Litecoin news today – On cryptocurrency news today, in the next few days, there are possibilities that cryptocurrency may pick up a bid. Going by the performance of the past six months, an impending supply cut has been priced in by smart traders and investors, making massive gain far-fetched.
Litecoin News Today – Litecoin Price Prediction – LTC May Experience Months of Downtrend Due to Halving
The principle inherent within litecoin’s (LTC) code is fixed to soon decrease rewards for the miners who guarantee transaction processing on the world’s fourth-largest blockchain by total value. In a few days, litecoin will experience a programmed reward halving, this is a procedure aimed at preserving cryptocurrency’s purchasing power.
The mining reward is currently set at 25 litecoins ($2,500) per block and will decline to 12.5 litecoins ($1,200) per block on 5th August. The halving is similar to interest surge and other values launched by central banks across the universe when tackling high inflation, so investors and traders may be lured secure litecoins while heading into the event.
A medium-term downtrend is bound to occur as investors and traders are already anticipating a post-halving surge. A popular crypto analyst on Twitter, Tadleer, speculated the feasibility of this in a tweet, using the LTC price prediction chart that indicates that throughout the last halving, litecoin surged before the event and before facing a post-event liquidation.
As the halving approaches, it is most likely expected that investors, traders, and analysts will come out of the dark as to whether or not the event will turn into a bullish catalyst, or if the hype will wane.
Litecoin (LTC) Price Today – LTC / USD
Litecoin price update – Litcoin is trading below 1% at its ongoing price of $95.20 and had declined insignificantly from its daily highs of over $97. Going by LTC price analysis so far, LTC is currently down from its late-June highs of over $140, this shows that the cryptocurrency is not being aided by the impending halving.
In a recent report by a popular crypto analyst, Josh Rager, he opined that Litecoin’s price activity seems generally less bullish than other cryptocurrencies, including Chainlink. “Comparing $LTC and $LINK for someone & thought I’d share. There are huge fans of both but right now $LINK is the asset to be in even with the LTC halving upon us. LTC has been in a clear downtrend & unable to hold its own again BTC while LINK has responded well at support,” he stated.
Litecoin Price Prediction – Litecoin News Today – LTC a Few days Away From Scheduled Halving
Halving events for cryptocurrencies are generally known as catalysts. They usually stimulate bull movements as a result of the basic strength they bestow to respective cryptocurrencies. Litecoin (LTC) is presently some days away from its halving event, which has been extensively perceived as a bullish event.
Nevertheless, crypto analysts are indicating that Litecoin investors and traders may be severely dissatisfied by the crypto’s price activity in the coming days and weeks, as it has earlier on experienced a major selling pressure subsequent to its halving event.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.