Stocking up
At the time of this writing, we have just under 27 days and 19 hours until the halving of Litecoin. This could mean a big surge in price over the next 27 days, or it could mean nothing, but I am hoping for some price action as the halving approaches.
Every 840,000 blocks the block mining rewards will be cut in half. When LTC halves those rewards will go from 25 to 12.5 LTC. For a more in depth explanation check out this video that was made prior to the first halving back in 2015:
Right now there are 62,599,875 out of the 84,000,000 LTC in existence. Prior to the last halving the there was some serious price action where it went up over 400% from $2 to over $4.50.
I am hoping that we see some similar movement over the next month as people stock up on LTC. When the price begins to move, I think people will begin to FOMO, pushing the price up even more.
This morning I traded some ETH for 22 LTC and I will be monitoring the price movement over the next month. I am hoping that LTC starts to push higher. If we see some similar gains like the last halving, we could see LTC prices reaching over $300 to $400 by the middle of next month.
At that point I would trade most of my LTC back to ETH, BTC and other crypto because I think there will be a drop in price as a lot of people start to take profits. I think ETH could see some decent gains as we move towards the end of the year as well.
Are you stocking up on LTC?
As the halving approaches, are you going to be stocking up on Litecoin? This may be a good chance to snag some while it is at a discount before the run. Or the price may not go anywhere. Who knows. The crypto world is a bit wonky at times. That is why you shouldn't invest any money that you aren't afraid of losing.