Just under a fortnight away, the anticipated Litecoin halving is knocking on our doors. Yet, investors can’t help but wonder, where is the rally that the LTC price was supposed to experience? This is a tough reality to swallow for those who chose to bet against Bitcoin. Litecoin’s block subsidy is preparing for a drop from 12.5 LTC to 6.25 LTC per block.
Investors are keeping an eye out for an easy trade opportunity as the halving nears. Major investors, aka the “whales”, are rumored to be buying up nearly $60 million worth of LTC recently. However, the climate is less festive when evaluated in BTC terms. Against the largest cryptocurrency, Litecoin is trading near an all-time low, a pattern that has persisted over the years despite previous halvings.
The hard pill to swallow gets even more bitter when put in perspective with Bitcoin’s forks. Take Bitcoin Cash for instance which saw its all-time lows last month in BTC trades. Even with a slight bounce, it remains a minuscule 0.00817 BTC – an astounding 98% below its all-time highs.
For Bitcoin SV, the situation is even more dire. With a weak bounce from last month’s record lows, it is now stalling a mere 0.00124 BTC – that’s 98% lower than the all-time highs. The statistics thus bluntly highlight the harsh reality of going against the market’s network of choice.
On the brighter side though, Litecoin does have its fair share of triumphs. Despite its own set of controversies, Litecoin retains its position as the 12th largest cryptocurrency by market cap, with an impressive figure of around $6.8 billion. Its miners also manage to scoop up 7,200 LTC in block rewards daily, which translates to a US dollar value of around $670,000.
In balance, while the halving is coming with its own set of implications for LTC, it is important to remember that the crypto world is anything but predictable. The cryptocurrency prices are susceptible to market dynamics, investor behavior, and a myriad of other factors. It will be intriguing to observe how these play out in the aftermath of the Litecoin halving. But while the performance against Bitcoin paints a less than positive scenario, the anticipation and intrigue remain high in the crypto sphere.
Source: Cointelegraph
