​Litecoin creator predicts the growth of the asset’s rate to BTC by 700%

What’s new? Litecoin (LTC) creator Charlie Lee believes that the asset’s rate paired with bitcoin could rise by 700%, to 0,025 BTC, in the next bull cycle. In his opinion, this will be facilitated by the higher throughput and scalability of the network, as well as the privacy available through the MimbleWimble Extension Blocks (MWEB) protocol. As of May 3, 13:45 UTC, the rate of LTC on Binance is 0,003042 BTC or $86,2.

I can see an upside target of 10% (0.025 LTC/BTC). In the next bull market, 5% (0.0125) shouldn't be too hard to achieve. I honestly don't see it going much below 1% (0.0025) on the downside. The next halving will be in ~92 days. This is going to be fun.https://t.co/erotIo38Oc — Charlie Lee Ⓜ️🕸️ (@SatoshiLite) May 2, 2023

Lee’s prediction. The developer believes that the rate of LTC to bitcoin is unlikely to fall to 0,0025 BTC in the next period of growth in the crypto market. Lee also recalled that Litecoin halving is expected in ~92 days, noting that “This is going to be fun.”

His statements came after Litecoin’s price rebounded 85% from a record low of 0,001716 BTC in June 2022. However, the LTC price is still 90% below the high of 0,051 BTC reached in November 2013.

Litecoin is a fork of the bitcoin network launched in 2011. It features faster transaction speeds and a mining algorithm that does not depend on the power of processors and video cards.

Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain. On the Litecoin network, it is expected on ~5 August 2023 (according to Neovesting). The reward for mining a block will decrease from the current 12,5 to 6,25 LTC.

Analysts record an increase in discussions of LTC on social networks

IntoTheBlock attributed it to the impending halving of the cryptocurrency

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Halving reduces the volume of coins coming into circulation, which could raise the price of the asset. As Cointelegraph analyst Yashu Gola noted, historically, the months leading up to the Litecoin halving have typically encouraged traders to accumulate the asset. For example, the first halving in August 2015 was preceded by LTC’s 450% rally against bitcoin.

On May 1, BIT Mining unveiled a new ASIC miner with increased energy efficiency for LTC and DOGE mining.