Is It Too Late to Buy Litecoin? LTC Price Blasts Up 20% and AI Crypto Predictions Platform yPredict Raises $2.7 Million
Litecoin (LTC), the cryptocurrency that powers the decentralized payments-focused Litecoin blockchain, has pulled back from the more than one-year highs it hit earlier this week in the $115 area.
LTC/USD was last exchanging for around $101 across major cryptocurrency exchanges, with LTC down about 2.5% on the day as the broader crypto market pulls back a little.
But LTC is still looking healthy.
At current levels above $100, the cryptocurrency is still up over 40% versus June’s lows near $70.
And in the past seven days, LTC is still up over 20%.
Broader cryptocurrencies remain buoyed amid optimism about the potential approval of spot bitcoin ETFs.
Moreover, Litecoin continues to benefit from tailwinds relating to its listing on much-hyped new US cryptocurrency exchange EDX Markets and bullish sentiment ahead of August’s halving event.
For reference, EDX Markets is backed by a number of major US financial institutions and is differentiating itself from its competitors as the most regulation compliant/friendly US exchange.
Meanwhile, the August halving event, which takes place in just under 30 days, will see Litecoin’s issuance rate halved from 12.5 LTC tokens per block to 6.25 LTC.
Whilst not always the case for Litecoin, halvings in bitcoin have historically been bullish and traders appear to be betting that the upcoming halving will be a bullish event for LTC.
In wake of the 40% rally from June’s lows, some traders might be wondering whether they missed their chance to buy the dip.
Is it now too late to buy Litecoin?
The short answer: no, it probably isn’t.
That’s because the Litecoin price outlook is strong, suggesting that those who invest at current price levels above $100 still stand a very good chance of generating strong
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