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Litecoin (LTC) and Bitcoin Cash (BCH) Tumble on Massive Crypto Sell-Off

As the broader crypto markets are witnessing a big correction, two popular cryptocurrencies Litecoin (LTC) and Bitcoin Cash (BCH) are among the top losers.

Litecoin Cracks

This has been an excellent year for Bitcoin and cryptocurrencies by and large, due to the incredible bull run that has been seen this year so far. Due to the surge in the price of Bitcoin over the past months, altcoins have also gained considerably, but one of the altcoins that has not had a great time as of late is Litecoin. However, that could change next month, if the co-founder of the cryptocurrency is to be believed.

At this point of time, the token is down by as much as 15%; however, a tweak that is going to take place on the blockchain is expected to send the prices soaring in August.

Litecoin has tumbled 30% from its 52-week high of $145 in late June.

According to most reports, which were then confirmed by the co-founder of Litecoin, Charlie Lee, the blockchain is now looking for a definitive way to change how the entire process is going to work from now on. Currently, once a block is successfully mined, 25 Litecoin tokens are produced. A lot of computing power and equipment goes into doing this. At the end of the day, the cost of electricity and maintaining the computing power is considerable, which is why the step taken by the company might not be popular with miners but could be a huge hit with investors.

From now on, the number of Litecoin tokens that will be produced per block will be cut down by 50%, meaning that each mined block will produce 12.5 Litecoin tokens instead. The ensuing scarcity is then going to increase the price of each token from next month. Lee said that it is going to be a problem for miners, and it will take some time before they adjust to the new reality. That being said, many experts believe that this particular tweak has already been priced into the current level of Litecoin.

>> Bitcoin (BTC) Finds the Hurdle Again, Plunges 12% Quickly

Bitcoin Cash Falls 14%

Bitcoin Cash (BCH) is another notable loser in the crypto space and lost as much as 14% to $347, with a session low of $318. It is important to note that BCH has unperformed Bitcoin in the past one month.

Bitcoin Cash has tumbled over 30% from its recent high of $505. Moreover, BCH is down 85% from its all-time high.

Featured image: DepositPhotos © timbrk

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Litecoin

Litecoin (LTC) Outperforms Bitcoin Ahead of Blockchain Halving

Litecoin (LTC) continues to outperform other cryptocurrencies ahead of the much-awaited halving of its blockchain. Over the last seven days, the altcoin has averaged 5% in returns compared to just 1% for Bitcoin (BTC). Other cryptocurrencies continue to post mixed fortunes after a meteoric rise in the first half of the year.

LTC Halving

The renewed interest stems from a growing interest in the mining halving process scheduled for August 6. With the halving, miners will end up getting just half of the coins they get now, with each new block mined. The halving process seeks to reduce the amount of LTC coins in circulation.

The fact that miners will end up getting 12.5 coins from 25 coins with each successful mine should lead to less circulation. Considering the forces of supply and demand, this explains why the coin is flying high ahead of the much-awaited event.

Crypto analysts expect Litecoin to continue surging ahead of the big event given the strength of the upward momentum. The crypto is already up by more than 300% from this year’s lows. The analysts have also warned of a potential sharp pullback given that the event appears to be already priced in.

>> TRON (TRX): Is it the Right Time to Buy Ahead of Key Catalysts?

Cryptos Growing Adoption

The resurgence in the crypto sector could as well be attributed to their increased usage, as well as an influx of institutional investment activity in the sector. Technology companies are increasingly finding ways to incorporate cryptos in their day-to-day operations, which has helped to add a layer of credibility after years of concerns.

Increased usage is one of the reasons the likes of Litecoin and Bitcoin are likely to continue rising. Store owners are increasingly adding support for cryptocurrencies as a means of completing transactions. LTC cryptocurrency holders can now use the coin in more than 39,000 places.

Some of the notable stores that accept Litecoin payments include Nordstrom and Barnes & Noble. Flexa Network is the latest network to add support for LTC payments in addition to supporting Bitcoin, Ethereum (ETH), and Bitcoin Cash (BCH).

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Litecoin

Litecoin (LTC) is the Top Altcoin Performer in 2019

Cryptocurrencies have bounced back after imploding in early 2019. While all the major digital currencies have bottomed out from one-year lows, Litecoin (LTC) has emerged as a top performer as it continues to elicit strong interest.

Cryptocurrency Renascence

A 360% plus rally from one-year lows underscores the love that Litecoin continues to receive in the market. Elsewhere on the market, Bitcoin (BTC), the largest cryptocurrency, has rallied by 135%, while Ethereum (ETH), the second biggest crypto, is up by close to 100%. With a market cap of more than $8 billion, Litecoin is currently ranked as the fourth largest digital asset.

Wider acceptance, especially from institutional investors as well as mainstream institutions, continues to strengthen investor sentiments about cryptocurrencies. The cryptocurrency renascence is likely to continue as more products designed to give investors broader exposure to digital assets hit the market.

