Litecoin Price Hits $100 as Miner Block Rewards Get Halved

All eyes had been on Litecoin (LTC) worth Aug. 5 as its block reward halving didn’t excite markets and produce appreciable good points for buyers.

Litecoin 7-day worth chart. Supply: Coin360

LTC good points fail to materialize

Information from Coin360 confirmed Litecoin, which is the fifth-largest cryptocurrency by market cap, buying and selling at round $104 Monday, a number of hours after the halving came about.

As soon as the method completes, miners will acquire simply 12.5 LTC per block of mined transactions, as an alternative of the present 25 LTC. Whereas not assured, this elevated shortage has the flexibility to push up the worth of a token, Cointelegraph reporting on anticipation constructing previous to Bitcoin’s (BTC) subsequent halving in Might 2020. 

For Litecoin, the halving did lastly delivered a lift with LTC/USD gaining simply 13% over the previous 24 hours. 

Bitcoin, nevertheless, outperformed Litecoin and all different altcoins within the high twenty because the week started, rising by near 10% on the again of elevated geopolitical tensions centered on China. 

“Within the bear market, numerous merchants noticed the Litecoin halving as basic commerce and it turned fairly crowded,” Eric Turner, director of analysis at blockchain analytics agency Messari, in the meantime informed information outlet Al Jazeera Aug. three in regards to the Litecoin halving.

He added:

“Now that the halving is right here, some buyers are beginning to exit the commerce. Halvings are typically priced in, so the occasion itself is not the optimistic catalyst that many count on.”

Cointelegraph has revealed a devoted information to the Litecoin halving, amassing the foremost theories on what it might imply for the token within the brief and long run.

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