Will LTC Reach $100 When Litecoin Halved in 2 Months?

 


Despite losing 4.8% over the past week, Litecoin (LTC) is still up almost 10% on the 14-day charts. However, many believe that the asset will appreciate in value as the LTC halving event approaches. This year's LTC halving will occur on block number 2,140,000 on August 10.

During the upcoming halving event, block rewards paid to Litecoin miners in exchange for validating transactions will be halved. From 12.5 LTC to 6.25 LTC in rewards. Cryptocurrency miners typically attempt to raise their reserves as the halving date approaches. Additionally, halving occasions like Bitcoin's (BTC) frequently result in a price increase.

However, this time around, there hasn't been the usual development of miners stockpiling tokens. On-chain data raters demonstrate the opposite, namely that miners are giving up their reserves. Data from IntoTheBlock shows that Litecoin (LTC) miners have sold close to 680,000 LTC just in May 2023.

Given the recent increase in LTC prices, it's possible that miners are locking in profits. As a result of increased energy prices globally and regulatory crackdowns on cryptocurrency mining operations, mining expenses have recently risen. If these conditions do not alter, LTC miners are likely to continue selling.

Can Litecoin get to $100?

Litecoin (LTC) has outpaced both Bitcoin (BTC) and Ethereum (ETH) during the last three weeks. The bullish trading style of the crypto whales with balances between 10,000 and 100,000 LTC has also been a key factor. This week seems to have seen the beginning of the whales' profit-taking. Between May 23 and May 26, they unloaded 110,000 LTC, valued approximately $9.5 million.

Notably, price changes have a strong correlation with this kind of behavior. This suggests that if they continue to sell, they might bring about another price correction for LTC. Therefore, if this pattern persists, LTC prices could go below $80.

Additionally, as was already said, LTC miners are not in the mood to buy more LTC. As the halving date approaches, though, things could change.

LTC's price was $87.05 at the time of publication, up 3.1% in the previous day.


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