The inventor of Litecoin and a former director of Engineering at Coinbase Global Inc. (NASDAQ: COIN), Charlie Lee, forecasts that the price of Litecoin will increase in relation to Bitcoin by a margin of ten percent during the subsequent bull run.
The optimistic outlook held by Lee is supported by the robust core properties of Litecoin, including as its 11.5-year existence that has been uninterrupted by any kind of downtime. As a consequence of this, Lee pointed out that Litecoin has a great deal of potential since its architecture allows it to manage a greater throughput without sacrificing the security features.
More on Litecoin
After the Bitcoin network and Dogecoin (DOGE), the Proof-of-Work (PoW) blockchain that Litecoin uses is the third largest in the world.
Currently priced at $88, a 10% increase in value relative to Bitcoin would result in Litecoin retesting its all-time high in United States dollars. After having been contained inside the same range since the conclusion of the bull market in cryptocurrencies in 2017, a breakthrough above the ATH might result in price discovery for the digital asset that is now ranked as the 13th biggest by market capitalization.
The Litecoin community is getting ready for the third halving event in less than a quarter of a year. The third Litecoin halving is scheduled to take place on August 2, and as a result, miners will get 6.25 coins for each and every block that they mine that is successful.
The Bitcoin network is comparable to the Litecoin network in terms of the predictability of the coin’s supply, which in turn has the same consequences on the value of the underlying cryptocurrency. It is important to note that Bitcoin halvings have in the past generated huge rises in cryptocurrency prices. Similarly, the price of Litecoin has seen a considerable surge in the months after the most recent two halvings of the coin’s supply.
