- Bitcoin Price Stable at $9,640.82
- BTC Bull Market May Start Soon
- Bitcoin Halving Won’t Follow The Litecoin Pattern
Bitcoin News Today – The crypto community is concerned about the performance of Litecoin (LTC) after the halving that took place on August 5. LTC has lost more than 35% of its value since the block rewards were halved. This event was expected to push the price of Litecoin higher, but it had no effect on the price. Bitcoin (BTC) halving is coming soon and enthusiasts worry if the same fate will befall bitcoin.
Bitcoin (BTC) Price Today – BTC / USD
Litecoin Loses 35% Of its Value After Halving
LTC/USD price is $64.88 at press time. The coin has gone back to levels last seen in April, earlier this year. Nonetheless, Litecoin price YTD levels are still up by 110.5%.
The price of Litecoin was not the only thing that dropped. The network has grown weaker as time passes. The hash rate of Litecoin has dropped to 317.9 Th/s. Previously this figure was 523.8 Th/s, the all-time high of the year which was recorded on July 14. This brings the drop in hash rate to over 39%.
Will Bitcoin Suffer the Same Fate Next Year?
Bitcoin price has risen by 159% this year already. The hash rate of the network has also hit its all-time high as LTC did earlier in the year. Does this mean that BTC will follow Litecoin’s pattern?
Analysts disagree with the analogy. They do not believe that Bitcoin halving will trigger a price drop. The halving is 259 days away and is the third halving for the coin. This halving will cut the rewards for miners down from 12.5 to 6.25. The event is expected to push BTC price to the moon.
One top analyst known as PlanB is a proponent of this school of thought. He believes that BTC will not follow LTC’s model and lose value after the halving. “the logic is flawed” he says.
PlanB also believes that Litecoin price has no significant relationship with stock to flow. BTC price stock to flow relation is stronger he says.
Still, there is no reason why LTC doesn’t have a relationship with the S2F model. It could have been caused by so many reasons from liquidity, developers, or on/off ramps.
Going by this model, Bitcoin price could go beyond $1 million. PlanB also believes that a new bull run may have been started. He shared some insight earlier in the month about how there is a downward difficulty adjustment after each all-time high is hit. When it resets to 100% a new bull run starts.