E-trade Financial Corp is in the process of creating a platform for trading cryptocurrencies. AT&T Inc has made it possible for people to pay their bills using digital tokens.  Facebook is also believed to be in the process of launching its own digital token.

While Litecoin transactions are down by nearly 80% from their peak in early 2018, they have once again started edging higher in line with the spike in price. However, high levels of volatility in transaction fees continue to derail the use of LTC in transactions.

>> Bitcoin (BTC) Moves Up Again, Hits New High Above $9,300

LTC Halving

Litecoin’s strong performance is likely to continue ahead of the much-awaited halving process. The halving process will result in the number of coins miners are awarded being reduced by half. Once the halving process is complete, miners will receive 12.5 LTC for every block created, down from 25.

By cutting the number of coins that miners get per block, Litecoin hopes to reduce supply into the market, something that should continue to prop the crypto price. Halving is not anything new and, in fact, happens every four years.

The last time Litecoin halved its reward price, the underlying price rallied 60% in three months. Litecoin is not the only cryptocurrency that has turned to halving to prop its price. Flagship cryptocurrency Bitcoin is poised to undergo a similar process in May of next year.

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Litecoin

Litecoin Continues Its Robust Performance, Hits New 52-Week High

In the last five months, Litecoin (LTC) has performed exceptionally in the cryptocurrency market and has grown 3.5 times. On Monday, Litecoin’s price grew to its highest level in the last 12 months, rising to $128.07. The last time the price of the coin came close to that was last year on May 23 when it traded at $126.

LTC Performing Well Despite Market Fluctuations

Currently, Litecoin is defying odds and continues to perform well despite the current market fluctuations. There has been mass adoption of Litecoin that is driven by the growing usage of Litecoin Onchain that may further drive the value of LTC. The growing trend of Litecoin is a result of a combination of partnership and the growing popularity of the coin’s platform.

According to recent price action, LTC is surging to a higher value, and currently, it is up by over 30% since June 4 when it traded at $97. Over the same period, the world’s leading cryptocurrency by market share, Bitcoin, has only gained 7%.

The outperformance of the coin is likely a result of the mining reward halving that is expected in the next two months on August 8. The mining reward on the Litecoin blockchain is expected to be halved to 12.5 coins per block from 25 coins.

>> Microsoft Adds Blockchain Tools to Power Platform

Litecoin to Replicate 2015 Performance?

In the last three months before the previous reward halving that happened back on August 25, 2015, the cryptocurrency rallied by over 500%. The price increased from $1.50 in May to a high of $7.00 by July 2015 before finally dropping back to $3.00 after halving. Based on the previous trend, the cryptocurrency will continue gaining in the next four weeks before experiencing a stint of profit taking prior to the August 6 event.

In the last five days, the value of LTC has shown tremendous growth after the coin leaped from $98.86 to around $121.12, and currently, Litecoin is trading at $116.57. The coin is expected to exhibit the bullish trend in the coming months and could reach $150 by the end of the year.

What do you think?

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Litecoin’s Charlie Lee Sparks Twitter Battle Over “Bitcoin Extremists”

Charlie Lee is at it again. The Litecoin founder isn’t shy when it comes to voicing his opinion on crypto via Twitter and yesterday was no different. It seems this time, he’s targeting Bitcoin maximalists.

Charlie Lee vs. Bitcoin Maximalists

It all started with a poll.

It seems Mr. Lee isn’t happy with a group of self-proclaimed Bitcoin maximalists. The Litecoin founder goes even as far as calling them “extremists,” which isn’t generally a positive thing to call someone.

In 23 hours, Charlie Lee has collected over 28,000 votes on his poll and Bitcoin maximalist has taken over the majority of it. At press time, Bitcoin extremist has 9%, altcoin maximalist has 33%, and nocoiner has 10%. That leaves the remaining 48% to individuals who deem themselves Bitcoin maximalists.

Traditionally, maximalists believe that Bitcoin (BTC) is the top cryptocurrency and the one to use day-to-day. Where Lee seems upset is that a group of these maximalists have attacked his own project and feel there is no space for any altcoins in the industry. This is what prompted the Twitter poll and attack on these so-called “extremists.”

Others had their own take on the poll and subject, as usual.

Another person actually knocking Litecoin said:

Not sure why the person above bought Litecoin because they thought Charlie Lee was a “good person” but that’s probably someone that shouldn’t be investing—just my opinion. Binance’s CEO even joined into the conversation.

>> Monero “Mistake”—Now You Can’t Pay for Fortnite Merch with Monero

From all the rest of the conversation via the initial tweet, it seems Lee isn’t the one who made up the term Bitcoin maximalists. He took that from Vitalik Buterin, Ethereum’s co-founder. It remains unclear why Bitcoin (BTC) supporters need to be placed into a category, but the altcoin leaders, like Charlie Lee, obviously feel it’s necessary.

According to CoinMarketCap, BTC broke over the $4,00 threshold recently and is currently trading at $4,044.75 a coin, down – $0.97%, in 24 hours.

Featured Image: Depositphotos © GekaSkr

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