As its second halving is only two months away, Litecoin (LTC) opened the month of June with clear and distinct growth moves. The price of the digital currency is at $92.66 after rising by 3.57% over the previous 24 hours in an irregular market characterised by extreme volatility.
In comparison to its rivals, such as Bitcoin (BTC) and Ethereum (ETH), Litecoin also ranks as one of the digital currencies with extremely good growth during the previous week. In particular, the Layer 1 protocol has increased by 9.60% over the previous seven days, whereas Bitcoin and Ethereum have increased by 2.55% and 4.22%, respectively.
Since the beginning of the year, as the likelihood of the subsequent halving event started to set in, Litecoin’s growth has followed a bullish trend.
Periods of extremely rapid price rise have been seen to coincide with the Litecoin price halving. Investors are now factoring in this attitude, which has caused the cryptocurrency to increase in value over the previous month, rising from a low of $76.83 to a high of $94.87.
Litecoin outlook for June
As the new month has already begun, Litecoin is battling the market’s present negative dynamics to keep moving steadily in the direction of breaking new price barriers.
By the end of this month, Litecoin will be less than a month away from its much anticipated halving, and we will probably see more money come into the coin as investors try to profit from the anticipated price increase.
The Litecoin halving will slow the flow of new LTC coins into the market and, as a result, foster scarcity, which will in turn drive up the asset’s price over time. By the end of the month, the price of Litecoin may reach $100 if the market accurately anticipates future events.
