Litecoin (LTC) Halving Did Not Affect The Coin’s Price; Other Factors Are In Control
2019 was a really important year for the crypto market. Let’s just consider the fact that the bulls came back to the market and interest in Bitcoin (BTC) surged a lot this year.
Despite the fall of the crypto market that took place recently, there are still more enthusiasts who are interested in BTC and other cryptos.
Litecoin had a great year so far
Litecoin had a great year so far, and it was full of important events.
LTC to USD price was able to enjoy a spectacular performance during the bullish phase of the market back in April and until June.
The entire crypto market has been moving in the opposite direction since the bulls.
Most coins lost a massive fraction of their gains. It’s important to note that the Litecoin network experiences its second halving back on August 6.
The event saw the reduction of block mining reward from 25 LTC to 12.5 LTC.
Before this, there have been a lot of speculations about the potential impact that this event could have on the price of LTC.
But as you may already know, since the halving, we have not witnessed a bigger price for the coin.
Smartereum writes that “Since the halving, Litecoin hash rate has dropped from 444.01 TH/s on Aug. 6 to 321.78 TH/s on Aug. 26. This is a decrease of about 28 percent according to data from BTC.com.”
The online publication explains that “after halving, it is believed that the price of a coin would experience a shift in price performance. This could go either way, upwards or downwards.”
They bring up new research that explains that the halving of a digital asset does not significantly affect its price performance.
New research addresses the factors that impact the price of LTC
The research that references the event of Bitcoin (BTC) and Litecoin, stating:
“Litecoin has now outpaced the market twice in the pre-halving period with performance falling to the bottom 25 percent in six months after the first halving.”
According to the research, “Bitcoin (BTC) lagged the market leading up to the laving but was in the first quartile of performance following the last halving.”
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.