It is no secret that Litecoin’s halving event took place on schedule when the network mined the required amount of blocks on August 5. The after-effects of the event have reportedly become more obvious in the last few days. The number 5 largest digital asset by market capitalization showed its usual reaction after the just concluded halving event just as it did in previous times.
Speaking on the impact of the sudden decrease in LTC hash rate, as it occurred following Litecoin’s halving, Charlie Lee, LTC’s founder, and CEO has stressed the advantages that LTC has over its contemporary, Bitcoin. This is a brief analysis of his position on the matter.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Had its First Halving on August 26, 2015
Litecoin, which was reportedly forked from the Bitcoin Blockchain, underwent its first halving event in 2015, on August, 26 precisely. Going by the historical pattern, the first halving event resulted in the virtual currency entering a consolidation phase. This, in turn, initiated an increase in LTC price.
Since the recent halving event passed, LTC’s price hasn’t really experienced any notable increase. However, on the day the actual event took place, the digital asset traded slightly above the $100 resistance area. Since that time to this day, Litecoin’s price has nosedived. Although, this isn’t strange to the asset class after a periodical halving. It usually occurs before a significant price increase occurs.
Litecoin Price Trading at $86.01 at Press Time
As of when this report was published, the price of LTC was trading at $86.01. The digital asset is down by 1% in the past 24 hours. Although, there are expectations for a subsequent price increase only if history repeats itself. This is more likely because everything has played out as it did in the past so far since the event.
The founder of LTC has recently drawn the attention of the media after the August 5 halving event for Litecoin’s network. Litecoin will still welcome support from various developers, Lee declares.
Charlie Lee Describes LTC’s halving a Success, Says Block Production is Now Faster
Lee has made a bold move after he chose to describe the recent LTC halving event as an outstanding success. Lee claims that after the halving, the rate of block production has now become faster than expected.
The LTC CEO went on to add that the Litecoin network remains healthy. After a recent development, Lee insinuated that LTC’s blocks are at least 4 times faster than that of Bitcoin. This will allow the Litecoin network handle any sudden decrease in hashrate better than Bitcoin, the leading digital currency.
Lee further pointed out that the digital currency has experienced a loss of about 75% in hashrate in quick succession. This is a replication of the usual features of market king, Bitcoin. It Bitcoin’s case it went on for two weeks. In conclusion, Lee averred that the Litecoin network is now performing normally.
Below is Lee’s statement:
“Since the Litecoin blocks were originally 4 times faster than that of Bitcoin, the network has the capacity to handle any sudden decrease in hashrate better than BTC. If about 75% of hashrate suddenly disappears overnight, after which LTC just acts like BTC for two consecutive weeks, when this passes everything will go back to normal.”