The long-awaited and much-anticipated Litecoin halving 2019 has come and gone. After several months of hype, the halving event has finally been completed. Litecoin halving 2019 is one of the most talked-about events this year in the crypto space. Almost every digital asset investor, trader, analyst talked about the event and the possible effect it would have on the price of Litecoin (LTC).
Many expected the price of Litecoin (LTC) to head to the moon as the Litecoin halving date approaches. This is because the price of Litecoin surged by more than 400 percent prior to the last halving event that reduced the block reward of Litecoin from 50 LTC to 25 LTC. This halving has further reduced the reward of block miners to 12.5 LTC from 25 LTC.
This year’s Litecoin halving has cut the expectation of many short, as the price of the digital currency didn’t record growth of more than 400 percent prior to the halving event, which was yesterday August 5. However, some digital asset investors and traders still have faith in the coin, as they believe LTC USD price will skyrocket in the short-term.
The Litecoin halving 2019 event was completed yesterday, August 5. There was a price pump in the market that pushed the price of Litecoin (LTC) over the $100 mark, a major resistance level for Litecoin. Litecoin (LTC) isn’t the only digital currency that recorded a significant gain. The king of crypto – Bitcoin (BTC) – was at the forefront of the price rally. The price of Bitcoin (BTC) was deep in the green, and it almost ended the day over the $12k level. At the press time, BTC USD price is just $150 away from testing the $12,000 level.
Despite the boost, the price of LTC is still significantly down from its yearly high. In the month of June, the price of Litecoin surged enormously due to speculations about the Litecoin halving event 2019. LTC USD price surged and tested a high of over $150. Since then, the digital currency has failed to keep up with that level.
Will Litecoin Price Continue to Surge Higher after a Successful Halving? – Litecoin Price Prediction 2019 – Cryptocurrency Market Update
The considerable surge in the price of Litecoin did coincide closely with the halving. The Litecoin halving 2019 event was a success. However, the upsurge also coincides with the price surge of Bitcoin (BTC) that pushed BTC USD price from a low of $10,700 to a high of almost $12k. In a tweet, the creator of Litecoin (LTC) – Charlie Lee – said:
“Litecoin halving was a success! And price just hit $100! Block 168,000 produced 12.5 LTC block rewards. Let’s do this again in August 2023!”
The price of Litecoin has started correcting lower after testing a high of $104 yesterday. At the press time, the digital currency is struggling below the $100 mark. However, it remains unclear whether the price of Litecoin (LTC) will continue its upward movement in the short-term. Many are attributing the rise in LTC price to the Bitcoin price rally. This means the LTC price rally, due to the halving event, is yet to set in. if this happens, Litecoin (LTC) might find its way back to its year-to-date high.