Litecoin (LTC) Gains Momentum Post Halving, Jumps 7%

Litecoin

Litecoin (LTC) has been one of the more popular altcoins in the crypto space for some years now, and during that time, it managed to become one of the biggest cryptocurrencies by market cap.

LTC Jumps 6%

This year, the developers of the blockchain made a momentous decision after it announced that the rewards for Litecoin miners were going to be halved. This created a lot of speculation as to the effect it would have on the token’s price. The event that was being called “the halvening” created a lot of discussions in the crypto space, and this week, it finally went into effect.

Since the rewards for miners have been reduced from 25 LTC to 12.5 LTC for every completed block, some believed that the move could affect the price negatively. However, nothing of the sort happened, and the halving actually triggered an impressive rally in Litecoin as it moved towards the $100 mark. That being said, it is still important to point out that the token is still a far way off from its highest level this year and it would be interesting to see how Litecoin moves over the course of the next days.

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At one point in time today, Litecoin rose by as much as 7% and nearly touched $100.

However, it is important to note that although the rally started on the day the halving was implemented successfully, it is also a day on which Bitcoin rallied strongly, and generally, a surge in Bitcoin results in the rise of other cryptos. Last but not least, the halving of rewards for miners is not the end of it and the founder of the crypto, Charlie Lee, stated that another halving is going to take place in 2023. If the rewards are reduced further, then there is the possibility of Litecoin becoming far more scarce, and when that happens, it could affect the price positively.

Featured image: DepositPhotos © PromesaStudio

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