Litecoin (LTC) is not the only digital currency in this position. For example, the world’s largest digital currency is now struggling around the $8k level, over a decrease of more than $2k from where it was last week. Ethereum (ETH) was trading at a high of $190 last week, but the digital currency is currently trading at $170. Nevertheless, Litecoin (LTC) seems to be getting it hotter than the others. LTC seems to be the biggest loser among the top ten cryptos in the market.
Litecoin (LTC) and Bitcoin (BTC) Share a Unique Relationship
In the long run, Litecoin (LTC) and Bitcoin (BTC) appear to share a unique relationship. Whenever the price of Bitcoin (BTC) goes up, LTC would follow suit. If BTC price fall, the same would happen to Litecoin. Both cryptos seem to be tied together and work side by side, despite what other digital currencies might do. At the moment, BTC is traversing through the doldrums, and LTC is more likely to follow its footstep.
The founder and CEO of SFOX – Akbar Thobhani – said that he believes that the LTC halving in August has the most to do with the present dilemma of the digital currency. In a statement, he said:
“Historically, halvings of any major digital currency have correlated with increased volatility as traders are uncertain about the effect that the change in the rate of new coin supply would have on the price of the coin. SFOX previously suggested that the Litecoin halving could correspond with more LTC volatility, and we appear to be observing the trend. As with any asset class, lasting values come from fundamentals such as the number of transactions and users, and these are the metrics to watch as Litecoin and other digital currencies grow.”