The price of popular payment altcoin Litecoin (LTC) jumped, outperforming the broader crypto market as Litecoin traders and investors are eagerly and optimistically awaiting the LTC halving event in August.

LTC remains to grow as the overpowering influence of the bulls witnessed a 8.3% jump on July 2 which represented a 14-month high; Litecoin hasn’t surpassed the $116 price tag since April of 2022. On a week-to-date basis, Litecoin soared more than 30%, making it the altcoin’s best week since November 2021.

The highly-anticipated Litecoin halving event will occur on August 3, which will effectively diminish LTC’s network mining reward from 12.5 LTC to 6.25 LTC, which will theoretically reduce the amount of new supply. As supply diminishes and demand remains robust, Litecoin is expected to grow even further ahead of the halving.

Market analyst Crypto Tony expects that Litecoin could rally to $140 ahead of the halving, while another analyst by the name of Michael van de Poppe projects the altcoin price to hit the $200 mark around the event.

Sources:

https://cointelegraph.com/news/vitalik-buterin-declares-not-staking-all-eth-a-small-portion

https://coinmarketcap.com/currencies/litecoin/

https://twitter.com/CryptoTony__/status/1674739305498161152

https://twitter.com/CryptoMichNL/status/1675417200461590528