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A cryptocurrency could gain 700% against Bitcoin

A cryptocurrency could gain 700% against Bitcoin

The halving is three months away and the founder of this historic cryptocurrency maintains that the asset is well positioned for massive gains.

Litecoin could have big benefits against Bitcoin. According to the creator of Litecoin, Charlie Lee, the halving is approaching, the event that halves the issuance of cryptocurrencies, and this will boost its price.

Lee argues that LTC could go as high as 0.025 BTC, or more than 700%, in the next bull cycle. Litecoin price rallied 85% from its all-time low of 0.001716 BTC in June 2022.

As for the halving. The block reward of this cryptocurrency for miners will be reduced by 50%, from 12.5 cryptocurrencies for each block closure to 6.25, during August of this year.

As a result, the supply of LTC will be reduced by 50%, which could drive up the price of LTC as it will become a scarcer commodity in the market and therefore drive up its price.

Historically, the months leading up to the Litecoin halving often encourage investors to accumulate LTC. For example, the first halving, in August 2015, preceded a 450% rally against Bitcoin.

Source: Ambito

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