The price of Litecoin (LTC), the 5th largest cryptocurrency by market cap, has been noticed over the last 24 hours. It has maintained its price stability despite the recent notable downtrend experienced by Bitcoin. BTC has always mounted its sovereignty on other coins, and it’s generally believed that virtually all digital currencies would replicate the price trend of BTC, whether positively or negatively.
While looking into what could have impacted the better performance of Litecoin, then mind went down the memory lane, relating to how LTC had reacted after the previous halving.
At press time, Litecoin (LTC) is the best gainer among other top digital currencies, including Bitcoin (BTC), the largest cryptocurrency by market cap. BTC’s price experienced a significant downtrend, which expectedly initiated enormous price loss of some Altcoins such XRP, Binance Coin (BNB), BCH, but Litecoin (LTC) was noticeably unaffected.
At the time of writing, LTC is trading at $70.14, with relatively 5% price upsurge in the last 24 hours. The digital currency has quite been the best performer lately. This scenario has actually been attributed to the recent Litecoin halving conducted on 5th August, 2019.
Image credit: CoinMarketCap
How Litecoin Halving Played Out in the Past
Litecoin (LTC) came to being in 2011. Due to the fact that the digital currency was forked from Bitcoin, so it usually has its halving such as BTC does every 4 years.
As per Litecoin halving as findings have it, once 840,000 LTC are mined, the daily supply of miners will be cut down to halve, which is expected to likewise reduce the miners’ total supply by 50%.
So, the first Litecoin (LTC) halving took place on 26th August, 2015. During that time, miners’ block reward was reduced by 50%, i.e. from 50 LTC to 25 LTC. However, the halving did not immediately impact the price of the digital token – in fact, its price dwindled after the halving was conducted.
Nevertheless, the Litecoin’s price dwindling didn’t last too long. A couple of days after the halving, the price of LTC skyrocketed by over 500 percent.
The Latest Litecoin Halving and LTC Price Action Afterward
The latest Litecoin (LTC) halving was greatly publicised in the crypto space, especially within its vast community of members. After the halving was conducted on 5th August, no positive impact was actually noticed, except consistent price deficit which the digital currency experienced.
Howbeit, considering past price action immediately after Litecoin halving, one could consider a possible reoccurrence of past scenario. The present price growth independence which LTC is experiencing is slightly comparable to the way it played out in 2015.
However, it could be too fast to come to conclusion that the massive gain of Litecoin (LTC) could be soonest, but if the digital currency could maintain this price uptrend, there is possibility of moving closer to the top in terms of market capitalisation. This would also be a great benefit to the investors eventually.