There’s a trigger that could boost Litecoin’s price. Check out the new predictions about the king coin.
This upcoming event could trigger a rise in the price of LTC
Santiment said that the upcoming LTC20 halving, which cuts the amount of newly issued coins to miners in half, is expected to have a positive impact on the price of Litecoin.
Santiment says Litecoin’s on-chain volume is trending upwards rapidly, and will bode well for the price if it continues.
“If this trend of increased on-chain volume continues, it will absolutely be a strong sign that some big players are beginning to jump in on their LTC investments in anticipation of the halving. Similarly, the amount of unique addresses interacting on the Litecoin network absolutely skyrocketed, suddenly reaching a greater than one-year high just as its price was bottoming out.”
The same notes reveal the following:
“This was obviously a great signal that addresses were stocking up on what may be the only ‘discount’ before August 10th. Lastly, don’t be surprised if whales push up the price above $100 before an opportunity is given for one final dip. Halving events are known for creating some pretty shocking anomalies.”
The notes coming from Santiment also made sure to state the following point:
“And it has been interesting to see separate waves of 500-600 $1M+ daily transactions on the LTC network. And then all of a sudden, the amount drops by 95% for a week (as shown below).”
Litecoin’s creator addressed the new price target for LTC
Lee recently said that Litecoin has value because the project has established a unique niche for itself.
According to Lee, Litecoin has managed to stay operational for over a decade with no downtime while offering cost-effective fees.
“It’s hard to deny there is value in Litecoin, a coin that has low fees, is protocol-compatible with Bitcoin, has the same game theoretical attack surfaces as Bitcoin, is secured with its own set of ASIC (application-specific integrated circuit) miners, is fairly launched, and has 11.5 years of history with zero downtime.”
