Litecoin is Under Pressure Ahead of the Halving, So What Next?


Litecoin

Over the course of the past few years, Litecoin (LTC) has firmly emerged as one of the more popular altcoins in the crypto sphere, but the token is slowly but surely approaching a day of reckoning as the much talked about halving is going to take place soon. The halving is going to reduce the reward for completing a blockchain to 12.5 LTC for miners, and many believe this is a step that could prove to be a problem for the cryptocurrency in the initial period.

Analysis

The halving is going to take place next week, and considering the fact that the wide crypto market is currently going through a churn, there is a belief that it could have an immediate negative effect on the price.

On Monday, the price of one Litecoin stood at $91, and it just about managed to hold on to its exalted status as the cryptocurrency with the fourth-highest market cap. However, the coming days could prove to be significantly tough for the coin if experts are to be believed. The price action so far, ever since the halving was announced, has seen the price of Litecoin rise, followed by staged drops in price and it is going to be highly interesting to see how it all works out when it takes place officially next week.

>> Technical Price Analysis: Ethereum (ETH) and Ripple (XRP)

On the other hand, there are other analysts who are convinced that the halving is going to result in an explosion in the price of Litecoin. Since the lowered reward for miners has the potential of making Litecoin scarce, its price could rise significantly once the halving takes place next week. That being said, nothing can be predicted with any kind of certainty in the crypto sphere, and considering the sort of fluctuations that have taken place over the course of July, anything can happen. However, it cannot be denied it is a significant event for Litecoin and one that could decide the immediate future of the token.

Featured image: DepositPhotos © winst2014

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