Litecoin (LTC) Halves Without Glitch
The Litecoin halving arrived earlier than expected, on August 5, giving the market price a slight boost.
The Litecoin (LTC) halving of the block reward was reached on August 5, based on an early schedule of accelerated block production. Charlie Lee, Litecoin’s founder, tweeted the event:
"https://twitter.com/SatoshiLite/status/1158322436649017344"
The Litecoin network saw extremely high activity in the days before the halving, leading to accelerated block production and an earlier date. In the months past, the halving was expected to happen at the end of August, but relative block time brought the event sooner. The block reward was cut from 25 LTC per every 2.5 minute block, to 12.5 LTC. Curiously, every 10 minutes, 50 LTC are created, and only 12.5 Bitcoin (BTC).
LTC rallied by more than 11.2% on Monday, stronger in comparison to both BTC and other altcoins, climbing to $107.75. The asset boasted $3.5 billion’s equivalent in daily trading. But despite the higher dollar price, LTC has lost 50% of its BTC price since mid-July. LTC slid to 0.008 BTC, from peaks above 0.016 BTC, and down from an absolute peak of 0.1 BTC shortly after the coin was launched.
This is the second halving for LTC, preceding the third halving of BTC coming up in early 2020. After the event, the hashrate remains high, but still far from the peak at 523 TH/s.
The LTC trading activity is attracting direct inflows of $272 million’s equivalent from Tether (USDT), and around $454 million’s equivalent from the BTC pairs. Still, LTC follows the general repressed trend of altcoins, as BTC dominates the markets.
Some see the halving as having a long-term effect, as miners gain less control on the coin’s supply. Usually, miners have gone on to sell their block rewards, thus pressuring the price downward. The current block production reward schedule will remain in place for the next four years.
The LTC market price is now unrestrained by any upcoming events, and will have to prove its strength without the expectation of the halving. In fact, LTC may have discounted the event in an earlier spike to $140, after which the coin retreated.
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