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Litecoin (LTC) Price History Reveals Ugly Truth About Halving

Tue, 07/18/2023 - 15:07
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Gamza Khanzadaev
Benjamin Cowen from Into the Cryptoverse uncovers hard truth about Litecoin's price history and halving
Litecoin (LTC) Price History Reveals Ugly Truth About Halving
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Litecoin's price has been on a downward spiral for the fifth consecutive day, reaching a new low for the month of July. This development may have caught some investors off guard, but not Benjamin Cowen, a crypto expert who accurately predicted this scenario at the beginning of the month. Cowen, who meticulously analyzed LTC's price history, identified a concerning pattern surrounding the halving event.

13% of Litecoin (LTC) Supply Unmoved in Years in Positive Twist for Network

Historically, during the months of June and July of each halving year, Litecoin's price has seen a significant surge, reaching its local peak. This time was no different, as the price soared to $114.93 per LTC on July 3, just a day before Cowen's prescient tweet.

The phenomenon of LTC halving, which occurs every four years, is a highly anticipated event within the crypto community. It involves a 50% reduction in mining rewards, leading to potential supply scarcity and increasing demand.

Yin and yang

With Litecoin halving due to take place on Aug. 4, there are growing concerns that the current downward trend may persist. While it is theoretically plausible for LTC's price to get a temporary respite if market conditions favor it, predicting a break of the recent local peak appears unwise.

Litecoin (LTC) Smashes Historic Milestone Ahead of Halving Event

If we try to look at the situation optimistically, believing that the glass is half full, then we can say that every such peak in the past was always beaten, and Litecoin's price grew after the halving. The important thing is just how long "after" is.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.