In spite of halving – no giant gains for litecoin
Litecoin increases by over 11 percent, but not as much as many expected.
A halving means that the reward for mining a block on a cryptocurrency blockchain decreases by half.
For litecoin, this process, which usually happens once every four years for cryptocurrencies, happens on Monday, Cointelegraph reports.
Often leads to a higher price
Because a halving means that fewer units of a cryptocurrency come out on the market, this can lead to a higher price.
Many had, therefore, speculated that litecoin would increase significantly in price during the day, but this has not been the case.
Called bitcoin’s little brother
The cryptocurrency, which is sometimes referred to as bitcoin’s little brother, has increased by over 11 percent in the past 24 hours and is currently trading just over $102, according to numbers from Coinmarketcap.
But given that bitcoin has grown roughly as much in the last 24 hours, there’s hardly any crazy halving boom for litecoin, Cointelegraph reports.
The question is whether this is part of the ongoing trend where altcoins are losing more and more ground to bitcoin. You can read about that here.
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