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Historically speaking, Litecoin’s price has increased significantly after each halving event. The first halving on August 25, 2015 saw the price of LTC increase by 13,900%, while the second halving on August 5, 2019 saw the price increase by 1030%. Historical Halving Events 2015 LTC Halving: The first LTC halving occurred on August 25, 2015, […]
The Litecoin (LTC) price decrease was a healthy retracement as it pulled back toward the $92 mark. Such retracements are standard after prolonged upward trends and are often seen as an opportunity for the market to find stability before continuing its upward trajectory. However, in the case of Litecoin, the bears have become increasingly dominant, signaling potential resistance ahead. LTC has been facing a significant price drop, falling below the crucial $90 level to $89.47, as reported by CoinGecko. The altcoin experienced a minor 0.3% increase in the last 24 hours, which hardly compensates for the troubling seven-day slump of 3.6%. This sharp decline has sparked concerns among investors and traders, as the once-promising bullish momentum seems to have taken a dramatic turn for the worse. Related Reading: Binance Coin (BNB) Price Poised For A Major Breakout – Which Way Will It Go? Source: Coingecko Litecoin Struggles To Surpass $92 One key factor contributing to the current bearish trend is Litecoin’s inability to climb past the $92 mark. LTC has repeatedly failed to breach this level and has instead posted lower lows, indicating a loss of bullish momentum, as noted in this LTC price report. When a cryptocurrency struggles to surpass crucial resistance levels, it typically shows waning buyer interest and growing selling pressure, leading to a downward spiral. As LTC’s price continues to decline, investors are now concerned about the $87.65 support level. Historically, this level has held firm during previous price declines as a crucial barrier against further downside movements. However, given the recent price behavior and lack of significant buying support, there are growing concerns that the $87.65 support may falter. Litecoin market cap currently at $6.5 billion on the daily chart: TradingView.com Halving Explained Halving is one of the critical events that have shaped Litecoin’s history and price movements. Halving is a protocol-driven event that occurs approximately every four years in Litecoin’s blockchain. During this event, the block reward for miners is reduced by half. In other words, miners receive 50% fewer LTC for verifying transactions and adding blocks to the blockchain. The purpose of halving is to control the inflation rate of Litecoin and ensure a limited supply, similar to Bitcoin’s halving mechanism. LTC price action in the last 24 hours. Source: CoinMarketCap Related Reading: Shiba Inu: Will This Bullish Formation Lead To A 25% Upsurge? By reducing the mining rewards, halving makes it more challenging and costlier for miners to add new coins to circulation, reducing the recent supply influx. This scarcity can lead to increased demand and potentially drive up the price of Litecoin. Examining Litecoin’s price action before the upcoming halving event can provide valuable insights into its market dynamics. In the lead-up to the halving, anticipation often builds, driving speculative interest. However, post-halving, the market tends to experience increased volatility as it finds a new equilibrium with the reduced supply. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Sanfermin.com
Bitcoin miners are contending with the fifth network difficulty increase since February 24, 2023, following a 1.72% rise on April 20 at block height 786,240. The network’s difficulty now stands at 48.71 trillion, marking a 22.62% increase over the last 55 days since block height 778,176. Bitcoin’s Difficulty Has Risen More Than 22% Since Block [...]
The post Bitcoin Miners Contend With Fifth Network Difficulty Increase of 2023 appeared first on Crypto Breaking News.
A recent international survey by Bitget has illuminated the crypto market’s hopeful perspective, drawing insights from close to 10,000 individuals across areas such as West Europe, East Europe, Southeast Asia, East Asia, MENA, and Latin America. More than half of the participants globally anticipate that bitcoin prices will hover between $30,000 and $60,000 during the [...]
The post Bullish on Bitcoin: Global Survey Respondents Anticipate BTC Price Spike to $60K and Beyond in 2024 appeared first on Crypto Breaking News.
Litecoin (LTC) has recently faced a period of bearish pressure that has taken a toll on its market performance. The months of July and August have witnessed a shift in sentiment, as bearish forces began to dominate the crypto market. As of the latest update, LTC finds itself trading within a critical support zone, prompting [...]
The post Can Litecoin Bulls Turn The Tide On Recent Declines? A Closer Look appeared first on Crypto Breaking News.
Litecoin (LTC) has been on a remarkable run in the past three days, emerging as one of the most impressive performers among cryptocurrencies this week. But what’s causing this sudden surge in its price? The answer lies in the anticipation of a major event that’s just around the corner: the impending halving of Litecoin, set to take place on August 2. Similar to Bitcoin, Litecoin undergoes halvings after a specific number of blocks are mined, roughly every four years. As the halving approaches, investors and enthusiasts are left wondering: will Litecoin’s price continue to soar, or is there more to this story than meets the eye? LTC trading at $112.35. Source: Coingecko Litecoin Price Rally And Resistance Breakthrough LTC has demonstrated a strong performance in recent days, currently trading at $112.35 according to CoinGecko. Over the past 24 hours, LTC experienced a notable rally of 5.1%, and within a seven-day timeframe, it surged by an astonishing 29.0%. Related Reading: Solana Firedancer: 15% Rally Fueled By Ongoing Network Improvements Over the weekend, LTC managed to surpass the crucial $100 mark, and since then, it has sustained trading above this key level of resistance. This resilience indicates bullish tendencies and raises the possibility of a significant breakthrough, with the potential for the $100 resistance to transform into support. Such a development could pave the way for a sustained bull run, potentially propelling the token to reach $130 in the near future. Social Activity Volume And Halving Event Hype The surge in LTC’s price has coincided with heightened social activity volume, as observed by the blockchain analytics firm Santiment. This suggests a correlation between price spikes and increased interest and engagement surrounding the crypto. LTC market cap nears the $8 billion level. Chart: TradingView.com The anticipation of Litecoin’s upcoming halving event has generated a surge in demand for the asset, driving its price upward. ? #Litecoin is under 5 weeks away from its #halving, taking place on August 3rd. Prices have suddenly soared for $LTC, blasting off for a +26% in just over a day. Watch for mainstream #FOMO, as this usually foreshadows local tops until crowds calm down. https://t.co/KljBpjVy3C pic.twitter.com/7kDqEpyZjz — Santiment (@santimentfeed) July 1, 2023 Litecoin’s halving events have historically been associated with significant price movements. In the months leading up to previous halvings, Litecoin experienced notable price surges. These halvings have been pivotal moments for the crypto asset, often triggering a period of increased market activity and bullish sentiment. Related Reading: Why AVAX Price Rumble Stalls Despite Surge In Daily Activity The underlying principle behind the price surge observed before halving events is the anticipation of reduced supply coupled with sustained or growing demand. As the number of new coins entering the market decreases, if demand remains steady or increases, the scarcity of Litecoin can drive up its price. This scarcity narrative has been a driving force behind the previous bull runs experienced by Litecoin, and the upcoming halving event is expected to generate similar dynamics. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from Master The Crypto
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