Litecoin Closes the Week Up 14% as Halving Expectation Gets Priced in
The cryptocurrency ecosystem is seeing a mild bullish run this weekend with Litecoin (LTC) notably riding the trend. The Proof-of-Work (PoW) blockchain protocol broke its crucial resistance price at $90 and is changing hands at exactly $92.29 after inking a 2.04% growth over the past 24 hours.
The current price action of Litecoin has pushed it to print a 14% growth in the week to date period. As a leading altcoin with a vibrant and functional ecosystem, the positive sentiment boosting price growth at the moment stems from the anticipation of the coming halving event.
As a PoW protocol, Litecoin also undergoes halving every 4 years, taking similarities to that of Bitcoin. The next halving event according to a recent reminder shared to the community by Litecoin is set to take place in just about 74 days. The update is not alien to the Litecoin community as it is an expectation that has been building up for a while now.
The whole euphoria of the halving appears to be pricing in and is now giving investors the leverage to stay optimistic in the longer term price impact of the event.
Core Impact of Litecoin Halving
With the cryptocurrency ecosystem still known to largely be in the bear market, every digital currency is in search of a boost to energize their hidden potential in both the short and long term.
For the short term, Litecoin benefitted in many ways and the protocol has re-echoed how it remains one of the networks with the best uptime since its inception. Litecoin serves as a payment token, and with its increasing adoption, it has not experienced any form of hiccup or outage as compared to other prominent protocols.
Litecoin is also welcoming LTC-20 standards to showcase similar utility that the Bitcoin network is now currently growing more popular for.
While all of these factors are contributing to boosting the future performance outlook of LTC, the upcoming halving is by far the most important, seeing it will introduce an element of scarcity to the protocol. This scarcity has a high upside for price growth and smart money investors are riding on this potential to go long on the coin.
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