Litecoin block reward has halved from 25 LTC to 12.5 LTC. The 1,680,000th block was mined. 75% of total Litecoin has already been mined. Speculations and predictions regarding the price direction of the silver crypto were prevalent on crypto twitter, and as Charlie Lee stated everything will be back to normal soon after the event.
According to the previous price movements of both Litecoin as well as Bitcoin halvings, it is bound to soar eventually.
The difficulty after the event was 15.93 million while the hash rate stood at 453.5 TH/s.
The silver crypto recorded a major uptrend from $32.72 to $79.43 and a minor downtrend following the year’s peak from $141.3 to $98.82. Litecoin was anticipated to break the $102 key resistance. A second resistance point for the cryptocurrency was found at $123.6 while the support points stood at $86.25 and $66.17.
The converging Bollinger Bands indicated low volatility in LTC’s price. For the one-day chart, Awesome Oscillator pictured a bullish momentum for its valuation, while Chaikin Money Flow indicator also pictured a bullish phase for the coin.
The price at press time was at $97.6 after rising 2.89% in an hour right before the second scheduled halving. Litecoin registered a market cap of $6.14 billion and a 24-hour trading volume of $2.87 billion. Over the last 24 hours, the cryptocurrency was up by 6.07%.
Charlie Lee tweeted:
Since the halving, 12 blocks have been found in 17 minutes.
Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes.
Litecoin network is healthy! pic.twitter.com/xvgefqIPtP
— Charlie Lee [LTC⚡] (@SatoshiLite) August 5, 2019