Litecoin Hits One-Month Low Following Halving Event, Dogecoin Tumbles 4% As Well
Portfolio Pulse from Mehab Qureshi
The price of Litecoin (LTC) dropped to its lowest level in a month, following its third halving event. The cryptocurrency experienced a decline of approximately 6% throughout the day, underperforming both Bitcoin (BTC) and Ethereum (ETH). The Litecoin blockchain provides security to Dogecoin (DOGE), which also saw a 4% drop in the last 24 hours.
August 04, 2023 | 12:35 pm
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NEGATIVE IMPACT
Dogecoin's price dropped by 4% in the last 24 hours, possibly influenced by the decline in Litecoin's price.
Dogecoin, which is secured by the Litecoin blockchain, may have been negatively impacted by the decline in Litecoin's price. This trend could continue if Litecoin's price continues to drop.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Litecoin's price dropped to a one-month low following its third halving event, underperforming Bitcoin and Ethereum.
The halving event, which reduces the issuance of new LTC tokens, has historically led to a downward trend in Litecoin's price. This trend is likely to continue in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100