On-chain analytics firm Santiment recently noted that altcoins have issued a “buy signal” after falling compared to Bitcoin earlier this week. Santiment is where traders “suffer” and therefore can reach the bottom. Litecoin several assets, including is highlighted.
🫣 Ace #altcoins continue to flush while #Bitcoin & #Ethereum manage to stay afloat in their ranges, we see tons beginning to creep into opportunity zones. Assets where traders are in particular pain & may be bottoming out in the near future include $LTC, $SRM, $RAD, $VIDT, $HIGH. pic.twitter.com/rPy3lPUGJI
NEWS CONTINUES BELOW— Santiment (@santimentfeed) May 9, 2023
Cryptocurrency As the market fell in May, many altcoins are in oversold territory in the short and medium timeframes. While the possibility that the correction will take a little longer cannot be ruled out, strong rebounds typically occur if oversold conditions are proven.
Litecoin recovered after falling to $75.61 on May 8 but is currently down 2.96% at $79.67. Although the recovery seems to continue, the focus is still on the daily MA 50 at $81.23.
Litecoin Approaches Halving Event
The halving event on the Litecoin network will reduce miners’ 12.5 LTC block reward by 50% to 6.25. This should technically limit supply and price should increase.
The market currently values Litecoin at slightly over 1% of Bitcoin. Is that fair? I think the market is accurate today, but Litecoin has a ton of potential. It has a higher throughput by design and scalability with extension blocks and better fungibility and privacy from MWEB.
— Charlie Lee Ⓜ️🕸️ (@SatoshiLite) May 2, 2023
Litecoin creator Charlie Lee predicted that the cryptocurrency could gain significant ground over Bitcoin, especially as the August halving event approaches.
Lee said that the market has been right, valuing LTC at just over 1% of Bitcoin, but altcoin He said there was a lot of potential for
According to Lee, LTC/BTC could rise to 0.025 BTC in the next bull cycle: “I can see a 10% upside target (0.025 LTC/BTC). Reaching 5% (0.0125) in the next bull market shouldn’t be too hard. To be honest, I don’t think it will go much below 1% (0.0025) on the downside. The next halving will be in 92 days. This will be fun.”
LTC/BTC is currently around 0.0028 BTC, so a rise to 0.025 BTC means a 792% increase.
You can follow the current price action here.