasion that will happen to Litecoin in under 200 days. It concerns halving, which means decreasing the payouts for each LTC mined. The event is anticipated to occur at a block height of 2,520,000 as early as August 2023.

One event that has an impact on cryptocurrency values is the halving of Litecoin and other proof-of-work currencies. However, it’s crucial to realize that this is not an absolute, and even if a certain occurrence results in an increase in the price of LTC, it might also be preceded by a decline due to a significant market correction.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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