While Bitcoin fell below $28,000, decreases were also observed in altcoins.
While most altcoins, especially Ethereum (ETH), fell in parallel with the fall of BTC, one of them was Litecoin.
Litecoin's halving in August makes it less affected by the drops compared to other altcoins.
Noting the importance of the LTC halving, Litecoin producer Charlie Lee shared his thoughts on the halving on his Twitter account.
Stating that he expects a rally of at least 10% against Bitcoin in LTC, Charlie Lee said that his traders expect a large increase in the price of LTC.
“There is no denying that there is no value in Litecoin, a fair-market coin that is low-fee, protocol compatible with Bitcoin, has the same theoretical attack surfaces as Bitcoin, is secured by its own set of ASIC miners, and has been running for 11.5 years without a bounce. hard to do.
The market is currently valuing Litecoin at just over 1% of Bitcoin. Is it fair? I think the market is right today, but Litecoin has tons of potential.
I'm aiming for an upside move towards 0.025 in LTC/BTC.
In the next bull market, it shouldn't be too hard for LTC to reach 0.0125 against BTC.
The next halving will be in about 92 days and it will be fun."
It's hard to deny there is value in Litecoin, a coin that has low fees, is protocol-compatible with Bitcoin, has the same game theoretical attack surfaces as Bitcoin, is secured with its own set of ASIC miners, is fairly launched, and has 11.5 years of history with zero downtime. https://t.co/xKjjaGkmhe
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) May 2, 2023
The Litecoin halving is expected to occur on August 2, 2023.
LTC/BTC price is trading at 0.003, well below Charlie Lee's target price of 0.025.
If Lee hits the target of 0.012 and 0.025, that means Litecoin will experience 300 percent and 600 percent growth against Bitcoin. It is known that LTC has always experienced a serious rise before halving.
*Not investment advice.