Litecoin bulls and bears continued to battle for supremacy on the price charts, but sellers currently hold the advantage. Over the past week, bulls rallied strongly from the $57 support level. However, the selling pressure at the $65 price zone curtailed the buying. On August 2nd, the third edition of Litecoin’s halving took place, reducing miners’ reward from 12.5 LTC to 6.25 LTC. This reduction in supply rate could trigger increased demand and speculative activity in the cryptocurrency market. Miners will need to adjust to the reduced mining rewards, which may impact their profitability and mining operations. Litecoin’s emphasis on faster transactions and lower fees is likely to attract more users and investors as transaction volumes increase. While other cryptocurrencies like Dogecoin, Monero, and Ethereum Classic have their unique advantages, Litecoin’s scarcity induced by halving and its classification as a regulated commodity by the CFTC could potentially lead to increased adoption and institutional interest. At press time, LTC was trading at $65.02, and its on-chain metrics suggest a possibly bullish price movement in the near future.
