"Will investors' hopes for the price of LTC rise be dashed just like that?'
A cryptocurrency trader nicknamed DonAlt revealed that he is reluctant to invest in Litecoin (LTC) even though the peer-to-peer (P2P) payment network has a few weeks left until the halving event.
According to DonAlt to the 496,000 followers of his Twitter account, the price of LTC is likely to see a horizontal movement immediately after the halving event which will cut miners' rewards in half.
DonAlt, who believes that the price of LTC will not be able to reach a new high in 2023 during the second halving event on August 2, has stopped investing in the digital asset for the past half year.
This is because the halving is not a catalyst that can boost the price of LTC since most investors only buy it to generate some profit in the short term.
However, the crypto trader intends to buy more LTC in 2026 when the fourth halving event takes place despite already seeing the ratio of the LTC/BTC trading pair drop more than 80% from its value after the halving.
Turning to BTC, DonAlt said that the digital asset still looks weak despite various positive news, including Ripple's (XRP) victory in a legal battle and BlackRock looking to apply for a spot BTC ETF.
As of this writing, LTC price has plunged by 0.24% to $92.39 in the last 24 hours with a market cap of $6 billion and has recorded a 3.65% decline over the past week.
While the price of BTC jumped around 0.02% at $29,992 in the last 24 hours but still slipped 1.08% in the last seven days.
