Litecoin’s Hashtag and Price Volatility
After seeing a substantial increase, LTC’s hashrate began to exhibit a downward trajectory, signaling some interesting movements within the Litecoin ecosystem. This decline in hashrate came on the heels of Litecoin’s most recent halving in 2019, a significant event in Litecoin’s ecosystem known for its potential to drive volatility and excitement.
As part of this halving event, LTC’s hashrate saw a significant surge before beginning to decline. Crypto influencer Shan Belew observed similarities in LTC’s price action, noting it showed similar patterns to its 2015-17 trajectory.
Disappearance of Bulls Post-Halving Event
A wave of anticipation and speculation surged across the crypto ecosystem as Litecoin prepared for its third halving event. Stakeholders widely expected the price of the digital currency to soar following the successful completion of the event. However, the hopes of the bulls seem to have hit a roadblock, with the price action around the Litecoin protocol showing a downward movement.
Losses exceeding 9% have been recorded for LTC in the duration following the halving. In addition, there was a drastic drop of about 25.99% in LTC trading volume as the rapid decline of prices continues to unsettle the market.
Potential Future Surge
The recent slump notwithstanding, projections for Litecoin’s future seem hopeful. Citing on-chart data, Litecoin is identified as one of the three altcoins that have the potential to witness explosive growth in the current market. In the past week, Litecoin’s price showed considerable fluctuation between its lowest at $85.84 and highest at $95.21. However, looking ahead, price predictions indicate that Litecoin could hit as high as $117.22 by the end of the year, building upon the momentum from its halving event.
We invite our readers to join the conversation surrounding Litecoin’s recent halving event and its broader implications. With such a mix of immediate outcomes, do you believe Litecoin will realize the upward trajectory predicted for its future?
