"Is the price of LTC now on target to break through $100 anyway?"
After hovering below $80 for a long time, the cryptocurrency Litecoin (LTC) has finally managed to break above $94 as there is positive sentiment saying that the halving event will take place in the near future.
As a Proof-of-Work (PoW) protocol, LTC also undergoes a halving every four years just like Bitcoin (BTC), so the digital asset community expects the event to happen in 74 days.
Following the halving event, investors are getting more excited and optimistic that the price of LTC can soar higher in the long term.
Even so, the price of LTC is also able to climb in the short term following its encouraging performance since its inception, where it not only functions as a payment token but also does not experience any form of interference compared to other protocols.
In addition, the digital asset also intends to implement the LTC-20 standard as part of its plans to showcase similar utilities like BTC which has recently gained popularity.
Like to be informed that the halving event which will introduce the element of scarcity* to the protocol is the most important thing for the price of LTC to peak as many investors may take the opportunity to buy the digital asset.
*Digital assets can be coded to have an unchanging (permanent) limited supply.
Although the crypto market is still in a bearish movement, each digital asset with its developer group is still actively developing its ecosystem so that the price can rise in the short and long term.
As of this writing, LTC price has plunged by 1.45% to $90 in the last 24 hours with a market cap of $6 billion but still posted an increase of around 6.49% over the last week.
