Crypto analyst Benjamin Cowen believes that the LTC rate will start to grow only in 2025
According to CoinMarketCap, the cost of LTC after the August 2 halving fell by almost 12% by the middle of the day on August 4. The price of a crypto coin is about $83.
After the halving, the reward for mining on the network decreased by 2 times. The supply of new coins mined by miners has also decreased.
Earlier, the founder of Litecoin, Charlie Lee, said that if demand for the crypto coin remains, its value will increase, as the pressure on the market from miners will significantly decrease. But this year, the price of LTC after the halving repeated the results of events in 2015 and 2019, when the price of the coin fell.
According to ContentFi COO Nick Ruck, Litecoin’s price decline this year could be the result of a decrease in investor activity amid news related to the uncertainty of crypto regulation, as well as litigation involving the SEC and major players in the crypto market.
Well-known cryptanalyst Benjamin Cowen believes that Litecoin may come under pressure, and the growth of the digital asset will only begin in 2025. The analyst believes that the LTC rate may continue to fall, which will become a long-term trend.
Cowen showed a chart that shows that the price of Litecoin usually increases about 2 months before the halving, and after the event, there is almost a year of depreciation of the coin.
“History shows that it is worth moderating your expectations for LTC until at least next year, and preferably until 2025. In addition, there is an outflow of funds from altcoins to bitcoin, which also does not add strength to Litecoin. The total market capitalization did not change much in 2023. Since with the growth of the capitalization of bitcoin, the indicator of altcoins decreased. The dominance of bitcoin in the market has grown from 39% to 49%,” said Cowan.
Meanwhile, cryptocurrency analyst Michael van de Poppe previously argued that after the Litecoin halving, one can expect an increase in the price of cryptocurrency. The expert admitted that if LTC overcomes the $93 mark, “it is worth waiting for the coin to grow by 2 times.”
