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Litecoin founder and Managing Director of the Litecoin Foundation, Charlie Lee reacted to today’s halving by describing it as a “success”. While many were anticipating a price drop after the reward was reduced to 12.5 LTC instead of the previous 25, the opposite happened. After spending most of the previous month consolidating in the $85-95 region, bulls managed to take price over $100, to a high of $107.
Litecoin halving was a success! And price just hit $100! 👍
Block 168,000 produced 12.5 LTC in block rewards.
Let's do this again in August 2023! 🎉 pic.twitter.com/aBvDJtH4FV
— Charlie Lee [LTC⚡] (@SatoshiLite) August 5, 2019
Lee added further that the network was in a “healthy” state after the block mining rate after the halving was determined at 1.4 minutes, much shorter than the anticipated 2.5 minutes. This positive indicator was good news for all concerned. Litecoin’s next scheduled halving is anticipated for 2023.
With the scalability question seemingly answered now, Litecoin will be concentrating on “fungibility” and “privacy”. With talks of a partnership with the BEAM network, to create confidential transactions, this may well be on the cards sooner rather than later. Reports have suggested selective confidentiality on transactions, a prospect that would be highly appealing if brought to reality.
Investors will be watching LTC’s price action with respect to how it reacts over the short-medium term from today’s halving.
Image licensed via Shutterstock
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