3 reasons why Litecoin rises

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Last Updated on 6 November 2023 by CryptoTips.eu

In Coinmarketcap’s top 10, there is one digital coin that has risen by as much as 25% in the last week, namely Litecoin. According to experts, there are three reasons for this. Let’s go over them one by one.

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Halving

Firstly, Litecoin, which like Bitcoin already has quite a long history in the (still young) world of crypto, is facing a halving at the beginning of August. This means that the revenue for Litecoin miners will decrease from 12.5 litecoin per block to 6.25 litecoin per block.

Normally, a halving is historically quite bullish for a long-term digital currency like Bitcoin and Litecoin.

Analysts expect Litecoin to land on a price between $140 and even $200 at the time of the halving. Calculations say it would occur around August 3.

EDX Markets

Secondly, Litecoin made headlines because it was one of four coins that will be listed on EDX Markets, the new crypto platform from Citadel Securities, Fidelity Digital Assets and Charles Schwab Corporation. Thanks to these three Wall Street giants, Litecoin suddenly was introduced to a lot of new institutional clients.

Technical breakout

Lastly, several analysts noted over the weekend that Litecoin is experiencing a technical breakout which could push it to price levels it hasn’t reached since 2021.

The well-known American technical analyst Peter Brandt confirmed it to his followers this weekend and the Dutch analyst, Michaël van de Poppe, is also very positive about the coming weeks for Litecoin.

According to Cryptomich, Litecoin will possibly reach a price of $200 by August 3. That seems overly positive, but we will keep you informed whether or not he is right.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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