Litecoin (LTC) Value Rebounds As The Halving Event Is Pending

Litecoin (LTC) value gained more than 14 percent in less than a day, surging to a high of $93.05 from the previous $77.60 on Tuesday. The cryptocurrency is now trading at $90,09 and in the altcoin news today we take a closer look at the price analysis.

The move saw the Litecoin (LTC) value outperform its peers as the crypto market barely managed to recover from a punishing correction. Later, LTC dropped as low as $76.70 during the sell-off. It is okay to say that it has been a very bumpy week for the entire crypto market but especially for the fourth largest cryptocurrency- Litecoin. As it was reported previously in the week, the Litecoin Foundation made a partnership with the football team Miami Dolphins to accept crypto payments for the team’s 50/50 raffle using BTC and LTC. Despite this, the LTC has stepped in a situation where it was strongly going down mirroring the previous market movement of the leader on the market Bitcoin.
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Usually, when Bitcoin starts any kind of movement, everyone follows but Litecoin has tried to avoid this trend somewhat defying bitcoin’s dominance to break out on its own back three months ago. This time, however, Litecoin was sucked down with the major cryptocurrency Bitcoin but quickly found its way back into the positive vibes over the past 24 hours.

As a result of the halving event which is expected to cut the cryptocurrency’s inflation rate in half in less than 18 days from now, the expectation that the litecoin traders will still have to experience some more unpredictable activity as it follows. When the halving event takes place, the block rewards generated via successful hash will then halve from their current rate. It is still unknown how big of an effect will this have on the cryptocurrency. The founder of Litecoin, Charlie Lee thinks that the halving event will hit the miners the hardest and he even predicted that some of them will close shop forever. He made everyone sure that ‘’everything will be fine.’’

As noted in the latest cryptocurrency news, LTC is now trading at 200 percent from its price level where it was at the start of the year outlining the strength of the crypto market’s recovery from 2018 prolonger bear period.