Litecoin price is generally bearish despite seeing a 5% rise in the last 24 hours. The coin is still presenting a sell signal since buyers were able to keep the market going. The bulls failed to break the supply zone at $120. the sellers see this as a great opportunity to grab the market from the bulls.
As we approach Litecoin’s halving event which will see its block reward cut in half we will take a look at the different events that have caused controversies. A section of DASH proponents believes the halving event won’t benefit Litecoin or increase its value. While major drivers of Litecoin have a more positive outlook. They believe that the block reward halving will increase the demand for Litecoin and increase its price.
Recent Market Data for Litecoin and DASH
Litecoin is currently the number four largest digital asset by market capitalization according to CoinMarketCap. The price of Litecoin reportedly grew by about 5.41% within a period of 24 hours. The digital asset also had a trading volume of about $3.188 billion at press time. The coin’s circulating supply has reached 62,810,993 LTC as of July 25. The price of Litecoin stands at the $93.79 area at press time. LTC is currently in the green zone.
While its opposition and competition DASH, is currently the number fifteen largest digital asset by market capitalization according to CoinMarketCap. The price of DASH actually rose by about 4.55% and is currently trading at the $112.46 area for now. The coin’s daily trading volume stands at $226.585 million according to CoinMarketCap. The total market capitalization of DASH is around $1.005 billion. Which shows a section of the coin’s losses have been recovered. DASH has a circulating supply 8,939,480 DASH.
DASH Proponents Clash with Litecoin Over after Effect of Halving Event
The halving event for Litecoin is now only two weeks away from going live. After the first five days of August draws to an end, the block reward for Litecoin miners will reportedly be halved. This means that some will lose incentive and halt mining activities for a sometime at least.
While there are some [including Charlie Lee] who are of the belief that the LTC halving will increase Litecoin’s demand, which will in turn result in price surges, others are of the view that Litecoin may not really have any benefits at all from the halving.
While responding to a Reddit thread, Charlie wrote that: “It is well known that the Litecoin token was initially mined in the first days as the total number of people. The hashrate was also more than what I thought it would be. However, the launch is extremely fair. Binaries and source code for all win/Linux/Mac were actually released a few days to launch.”
DASH Community Member Talked about Charlie Deleting a tweet After Instamining was exposed
An individual from the Dash ecosystem decided to respond to a different thread. The thread was referring to Charlie deleting his tweet after some person’s “exposed” Instamining. “The proposed re-launch of Darkcoin was also put to a vote on the bitcointalk platform. But it wasn’t voted for by the community. Even the proposed airdrop was voted against.
The proposed coin properties omission which would decide whether the DASH protocol possessed inflationary/deflationary properties was put to a vote as well. Which the community all voted in favor of. They agreed to limit its supply to closely look like that of Bitcoin.