With less than two weeks until Litecoin’s halving, when the miner’s block subsidy will be cut in half, traders are questioning whether the additional scarcity effect will be enough to sustain the LTC price above $90.
Litecoin’s (LTC) price has declined by 19% in the last 18 days, but it has shown a positive 31% performance this year. Notably, most gains occurred between June 29 and July 2, with a 34% rally pushing the price to a 14-month high of $115.
Litecoin/USD 1-day price at Coinbase (NASDAQ:COIN), 2023. Source: TradingViewLitecoin futures aggregate open interest in USD over the past year. Source: CoinGlassLitecoin futures aggregate open interest in USD, late 2021. Source: CoinGlassLitecoin/USD 1-day price at Coinbase, late 2021. Source: TradingView
Similar events in February 2021 and May 2021
Litecoin/USD 1-day price at Coinbase, early 2021. Source: TradingViewLitecoin futures aggregate open interest in USD, early 2021. Source: CoinGlass
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