Litecoin’s halving took place on 5th August, 2019. The effect of the scenario has quite been obvious over the past days. The fifth largest digital currency by market cap displayed its usual reaction in the recently concluded halving as per the past. Discussing the effect of sudden decrease in hash rate, Charlie Lee, the founder and CEO of Litecoin stressed the advantage which LTC has over Bitcoin.
Litecoin, which was forked from Bitcoin underwent its first periodical halving on 26th August, 2015. According to history, the said halving led the cryptocurrency into consolidation phase which initiated the increase of its market price.
Since the recent halving took place, LTC has not really experienced a notable price increase, except on the day the halving took place, when it traded slightly above $100 resistance level. Litecoin’s price has since nosedived, and this has been one of its usual displays after halving, before a probable significant price increase can come to play.
At the time of filing this report, LTC is trading at $86.01, with about 1% price decrease in the last 24 hours. However, there are expectations for subsequent increase if history repeats itself.
The founder Charlie Lee has lately attracted a host of attentions especially from the media after the scheduled halving, adding that Litecoin still welcomes the support of various developers.
Charlie Lee Speaks of the Success of Litecoin after Halving
Charlie Lee, the founder of Litecoin boldly described the recently conducted halving as an outstanding success. After the halving was conducted, Lee pointed that the rate of block production is now faster than expected.
He then bluntly added that Litecoin network is healthy. In a recent development, Lee stated that the LTC blocks are 4 times faster than Bitcoin’s, which would enable Litecoin network to handle sudden decrease in hashrate much better than the king of coins, Bitcoin.
He further pointed that the digital currency experienced a loss of 75% hashrate in quick succession, replicating the usual features of Bitcoin for about two weeks. Conclusively, he averred that Litecoin network now performs normally.
Read Lee’s statement below:
“Since Litecoin blocks are 4 times faster than Bitcoin’s, the network can handle a sudden decrease in hashrate much better. If 75% of hashrate disappears overnight, Litecoin just acts like Bitcoin for 2 wks (10 mins blks) and then diff retargets and everything is back to normal.”
Since Litecoin blocks are 4 times faster than Bitcoin’s, the network can handle a sudden decrease in hashrate much better.
If 75% of hashrate disappears overnight, Litecoin just acts like Bitcoin for 2 wks (10 mins blks) and then diff retargets and everything is back to normal. https://t.co/N2vN6RbVeq
— Charlie Lee [LTC⚡] (@SatoshiLite) August 12, 2019
Situation of other Cryptocurrencies in the Market
Bitcoin, the largest cryptocurrency by market capitalization has faced stern challenges in terms of price growth consistency lately. It has recently lost its $11,500 support level, which was maintained for quite a long time. At press time, BTC is trading at $11,264.43, with about 1% 24H price plummet.
Among the top 10 coins in the market, only Bitcoin Cash (BCH) has had a bit better performance so far, while others have faced various degrees of price depreciation in the last 24 hours.