Crypto Community provides its Litecoin ($LTC) price prediction for March
The cryptocurrency community expects to see the price of Litecoin ($LTC), a cryptocurrency often referred to as the silver to Bitcoin’s gold, move down slightly during March to trade at $82.9 by the end of the month.
The data comes from CoinMarketCap’s price estimation feature, which has seen nearly 2,000 of its community members estimate the price of LTC for the end of this month. The average estimate sees the price of the cryptocurrency falling 7.2% this month amid a market downturn.
It is important to point out that the predictions of the cryptocurrency community may not come to life at all. According to the platform, the community’s historical accuracy is just over 87%, with recent data showing it was around 99% in December 2022 and at 80% in January, before rising to 88.6% last month.
The price of Litecoin has risen more than 50% over the past 6 months, despite losing about 5% of its value over the past 30 days due to a broader cryptocurrency market selloff. The cryptocurrency, as CryptoGlobe reported, has seen its price movements largely supported by so-called sharks, or large addresses.
Litecoin’s rally was supported by addresses holding between $100 and $10,000 LTC, or between $9,470 and $947,000 at the time of writing, which have amassed 1.15 million — over $100 million — coins in the past six months.
Similar to BTC, Litecoin undergoes halving events, where the coin base reward for miners who find blocks on the network is halved. Litecoin’s next halving event is expected to take place in August 2023, and will reduce mining rewards from 12.5 LTC to 6.25 LTC. Halving events are seen as bullish, as new supply in the market is halved through them.
According to data analyzed by popular cryptocurrency analyst Rekt Capital, Litecoin “tends to rally quite strongly before its halving,” with the cryptocurrency surging 820% from its low 122 days before its first-ever halving, and rising 550% from its 243-day low before its second halving.
Historically, the cryptocurrency rose more after the halving event. After the first halving, LTC rose 12,400%, while after the second halving, it rose 1,573%. Litecoin’s halving will take place in August 2023.
Litecoin’s sharp increase in addresses comes at a time when its hash rate reached a new all-time high of around 680 TH/s. Litecoin uses a Proof-of-Work (PoW) consensus algorithm, just like BTC, but with a different hashing algorithm.
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