Litecoin founder Charlie Lee discussed the Litecoin price for the first time on Tuesday, in view of the approaching halving. He expects an increase of at least 10% in the LTC value against BTC.
Litecoin founder Charlie Lee foresees major price increase
On May 2nd, Litecoin founder Charlie Lee announced his LTC price target via a tweet, sparking astonishment within the Litecoin community as it was his first Litecoin price prediction on Twitter.
Currently, one Litecoin is just over 1% of the value of one Bitcoin. While Lee believes the current market valuation is somewhat accurate, he still sees a lot of growth potential in Litecoin. LTC offers benefits such as increased transaction speed, improved scalability using extension blocks, and better privacy through MWEB.
Lee predicts a significant increase in the Litecoin price against Bitcoin after the halving in early August. The current LTC/BTC price is trading at 0.003. However, during the upcoming bull market, the LTC/BTC price could reach as high as 0.0125, which is equivalent to 5% of the Bitcoin market cap. Lee even sees potential for an increase to 0.025, which is equivalent to 10% of the Bitcoin market cap. If this scenario plays out, it would mean a significant price increase.
There is no denying that Litecoin is valuable. As a currency, it offers low transaction fees, is compatible with Bitcoin, is protected by its own set of ASIC miners, has a fair launch, and has an unbroken history of 11.5 years.
— Charlie Lee
When is the Litecoin halving?
Litecoin is halving expected on August 2 at 22:34 (Dutch time). Currently, the LTC block reward is 12.5 coins per block and will drop to 6.25 coins per block after the halving.
As the crypto market gears up for the upcoming Litecoin halving and traders keep an eye on the Fed’s interest rate decision, Litecoin’s potential continues to grow. The coin’s advantages, such as low transaction fees, protocol compatibility with Bitcoin, and enhanced privacy, make it an attractive choice for investors and users. It remains exciting to see how the Litecoin price will develop after the halving and in future bull markets.