Litecoin and Bitcoin Cash Struggles
Litecoin (LTC) and the Bitcoin Cash (BCH) are caught in the unsettling waves of the crypto market’s volatility. Notably, both coins are currently projected as the biggest losers in the markets, underscoring an underlying instability that has seen their values fluctuate.
Bitcoin Cash has been operating within a limited range since the beginning of 2022. In the face of this downcast performance for BCH, it was noted by analysts that Bitcoin Cash managed to break out of a Descending Triangle pattern, an indicator that often incites an optimistic outlook on a digital asset.
However, it was the announcement of Bitcoin Cash being listed on the EDX Markets – a fresh crypto exchange fortified by Wall Street support – that fashioned a bullish spark for the digital currency. Despite this, traders harbor apprehensions towards committing to Bitcoin Cash for long-term holding due to its volatile history.
The Impending Litecoin Halving
Turning attention to Litecoin, the community is gearing up for a significant event as per its protocol’s preset timetable. The cryptocurrency undergoes a halving cycle every 840,000 blocks, leading to an inevitable decrease in the block reward for Litecoin miners.
Starting from the first halving event in 2015, Litecoin’s block reward has seen consistent reductions; from initially 50 LTC, it was brought down to 25 LTC per block and then to 12.5 LTC in the most recent halving in 2019. The imminent halving event is set to further reduce Litecoin mining rewards from their current value of 6.25 LTC to 3.125 LTC.
Enthusiasm and optimism stem from these halving events, as is evidenced by the crypto’s previous price performance. Leading up to the scheduled halving, Litecoin reported an exciting price escalation for most of June. It reached its peak at $114 on July 3, encapsulating the positive projections tied to such events.
Looking Ahead
Market participants and crypto observers alike will keenly follow the performance of Litecoin and Bitcoin Cash in the coming days. While the current cryptocurrency markets weaken, movements from Litecoin’s impending halving event and Bitcoin Cash’s new exchange listing will potentially provide the much-needed zest for their recoveries.
What are your thoughts on the current Litecoin and Bitcoin Cash situation? Do you believe the upcoming halving event will fuel Litecoin’s recovery paths? Feel free to comment below and discuss.
