According to CoinMarketCap, opening LTC prices hovered around $93 and increased around 12% to hit a $104 price spike before quickly regressing back to $98 at the time of reporting this. It was nowhere near the $300 high during the historic 2017 crypto bull run.
So, what happened?
Crypto speculators often buy well before a halving, anticipating that the scarcity hype will increase the value of their investment. Of course, with so much forward knowledge, there are many who said many investors price the token well in advance. That doesn’t mean there wasn’t disappointment in the cryptosphere. In fact, if you bought even just a week ago, your gains aren’t going to make those Lambo dreams come true.
On the plus side, the miners do not seem to be perplexed by the drop in earnings.
Charlie Lee, founder of Litecoin expressed this on Twitter:
Since the halving, 12 blocks have been found in 17 minutes. Seems like miners have not shut off their hashrate at all. Instead, we are mining at a rate of a block every 1.4 minutes on average, which is much faster than the expected 2.5 minutes. Litecoin network is healthy!
In an interview with Crypto 101, Franklyn Richards, founder of Litecoin Haus and director of Litecoin Foundation stated that the first halving back in 2015 was pretty scary times because there was a sharp decrease in value with a rebound afterwards. This time, people were pretty secure with what would happen and steadily bought into Litecoin since the beginning of the year.
So, yeah... This event was kind of a snore. Most people don’t like too much volatility anyway.