Bitcoin (BTC) remains to be virtually a 12 months away from its subsequent block reward halving, however Litecoin (LTC) miners are already bracing for influence.
In lower than two weeks, Litecoin’s block subsidy will drop from 12.5 LTC to six.25 LTC per block.
Whales fill up on LTC — however BTC worth stays weak
Regardless of its fair proportion of controversy, Litecoin stays the Twelfth-largest cryptocurrency by market cap at round $6.8 billion.
Its miners presently rake in 7,200 LTC in block rewards every day, equal to round $670,000.
Because the halving nears, main buyers look like searching for a simple commerce, with common dealer Mikybull Crypto and others noting “whales” shopping for up virtually $60 million value of LTC up to now two days.
#Litecoin whales have purchased over 590,000 #LTC within the final 48 hours, value round $59 million!
Halving is a couple of days forward. pic.twitter.com/L77RB5lLIq
— Mikybull Crypto (@MikybullCrypto) July 19, 2023
In BTC phrases, nevertheless, there seems to be little value celebrating.
Litecoin presently trades close to all-time lows in opposition to the most important cryptocurrency, knowledge from Cointelegraph Markets Professional and TradingView reveals — a pattern 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. In contrast, 1 LTC was as soon as value as a lot as 0.052 BTC — the equal of $1,560 at the moment.
Litecoin’s all-time excessive in USD got here in Could 2021, when it traded at over $400 per token vs. its extra modest $93 at the moment.
Little comfort for Bitcoin forks
By way of weak spot in opposition to Bitcoin, Litecoin is much from the worst performer.
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Bitcoin Cash (BCH) saw all-time lows in BTC last month, and despite a bounce since, it remains at just 0.00817 BTC — 98% below its all-time high of 0.432 BTC.
For Bitcoin SV (BSV), the picture is even worse, with a copycat bounce from record lows in June already stalling.
At the time of writing, BSV/BTC traded at 0.00124 BTC — likewise 98% below all-time highs.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
