After the bitcoin price has gone up recently, many altcoins have been tagging along as usual. One of them is litecoin, which since last week rose from $85 to $114 today – an increase of over 34 percent.
Many now think that litecoin, which is sometimes referred to as bitcoin’s little brother, can become one of the cryptocurrencies that will perform best in the coming months.
One reason is said to be that many investors are accumulating the cryptocurrency ahead of the upcoming halving (when the reward miners get to validate a new block on the blockchain decreases), Newsbtc writes.
A “no brainer”
One crypto analyst is actually so confident about litecoin’s continuing price upturns that he calls investing in the cryptocurrency a “no brainer”.
It is the twitter user Crypto Godfather, who is also the CEO of Block Magazine, who mainly points to the coming halving, which is scheduled to take place on August 6, as the cause of litecoin’s upcoming increases. He writes that each previous halving has “pushed price up significantly”.
Another reason is that litecoin has no resistance until $125, according to Crypto Godfather.
Not a buy recommendation
At the same time, Crypto Godfather warns that the crypto markets are volatile and that he himself is a trader who takes high risk.
He also emphasizes that his tweet is not a recommendation to buy litecoin, Newsbtc writes.
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