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Bitcoin (
$63,973.00 ) (BTC) is still almost a year away from its next block reward halving, but Litecoin (
$45.28 ) (LTC) miners are already bracing for impact.
In less than two weeks, Litecoin ( $45.28 ) ’s block subsidy will drop from 12.5 LTC to 6.25 LTC per block.
Whales stock up on LTC — but BTC value stays weak
Despite its fair share of controversy, Litecoin ( $45.28 ) remains the 12th largest cryptocurrency by market cap at around $6.8 billion.
Its miners currently rake in 7,200 LTC in block rewards daily, equal to a U.S. dollar value of around $670,000.
As the halving nears, major investors appear to be seeking an easy trade, popular trader Mikybull Crypto and others noting “whales” buying up almost $60 million worth of LTC in the past two days.
# Litecoin ( $45.28 ) whales have bought over 590,000 #LTC in the last 48 hours, worth around $59 million!
Halving is a few days ahead. pic.twitter.com/L77RB5lLIq
— Mikybull Crypto (@MikybullCrypto) July 19, 2023
In BTC terms, however, there appears to be little worth celebrating.
Litecoin ( $45.28 ) currently trades near all-time lows against the largest cryptocurrency, data from Cointelegraph Markets Pro and TradingView shows — a trend which has persisted through the years regardless of previous halvings.
As of July 19, LTC/BTC trades at 0.0031, with its all-time low of 0.0017 coming in June 2022. By contrast, 1 LTC was once worth as much as 0.052 BTC — the equivalent of $1,560 today.
LTC/BTC 1-month chart. Source: TradingView
Litecoin ( $45.28 ) ’s all-time high in USD came in May 2021, when it traded at over $400 per token versus its more modest $93 today.
Little consolation for Bitcoin ( $63,973.00 ) forks
In terms of weakness against Bitcoin ( $63,973.00 ) , Litecoin ( $45.28 ) is far from the worst performer.
Related: Bitcoin ( $63,973.00 ) price is ‘stuck’ at $30K — Here are 3 reasons why
A popular comparison through the years has been forks of Bitcoin ( $63,973.00 ) versus BTC itself, and the results continue to paint a grim picture of the reality of going against the market’s network of choice.
Bitcoin ( $63,973.00 ) Cash (BCH) saw all-time lows in BTC last month, and despite a bounce since, remains at just 0.00817 BTC — 98% below its all-time highs of 0.432 BTC.
BCH/BTC 1-month chart. Source: TradingView
For Bitcoin ( $63,973.00 ) SV (BSV), the picture is even worse, with a copycat bounce from record lows in June already stalling.
At the time of writing, BSV/BTC traded at 0.00124 BTC — likewise 98% below all-time highs.
BSV/BTC 1-month chart. Source: TradingView
Magazine: Should you ‘orange pill’ children? The case for Bitcoin ( $63,973.00 ) kids books
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
