Litecoin Halving Failed to Raise LTC Price But Bitcoin Halvening Will Work: Analyst

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  Yuri Molchan

  Mon, 09/02/2019 - 09:06

  📰 News

  While some believe that since the LTC halving failed to affect the LTC price and so neither will the upcoming halving impact BTC, an analyst says it is not true

After numerous anticipations of Litecoin price surging after the halving on August 5, many got disappointed and now express an opinion that the Bitcoin halving that is due next year will not have much of an effect on the BTC quotes either.

A prominent BTC analyst on Twitter, PlanB, opposes that opinion, giving a reason why the LTC price failed to benefit from the much-expected halving.

Lack of relationship with the stock-to-flow ratio

Some people think that because litecoin didn't jump on ltc halving, btc halving will also be irrelevant for #bitcoin. That logic is flawed. LTC price doesn't have a significant relationship with stock to flow, so halvings are indeed irrelevant. BTC price-s2f relation is strong 🚀 https://t.co/5Wx7vHLvUd

— PlanB (@100trillionUSD) August 31, 2019

The crypto analyst PlanB claims that the reason why the Litecoin price was unable to go up after the halving was a low connection with the stock-to-flow ratio.

As the upcoming BTC halvening is drawing closer, slowly but surely, many crypto experts are positive that as soon as the amount of minted BTC gets cut down by half, the price of the asset will surge. Among them is the co-founder of Morgan Creek Digital Anthony Pompliano. Many times, he has voiced that thought on CNBC’s Fast Money show to his crypto-skeptic opponents.

However, some in the crypto community also show their skeptical attitude to the possible BTC price spike after the approaching halving in 2020.

The analyst explains the LTC halving ‘failure’

PlanB pointed out that the LTC price is not so much connected to the stock-to-flow ratio, unlike Bitcoin. This ratio indicates the overall amount of a commodity stored in inventories and divided by its amount produced on an annual basis.

Alabama farmers are accepting LTC

Regardless of the LTC halving’s impact on its price, LTC keeps spreading around the world as a reliable means of payment.

A Twitter user has reported that LTC is now being accepted at a farmer’s market in the Alabama state, along with BTC.

#Litecoin and #Bitcoin accepted at a local farmer's market in Alabama! https://t.co/t1kdZpslkI pic.twitter.com/MMoBSFsqBB

— The Lite School ⚡️ (@theliteschool) August 31, 2019