Taking a position in Litecoin before its block reward halving date
Earlier today, I finally made the decision to sell some EOS to put into Litecoin. The reason for this is simple. Litecoin has been rising over the past few months with its pending Block reward halving event set to take place around August 6, in less than 2 months time. The price of Litecoin has risen by 6X over the past few months, and usually I'm not someone to be chasing these kinds of coins. But with the halving event to take place in another two months, I can see Litecoin continue to pump up to that date.
So this morning, in seeing a pull back in the altcoin markets, I decided to take a position in some Litecoin. I may purchase a bit more if it drops further, with the aim of selling around the halving date.
What are your thoughts on Litecoin? How do you think it will perform over the next couple of months? Do you think it is better to sell before halving or slightly after?
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you might be a bit late if there is a x6 already, when exactly is the halving?
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Yep, normally I wouldn’t enter so late, but the halving is scheduled for around Aug 8, so usually there’s a run up until then. Not considering a long term hold, but more of a short term trade. The main risk is if Bitcoin decides to shoot off during this time.
When bitcoin shoots, no issue, LTC will shoot more. When bitcoin falls back, big issue, LTC will fall more. We all like a little gamble, part of the crypto fun :-) Wish you good luck!
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Thank you. :)