Litecoin News Update – August 30 – Litecoin (LTC) Has Lost Over 40% of Its Value Since Halving

Litecoin

Litecoin LTC News Today – Litecoin (LTC) has been experiencing a major breakdown since the LTC halving event. The Litecoin halving event took place on August 5. The event was successful, as revealed by the founder of the project – Charles Lee. However, since the block mining reward on the network was reduced to 12.5 LTC, the LTC network has not remained the same. The hash rate of the network has dropped enormously and Litecoin (LTC) lost its position to Tether (USDT) briefly.

Litecoin News Today – Litecoin Has Plunged by More than 40% since Litecoin Halving 2019 – LTC Latest Update – Cryptocurrency News Today

Since the halving event, the price of Litecoin (LTC) has been on a downward trend. LTC to USD price plunged below the $100 mark prior to halving day. On the day of the halving, the price of Litecoin to USD soared and tested a high of $107. Nevertheless, after that day, the price of LTC against the USD has been on a steady decline. LTC to USD price has plunged by more than 40 percent since the event, according to CoinMarketCap. Litecoin (LTC) shortly lost its position as the fifth-largest digital currency, according to CoinMarketCap. The digital currency lost its position due to the massive plunge in price. At the press time, Litecoin has regained its position, which was taken over by Tether (USDT).

Litecoin (LTC) Price Today – LTC / USD

NamePrice
litecoin
Litecoin
$54.88-3.48%

The market cap of the digital currency has plunged enormously. Litecoin (LTC) has also been plunging heavily against Bitcoin (BTC). At the time of writing, LTC to USD price is around the $62 mark. If the $60 mark fails to hold gains, then further losses will occur.

Investors Were Hopeful of a Massive Rally after the Halving

Prior to the event, many investors were hopeful that the halving would result in an increase in the demand for the digital currency. An increase in demand would result in a significant increase in the price of Litecoin. However, the reverse seems to be the case now. Litecoin (LTC) never saw the boost as expected. Rather, some miners lost interest after the halving as their profit margins were reduced.

Litecoin (LTC) network hash rate has also reduced drastically. This means that participation in mining is lower. In turn, this reduces the security of a Proof of Work blockchain like Litecoin. However, many investors are still optimistic about the project. They believe LTC to USD price will bounce back, and it would likely surge over its recent year-to-date high. With the next halving of Bitcoin (BTC) scheduled for next year, there would be enough bullish momentum to boost altcoins such as Litecoin (LTC).

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.

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