Will Litecoin Reach $100 Before Halving?

Key Points:

• Litecoin along with other alts has been under pressure caused by the SEC recently.
• With the much-anticipated halving in August, we will most likely see the $100 price zone.
• LTC is currently still in the safe zone along with BTC.

The price of Litecoin (LTC) has been under strong pressure in recent days as investors have focused on the latest SEC litigation against Coinbase and Binance.

Litecoin is a digital currency intended to facilitate immediate peer-to-peer value exchange at low prices. After Bitcoin, it was one of the first cryptocurrencies to be developed.

This decentralized peer-to-peer cryptocurrency, founded by Charlie Lee in 2011, has been a crypto industry stalwart, noted for its speedier block generation times and greater coin supply.

This possible price rise corresponds to the current pattern of greater activity in the Litecoin market. After a 64% price decrease in the first half of 2022, Litecoin has made a stunning rebound, kicking off 2023 strong. Because of its durability and potential for development, Litecoin is a cryptocurrency to keep an eye on in the coming months.

LTC is now trading at $76.4, down from its year-to-date high of $105.65. As of the time of writing, the total circulating supply of Litecoin was 73,130,439 LTC, and the market capitalization of LTC was $5,601,131,992.

While LTC began the month in the red, it quickly rebounded into the green by the end of the month.

Several crypto market observers have raised their price projections for the currency over the next few months, and June might be a month full of green for LTC.

Litecoin, like other cryptocurrencies, is experiencing a period of volatility as investors concentrate on the SEC’s lawsuit filed last week. According to the complaints, the businesses offered unregulated securities in the United States. The agency also filed a lawsuit against Binance’s CEO, Changpeng Zhao.

It is simply too early to tell what will happen next in these litigation. As we have seen in the current SEC vs. Ripple lawsuit, the procedure may take years. The most probable consequence will be a settlement with the SEC by either Binance or Coinbase. Instead, the two businesses might lose the lawsuit, with serious consequences for the crypto sector.

Popular PoW coins, like as Bitcoin and Litecoin, will be secure since they are regarded as commodities. The Federal Reserve’s interest rate announcement on Wednesday will be the next major driver for the LTC price. Experts predict the bank will keep interest rates steady at 5% to 5.25%.

Litecoin has lately piqued the interest of investors as it prepares for a halving event in August. Historically, incidents that reduced the return for mining Litecoin by half have resulted in huge price gains. Some experts are even anticipating a parabolic increase for Litecoin this summer, which might result in a price explosion.

Also, as the LTC halving approaches, LTC is expected to trade above $100 more regularly. For the following two months, it might average more than $100.

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

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Harold

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