Litecoin halving: LTC up 320% in 2019; will the event bring further gains?

30 Jun, 2019 | Updated: 30 Jun, 2019
by Will Heasman
Analysis
Litecoin halving: LTC up 320% in 2019; will the event bring further gains?

As Litecoin gears up for its very own halving, its 2019 price action appears to relay that anticipation of this infrequent event is propelling its value, but will we see Litecoin rise further as its halving approaches?

Over the past 24 hours, Litecoin (LTC) has posted a price increase of around 10%, despite the fact that Bitcoin – an asset that Litecoin is traditionally correlated with - has tumbled and looks in danger of falling further.

LTC/USD Chart provided by Tradingview

Halving time

Litecoin is approximately 36 days away from its reward halving, an event which will see its mining reward reduced from its current yield of 25 per block to just 12.5 per block, and many are already waiting in anticipation of what might occur.

While Litecoin hasn’t had the rich history Bitcoin has had when it comes to halvings, it has undergone one such event already, and the results for the most part, were mixed.

Conversely to Bitcoin, which rose 800+% after its last halving, LTCs price post it’s 2015 halving was actually lower, going from a high of $8.90 to a low of $2.95 shortly after the event.

Not all halvings were created equal

Interesting, LTC had the majority of its price action before its halving, not after as Bitcoin seems to favor. A month before its halving in august 2015, LTC went parabolic from a price of around $1.70 in June to a height of $8.50 in July, marking a 400% increase in that time.

With just over a month to go, could it be possible that anticipation mixed with FOMO could lead LTC to repeat history and go parabolic? A similar increase as Litecoin depicted in 2015 could reasonable see LTC hit an all-new high of approximately $650 as long as it matches its +400% parabola.

This isn’t the only wild theory pertaining to Litecoin’s halving. Trader and analyst Moon Overlord suggested back in January when LTC was trading at around $31, that the past event saw LTC bottom 200 days before its 2015 halving, 2 years after which the cryptocurrency peaked, alluding to the supposition that LTC could reach another peak come 2021.

Based on subsequent price action, LTC appears to have marked its bottom around the time the theory was conceptualized, giving some credence to the idea.

What do you think? Does LTC have time to take off before the halving? Or will we see the price decline before then? Let us know what you think the comments below!

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