{"id":545452,"date":"2023-08-02T10:58:44","date_gmt":"2023-08-02T10:58:44","guid":{"rendered":"https:\/\/wncen.com\/?p=545452"},"modified":"2023-08-02T11:00:02","modified_gmt":"2023-08-02T11:00:02","slug":"sell-the-news-litecoin-traders-capitulate-ahead-halving","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/litecoin\/sell-the-news-litecoin-traders-capitulate-ahead-halving\/","title":{"rendered":"Sell The News? Litecoin Traders Capitulate Ahead Of Today’s Halving"},"content":{"rendered":"

On-chain data shows that Litecoin traders are showing signs of capitulation as the asset’s much-anticipated halving event is only a few hours away now.<\/p>\n

Is Litecoin Halving A Buy The Rumor, Sell The News Event?<\/h2>\n

The “halving<\/a>” here refers to a periodic event where Litecoin’s block rewards (that is, rewards that miners receive for mining blocks) are permanently cut down in half.<\/p>\n

This event takes place approximately every four years and the next one, which would be the third, is scheduled to happen in around five hours if data from the mining platform NiceHash<\/a> is to go by.<\/p>\n

\"Litecoin<\/p>\n

The LTC halving is only a few hours away now | Source: NiceHash<\/a><\/pre>\n
This third halving event will reduce the cryptocurrency’s block rewards from 12.5 LTC to 6.25 LTC. Historically, these events have been important for the asset, as they mark\u00a0points where the cryptocurrency’s production rate (which is nothing but the block rewards, as miners releasing these coins is the only way to mint new LTC) shrinks, and hence, the coin becomes more scarce.<\/p>\n
As these halving events are so significant, the market naturally speculates around them, leading to the coin experiencing volatility. In a new tweet, the\u00a0on-chain analytics firm Santiment<\/a> has revealed how the traders have been behaving in anticipation of today’s Litecoin halving.<\/p>\n
\"Litecoin<\/p>\n
The data for the two indicators | Source: Santiment on X<\/a><\/pre>\n
In the above graph, Santiment has attached the data of two metrics related to LTC: “social dominance<\/a>” and the “ratio of on-chain transaction volume in profit to loss.”<\/p>\n
The former of these tells us what percentage of discussion on social media related to the 100 largest assets in the cryptocurrency sector is coming from Litecoin alone.<\/p>\n
Related Reading: Why Is The Bitcoin And Crypto Market Up Today?<\/a><\/div>\n
From the chart, it’s visible that this indicator has observed a large spike today, showing that investors are participating in a large number of discussions related to today’s halving.<\/p>\n
The other indicator keeps track of the ratio between the profit-taking and loss-taking volumes on the network. As displayed in the graph, this metric has taken a plunge below the 1 mark recently.<\/p>\n
The ratio being less than 1 implies that loss-taking is the dominant force on the market at the moment. The loss volume is not only more than the profit volume right now, but it’s actually outweighing it at a ratio of more than 2:1.<\/p>\n
Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says<\/a><\/div>\n
This extraordinary loss-taking may be coming from the investors who purchased coins ahead of the halving believing it to be a bullish event, but as Litecoin has only gone down lower recently, the holders have panicked and are selling at losses in an attempt to avoid going further underwater. The high social dominance of the asset may also likewise be because of FUD-related discussions blowing up.<\/p>\n
Based on these signs, it’s possible that Litecoin may be going through a classic “buy the rumor, sell the news<\/a>” event.<\/p>\n
LTC Price<\/h2>\n
At the time of writing, Litecoin is trading around $91, up 1% in the last week.<\/p>\n
\"Litecoin<\/p>\n
Looks like the asset has gone down during the past day | Source: LTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows that Litecoin traders are showing signs of capitulation as the asset’s much-anticipated halving event is only a few hours away now. Is Litecoin Halving A Buy The Rumor, Sell The News Event? The “halving” here refers to a periodic event where Litecoin’s block rewards (that is, rewards that miners receive for mining blocks) are permanently cut down in half. This event takes place approximately every four years and the next one, which would be the third, is scheduled to happen in around five hours if data from the mining platform NiceHash is to go by. The LTC halving is only a few hours away now | Source: NiceHash This third halving event will reduce the cryptocurrency’s block rewards from 12.5 LTC to 6.25 LTC. Historically, these events have been important for the asset, as they mark\u00a0points where the cryptocurrency’s production rate (which is nothing but the block rewards, as miners releasing these coins is the only way to mint new LTC) shrinks, and hence, the coin becomes more scarce. As these halving events are so significant, the market naturally speculates around them, leading to the coin experiencing volatility. In a new tweet, the\u00a0on-chain analytics firm Santiment has revealed how the traders have been behaving in anticipation of today’s Litecoin halving. The data for the two indicators | Source: Santiment on X In the above graph, Santiment has attached the data of two metrics related to LTC: “social dominance” and the “ratio of on-chain transaction volume in profit to loss.” The former of these tells us what percentage of discussion on social media related to the 100 largest assets in the cryptocurrency sector is coming from Litecoin alone. Related Reading: Why Is The Bitcoin And Crypto Market Up Today? From the chart, it’s visible that this indicator has observed a large spike today, showing that investors are participating in a large number of discussions related to today’s halving. The other indicator keeps track of the ratio between the profit-taking and loss-taking volumes on the network. As displayed in the graph, this metric has taken a plunge below the 1 mark recently. The ratio being less than 1 implies that loss-taking is the dominant force on the market at the moment. The loss volume is not only more than the profit volume right now, but it’s actually outweighing it at a ratio of more than 2:1. Related Reading: BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says This extraordinary loss-taking may be coming from the investors who purchased coins ahead of the halving believing it to be a bullish event, but as Litecoin has only gone down lower recently, the holders have panicked and are selling at losses in an attempt to avoid going further underwater. The high social dominance of the asset may also likewise be because of FUD-related discussions blowing up. Based on these signs, it’s possible that Litecoin may be going through a classic “buy the rumor, sell the news” event. LTC Price At the time of writing, Litecoin is trading around $91, up 1% in the last week. Looks like the asset has gone down during the past day | Source: LTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":545478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16897],"tags":[10,89005,41611,89006,2828,2831],"class_list":["post-545452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-litecoin","tag-litecoin","tag-litecoin-capitulation","tag-litecoin-halving","tag-litecoin-selling","tag-ltc","tag-ltcusd"],"acf":[],"yoast_head":"\nSell The News? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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