Is It Time to Buy Litecoin Right Now?
During the final two months of 2022, Litecoin (CRYPTO: LTC) was one of the best-performing cryptos in the market. But in 2023, everyone seems to have forgotten about it. Litecoin is "only" up 13.3% over the past 30 days, while other cryptos are racking up 30%, 40%, and even 50% returns during that same time.
But don't sleep on Litecoin. There's a case to be made that Litecoin has two strong growth catalysts in place for 2023. In fact, some traders are even saying that Litecoin could increase in value by 10 times to a price of $1,000. Let's dig into the numbers to see whether now is the right time to buy Litecoin.
The primary catalyst for Litecoin in 2023 is its upcoming halving event in August. In a halving, the crypto reward for mining a block of Litecoin is reduced by one-half. This will increase the scarcity of Litecoin while making it less inflationary over time. Theoretically, this should boost Litecoin's price.
Source Fool.com
