The crypto markets saw a brutal correction on Tuesday following Libra’s hearings before the Senate. The 4th largest cryptocurrency by market cap, Litecoin had its fair share of bloodshed that day. However, investors and traders are no longer holding their breath as the aggregate crypto market seems to be regaining stride, this time, Litecoin leading the surge among the top 10 cryptocurrencies.
It’s certainly not the first time Litecoin has been a noticeable outlier, outperforming Bitcoin Ethereum, XRP, and other altcoins. Earlier on in February, Litecoin rallied on its own, refusing to be intimidated by bitcoin’s dominance.
Litecoin (LTC) Is Outshining Bitcoin After Recent Correction
On Tuesday 16th, Libra hearings were followed by a vicious dip where LTC traded as low as $76.70, its lowest price since early May. This plunge marked a 46% retracement of June 22nd high which was at $146.43. Litecoin’s market cap currently stands at $5.7B while trade volume is recording at $4.7B.
However, as bitcoin and the rest of the crypto markets attempt a recovery, Litecoin bulls are noticeably supercharged. Litecoin is currently pumping at the time when it seems bitcoin’s upswing is hinting to catch a breath.
Bitcoin has surged by only 1.49% in the last 24 hours, trading at $9,849.13. At press time, Litecoin is up by 15.98% and is trading at $91.11. This makes it a cool 200% gain since the beginning of this year.
Litecoin Block Reward Halving Uncertainties Ahead
Litecoin halving is only 18 days away. During this anticipated event scheduled for August 20th, miners’ block rewards will be reduced from 25 to 12.5. This halving process will reduce the inflation rate from 8.74% to 4.26%. In the crypto community, a reward halving event is widely known to boost a price rally.
However, as we earlier reported, Charlie Lee, Litecoin creator hinted that after the upcoming halving, miners will most likely have a hard time, some even shutting down their shops. This could have a predominantly negative effect on the price of LTC. However, Lee assured the Litecoin community saying “the difficulty will readjust and everything will be fine.”
The question of whether Litecoin will keep up with this price uptrend in the coming days before halving and after the halving is up for debate. We just have to wait and see how this year’s halving event will impact Litecoin’s market.