The month of August seems to be the month of Bitcoin (BTC), as it is the only digital currency that amassed a considerable level of gain among the top cryptos in the market. Bitcoin (BTC) is tagged the king of crypto and the digital currency has been proving its kingship since late last month. However, there are still some altcoins that are doing great, but some of them have put up very poor performance over the past few weeks. One of the poor performers over the past few weeks is Litecoin (LTC). Litecoin (LTC) has put a very poor show over the past month. The expectation on the digital currency is pretty high, and many digital asset investors are not impressed with its recent performance.
Litecoin (LTC) Had A Great First Half, What Happened? – Litecoin News Today – Cryptocurrency Market Update
Litecoin (LTC) started this year around the $30 level. The digital currency put up a very good performance in the first half of this year. The massive rally in the price of the digital currency started on April 1, when BTC USD price broke over the $5k and $6k levels. The price of Litecoin continued to rise; it surged enormously and tested a new year-to-date high in the month of July. July crowned it all for Litecoin, as LTC USD price broke over the $150 mark, which is the highest level it has tested this year.
Litecoin (LTC) Price Today – LTC / USD
The price of Litecoin surged by more than 350 percent from January to July. The percentage of gains Litecoin amassed was even more than what Bitcoin (BTC) saw. Litecoin outperformed Bitcoin and other top cryptos in the market. The gains of Litecoin were attributed to the Litecoin halving 2019 event. The previous Litecoin halving pushed the price of the digital currency up by more than 450 percent prior to the event. Many digital asset investors and traders expected the same or even a greater rally. As such, this led to FOMO, and every digital asset investor wants a piece of Litecoin. However, it appears this year’s halving event is different from others.
Litecoin Halving Is A Success but With No Effect on LTC USD Price – Litecoin Price Prediction – Cryptocurrency News Today – Litecoin Price Analysis
The Litecoin halving event was scheduled to take place on the 5th of August. On August 5, the creator of Litecoin – Charlie Lee – took to Twitter to announce the success of the halving on the Litecoin network. The problem of Litecoin (LTC) even started prior to the halving event. The price of LTC started encountering issues in mid-July. The entire crypto market plunged heavily in late June. Bitcoin (BTC), which surged to the high of almost $14k, plunged to around the $9k level.
LTC USD price plunged below the $130, $120, $110, and $100 support levels. Even a few days to the big event, the price of Litecoin was still plunging deeper. LTC USD broke below the $90 mark and $100 mark acted as resistance for the coin.
The halving event is over, and it was a success. Nevertheless, the price of Litecoin is still plunging. The digital currency is now heading towards the $80 mark. Will the $80 level prevent further loses? All the bullish sentiments around the halving event have ware off and LTC is now standing alone. However, there is still hope of massive upsurge; it did it a few months ago, it can still do it again.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.