BTC - Should You Buy Litecoin While It's Still Down?
2023-08-14 08:58:00 ET
If you had to draw up a list of the most disappointing major cryptocurrencies of the year, Litecoin (CRYPTO: LTC) would have to be at the top. It's up only 17% for the year, compared to 52% for Ethereum (CRYPTO: ETH) and 75% for Bitcoin (CRYPTO: BTC) .
But underperformance is just part of the story at Litecoin . A key catalyst in August that was supposed to send it soaring hasn't delivered as expected, and the long-term outlook for the digital currency is now much cloudier than many would have expected at the start of the year. Let's take a closer look.
The key catalyst that was supposed to result in massive price appreciation was the Litecoin halving, which took place on Aug. 2. In a halving event, the reward for mining a new block on the blockchain falls by one-half. This is a key technical event that impacts factors such as scarcity. A halving event takes place only once every four years, and three previous halving events in 2011, 2015, and 2019 have been associated with price gains for the cryptocurrency.
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Should You Buy Litecoin While It's Still Down?