Litecoin Halving Is Complete: Where Is LTC’s Price Going?
Litecoin halving has already taken place., after all these months of hype that we’ve all witnessed, the most-talked event in the crypto space, or at least one of the most popular ones has already taken place.
Almost every digital asset trader, investor, analyst has talked about the event and the possible effect that it would have on the price of LTC.
A lot of expert voices were expecting that the price of LTC was supposed to head to the moon as the halving event approached.
Charlie Lee, on the halving event
Charlie Lee also talked about the halving and tweeted about it. The process is regarded as a way of preserving the purchasing power of cryptos.
During an interview on Crypto Love, Lee brought up the warnings that he gave to investors back in 2017 when LTC’s value was boosted to the moon.
Lee sais back then that he thinks Litecoin hopefully “bottomed out” already.
He also brought up the halving event and said: “the halvening should be priced in because everyone knows about it since the beginning. But the thing is people kind of expect the price to go up.”
Before the past halving event LTC surged more than 400% and you may recall that the event reduced the block reward of Litecoin from 50LTC to 25LTC.
Smartereum writes: “This year’s Litecoin halving has cut the expectation of many short, as the price of the digital currency didn’t record growth of more than 400 percent prior to the halving event, which was yesterday August 5.”
The online magazine continued and said, “However, some digital asset investors and traders still have faith in the coin, as they believe LTC USD price will skyrocket in the short-term.”
At the moment of writing this article, LTC occupies the fifth position on CMC.
LTC is trading in the red, and the coin is priced at $92.42.
Ex-Google engineer, Charlie Lee is the creator of Litecoin and MD of the Litecoin Foundation. Previously Director of Engineering at Coinbase, Lee now focuses full-time on Litecoin. To enhance fungibility and privacy of LTC, integration of MimbleWimble has begun, however Lee has recently announced a crowdfunding launch to fund the development.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.