Analyst Who Knows Every Step of Bitcoin: This Altcoin Can Explode!

Litecoin (LTC) experienced a massive increase in November. Especially the increase in the value of Ethereum (ETH) parity was impressive. Meanwhile, popular trader Peter Brandt commented on an analysis for the altcoin. It was particularly noteworthy that it confirmed the bullish formation in LTC. Here are the details…

Peter Brandt comments on the recently rising altcoin LTC

As we have also reported as Kriptokoin.com, Litecoin was one of the most rising coins this week. Meanwhile, it gained nearly 100 percent against Ethereum as bullish indicators appeared on its chart. In particular, the appearance of an ascending double bottom formation on the Ethereum/Litecoin chart caught the attention of famous trader Peter Brandt. The pattern in question was first spotted by crypto trader JK. It was then endorsed by senior trader Peter Brandt.

As can be seen above, Brandt added to JK’s analysis, “It’s always great to see classic chart patterns interpreted correctly. Thank you JK,” he replied. The double bottom pattern is a classic chart pattern that shows a major change in trend since the previous downside move. Overall, Litecoin has had a positive November so far. “Digital silver” has briefly departed from the general market trend. It performed better for most of November. Currently, it has increased by 40.47 percent on a monthly basis.

There are exciting developments for Litecoin

On-chain analytics company Santiment pointed out an event that went parallel with the LTC price rise. He reported that the change in price coincided with the significant increase in wallets holding 1,000 or more LTC. This increase is one of the most significant increases we have seen since May 22. Currently, Litecoin is changing hands at $76.4, up 0.2% in the last 24 hours. Even though the cryptocurrency is up 40 percent this month, it has lost 60 percent year-on-year.

But regardless of price, there are significant improvements in its ecosystem. According to tweets from the Litecoin Foundation, a halving will take place in LTC. The halving event in question is expected to take place in the next 250 days. Litecoin, just like Bitcoin, has a fixed supply of 84 million coins. It also uses proof-of-work (PoW) algorithm, which requires mining to secure its network.

Just like the Bitcoin halving, a Litecoin halving means that block rewards to miners will be halved. The amount of reward per block is currently 12.5 LTC. However, after the upcoming halving, this amount will be halved to 6.25 LTC. The next halving is expected to take place in 2024. Finally, Litecoin announced that the number of transactions it has carried out without any problems for 11 years has reached the 135,000,000 milestone.