The long-awaited halving took place yesterday in Litecoin, which was created in 2011 as a fork of Bitcoin and is called digital silver.
The LTC network suffered its third halving yesterday, and Litecoin's blockchain reward per block has dropped from 12.5 LTC to 6.25 LTC.
Post-halving traders expected the price to rise, while LTC fell. Warning of the LTC halving, Santiment pointed out that LTC might be living the “buy the rumors, sell the news” scenario.
Santiment's prediction came out and the LTC price fell by about 6%.
The fall of LTC after the halving made investors nervous and “Will Bitcoin experience a post-halving drop in 2024?” raised the question.
However, analysts comparing LTC and BTC halvings said that the same result should not be expected when Bitcoin's halving time comes next year.
Stating that LTC behaved differently from Bitcoin after the halving, analysts noted that the price of Litecoin also fell for months after the previous two halvings.
Speaking to Bloomberg, Arca trader Kyle Doan said:
“ LTC has been talked about a lot since the beginning of 2023 and a lot of LTC has been traded.
At this point, Litecoin is currently up about 60% between January and early July, surging above $112 before dropping to $86.
Since then, however, interest in LTC has waned as the focus of the market has shifted to a series of spot BTC ETFs applied by financial giants, notably BlackRock.
But don't expect the same result from BTC. Because looking at the historical performance of Bitcoin during the halving, the result experienced by LTC seems less likely for BTC.”
*Not investment advice.