Litecoin

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
The Litecoin (LTC) halving event took place earlier this week, to the amusement of every member of the crypto ecosystem. The <a href="https://u.today/litecoin-ltc-halving-just-hours-away-heres-how-many-blocks-left" rel="noopener noreferrer nofollow">halving</a> is the third in the Litecoin ecosystem, and a lot of hype was generated prior to the event amid broad anticipation that the price will soar following the halving. 
From the current outlook of the price action around the Litecoin protocol, bulls appear to have deserted the network, shortly after the halving. Litecoin is trading at a price of $82.77 after <a href="https://coinmarketcap.com/currencies/litecoin/" rel="noopener noreferrer nofollow">losing</a> as much as 3.82% of its price overnight. The consistency in the slump in the price of LTC since the halving event has pushed the losses to more than 9% in the trailing seven-day period. 
While the current bearish outlook may be temporary, other key performance metrics on the Litecoin network show it is more encompassing. For instance, the LTC trading volume has dropped by a massive 25.99% amid the ongoing onslaught on prices. 
Over the past week, LTC recorded a <a href="https://u.today/litecoin-ltc-goes-through-massive-sale-ahead-of-halving" rel="noopener noreferrer nofollow">very high trading volume</a>, which helped push the price to a high of $92.51, and by the current price level, we can say the bulls are in their cooling phase. 
<h2 id="possible-turnaround-for-ltc">Possible turnaround for LTC</h2> 
Just as the massive price run ahead of the halving was impulsive and predictably unsustainable, so too is the current slump in price. 
In reality, the halving event is poised to bolster the overall economics of LTC in the long term, seeing it initiate a 50% reduction in the total token production which, when demand picks up, can positively drive the valuation of the LTC coin. 
Irrespective of what the current price outlook depicts, Litecoin has maintained its stance as one of the most iconic payment protocols in the blockchain ecosystem, and the chances that the price will return to normal range are quite high when other <a href="https://u.today/litecoin-ltc-close-to-surpassing-bitcoin-btc-on-bitpay-post-halving" rel="noopener noreferrer nofollow">positive fundamentals</a> are priced in.

Litecoin (LTC) Halving Is Over, But Where Are Bulls?

Table of Contents

U_Today

Other articles published on Aug 4, 2023

Crypto News: Will Ethereum ETF Outshine Bitcoin ETF?

Coinbase Files Brief Seeking Dismissal of SEC Lawsuit

eBay Stock Price Prediction: Will EBAY Stock Descend More?

Presale Of Chimpzee, A Web3 Charity-centric Project, Gains Momentum With Enticing Airdrop Offer –...

Arkham Intelligence offers bounty for identifying FTX hacker

dYdX Chain Public Testnet to Sunset on August 7 and Relaunch on August 10

Join our free newsletter for daily crypto updates!