Thursday, February 29, 2024

Litecoin halving is 13 days away — So where is the LTC price rally?


Bitcoin (BTC) continues to be almost a year away from its subsequent block reward halving, however Litecoin (LTC) miners are already bracing for affect.

In lower than two weeks, Litecoin’s block subsidy will drop from 12.5 LTC to six.25 LTC per block.

Whales refill on LTC — however BTC worth stays weak

Regardless of its fair share of controversy, Litecoin stays the Twelfth-largest cryptocurrency by market cap at round $6.8 billion.

Its miners at the moment rake in 7,200 LTC in block rewards every day, equal to round $670,000.

Because the halving nears, main buyers look like in search of a simple commerce, with standard dealer Mikybull Crypto and others noting “whales” shopping for up virtually $60 million price of LTC prior to now two days.

In BTC phrases, nevertheless, there seems to be little price celebrating.

Litecoin at the moment trades close to all-time lows in opposition to the most important cryptocurrency, knowledge from Cointelegraph Markets Pro and TradingView reveals — a development that has continued by way of the years no matter earlier halvings.

As of July 19, LTC/BTC trades at 0.0031, with its all-time low of 0.0017 coming in June 2022. Against this, 1 LTC was as soon as price as a lot as 0.052 BTC — the equal of $1,560 right this moment.

LTC/BTC 1-month chart. Supply: TradingView

Litecoin’s all-time excessive in USD got here in Might 2021, when it traded at over $400 per token vs. its extra modest $93 right this moment.

Little comfort for Bitcoin forks

When it comes to weak spot in opposition to Bitcoin, Litecoin is way from the worst performer.

Associated: Bitcoin price is ‘stuck’ at $30K — Here are 3 reasons why

A popular comparison through the years has been forks of Bitcoin vs. BTC itself, and the outcomes proceed to color a grim image of the truth of going in opposition to the market’s community of selection.

Bitcoin Money (BCH) noticed all-time lows in BTC final month, and regardless of a bounce since, it stays at simply 0.00817 BTC — 98% under its all-time excessive of 0.432 BTC.

BCH/BTC 1-month chart. Supply: TradingView

For Bitcoin SV (BSV), the image is even worse, with a copycat bounce from report lows in June already stalling.

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On the time of writing, BSV/BTC traded at 0.00124 BTC — likewise 98% under all-time highs.

BSV/BTC 1-month chart. Supply: TradingView

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This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer entails danger, and readers ought to conduct their very own analysis when making a call.