After a brief surge in early 2023, Litecoin (CRYPTO: LTC) is once again trading sideways, with seemingly little or no upward momentum. It's currently valued at $85.03, down nearly 80% from the all-time high of $412.96 it set in May 2021.

What's especially troubling is that two catalysts that were supposed to propel Litecoin higher don't seem to be having any influence on the price. While Litecoin is up 20% for the year, it's underperforming against other major cryptocurrencies such as Bitcoin (CRYPTO: BTC), which is up 32.48% for the year. So is it finally time to give up on Litecoin?

On March 5, Litecoin announced that its highly anticipated halving event is just 150 days away. In a halving, the rewards miners receive for processing transactions on a blockchain -- i.e., mining -- are cut by half. This increases the scarcity of a proof-of-work crypto and the cost of mining it, and also makes the crypto more deflationary over time. Both outcomes should be favorable for those who hold the tokens.

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Source Fool.com