Renewed Crypto Market Volatility Sees Litecoin and Bitcoin Cash as Big Losers
As the crypto market plunges into another period of volatility, the cryptocurrency Litecoin (LTC), along with Bitcoin Cash (BCH), emerges as one of the major sufferers. Tough market movements have seen Bitcoin Cash fluctuating within a restrained range since making its appearance at the onset of 2022. Analysts have noted a breakthrough from the Descending Triangle pattern for Bitcoin Cash, an event triggered by the bullish momentum following the listing of Bitcoin Cash EDX Markets – a newly established cryptocurrency exchange bolstered by Wall Street.
Nonetheless, the volatile history of Bitcoin Cash stirs caution among traders regarding its long-term hold considerations.
Upcoming Litecoin Halving Cycle Stirs Optimism Among Investors
Amidst this turbulence, the crypto community has set its eyes on the upcoming halving cycle of Litecoin (LTC). As dictated by the Litecoin protocol’s predetermined timetable, the halving event occurs every 840,000 blocks.
A retrospective look reveals that the Litecoin halving of 2015 slash the block reward from 50 LTC to 25 LTC for every block. The latest Litecoin halving disaster, which took place in 2019, brought down the reward per block from 25 LTC to 12.5 LTC.
As per the current schedule, Litecoin is due for another halving event which will cut down Litecoin mining rewards from 6.25 LTC to 3.125 LTC.
This upcoming event has kindled a glimmer of optimism among investors, who saw the price of Litecoin surge for the majority of June, culminating in a peak at $114 on July 3. Such market behaviour has offered a renewed sense of optimism for Litecoin investors, despite the overall market’s sour trajectory.
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