One of the most famous cryptocurrencies is predicted to grow by more than 700%

According to Litecoin (LTC) cryptocurrency developer Charlie Lee, his digital asset has a chance to grow by more than 700% in the near future.

The August 2023 halving will play a big role in the development of the entire ecosystem, Lee said. The halving will result in a 50% reduction in miner rewards from 12.5 LTC to 6.25 LTC.

According to the father of LTC on Twitter, the token’s price could soar to 0.025 BTC. «The next Litecoin halving will take place in about 92 days, and its consequences will surprise us all,» the developer promised.

At the time of writing, LTC is trading for $ 88.30 (equal to 0.303 620 BTC). The digital asset’s market capitalization is $ 6.42 billion, which has secured Litecoin the 13th place in the top 100 best tokens ranking.

Litecoin is one of the first altcoins to be created, founded in 2011 by former Google engineer Charlie Lee. He sought to create a lighter version of Bitcoin that would allow for almost instant and inexpensive payments. Litecoin used the code and some of the features of bitcoin in its blockchain, but prioritized the speed of transaction confirmation.

Because of its similarity to BTC, the Litecoin blockchain is used as a testbed for developers to experiment with technologies they want to implement in bitcoin. Similar to BTC, it is deflationary in nature and halves every 840,000 blocks (approximately every 4 years).

Cryptocurrency analyst DonAlt also believes in the promising future of LTC. The expert expects the token to surpass Ethereum in the short term. «Do you remember when I said that Litecoin from $ 60 could reach $ 300 per token, and people laughed at me? Now LTC is trading for almost $ 100, so I expect further growth to $ 200,» the analyst said in early February.