Litecoin has seen an impressive run in the past few weeks, pushing the digital asset to become the 10th largest cryptocurrency in the market, surpassing the likes of Polygon (MATIC), Tron (TRX), and Bitcoin Cash (BCH). Currently, the market cap of the altcoin is above $7.1 billion, making it the 7th most valuable cryptocurrency in the market.
Investors are already gearing up for the upcoming Litecoin halving event, which is only 20 days away. This anticipation has seen the price of LTC token cross $115 at its local high. Some analysts have predicted that the price could run another 50% and reach $200 off the halving event alone.
However, there is a chance that Litecoin could follow the same trend as Cardano Alonzo upgrade in 2021 and Ethereum’s Shapella upgrade in 2023, which is the ‘buy the rumor, sell the news’ effect. If this happens, it may be best to sell in the weeks leading up to the event.
At present, LTC’s price is still holding steady at $97, despite 8.09% losses on the 7-day chart. To stay up-to-date with market insights, updates, and the occasional funny tweet, follow Best Owie on Twitter. Featured image from iStock, chart from TradingView.com.
