Many cryptocurrency fans awaited the third halving of the popular altcoin known as Litecoin, which occurred on the 2nd of August at 3PM GMT. The event, which occurs around every four years, halves the block reward for Litecoin. This year, the reward per block decreased from 12.5 LTC to 6.25 LTC.
Although some anticipated an immediate spike in price, with some predictions valuing LTC at $100 USD or higher immediately following the halving, the coin plunged from $93 USD to just under $83 USD - a 12% drop, making it seem that many don’t believe in a price pump...
Historical data is nearly identical to that of Litecoin’s price today - before the halving, the price of Litecoin is pumped due to excitement, with many wanting to join the rally. However, at the time of the halving, many opt for the profit they made from the pre-halving gains, thus resulting in the plunging in price that we see today.
With a poor beginning the month of August for LTC, there is plenty of time for price recovery. However, historical data points to a heavy decrease in price following halving events due to the pump and dumps that start before the halving, then end immediately following the halving. We expect LTC to finish the month around the ~$80 USD mark, or even lower if this slump continues.