Overview
• Litecoin (LTC) is one of the pioneer cryptocurrencies that debuted in the crypto space after Bitcoin.
• The third cycle of Litecoin (LTC) halving is taking place on August 2, 2023.
• Current Price: $100.09 ; 24-Hour Trading Volume: $7,341,096,326; 24-Hour Change %: +2.84% Up
What is Litecoin (LTC)?
Launched in 2011 as a Bitcoin-inspired cryptocurrency, Litecoin (LTC) is known as “the silver to Bitcoin’s gold” by its creator Charlie Lee. The main differences between Bitcoin and Litecoin are the supply cap, hashing algorithm and transaction speed. LTC has a fixed supply capped at 84 million compared to Bitcoin’s 21 million while it also uses Scrypt algorithm instead of SHA-26 for mining purposes and takes around 2.5 minutes for a block to be mined/generated whereas it would take 10 minutes on Bitcoin blockchain. On August 2, 2023 there will be a halving event taking place where mining rewards per block will be reduced to 6.25 LTC from 12.5 LTC priorly..
Current Market Status
Currently LTC ranks 10th on CoinMarketCap in terms of its market capitalization with a price of $100.09 and 24-hour trading volume of $7,341,096,326 . In addition to this there has been an increase of 2.84% up in its price over the past 24 hours . Moreover , its all time high was recorded at $410.26 on May 10 , 2021 .
Price Prediction For 2023
Based on technical analysis it appears that an Ascending Channel Pattern may occur within the next year leading up to potential resistance levels such as $142.31 and $293.91 if the trend continues however if it reverses then lower prices may come into play .
Conclusion
In conclusion , based off of current market status combined with technical analysis predicts that Litecoin could potentially reach prices higher than what we have seen before in 2023 reaching up to the resistance levels mentioned above along with mild risks involved when it comes to predicting prices due to potential reversal trends which could lead lower than expected prices .