Spoiler Alert! Tone Vays Says Litecoin Will Drop

tone vays

Tone Vays: Bearish Trend Ahead for Litecoin Due to Litecoin Halving

Blockchain/Bitcoin consultant and traditional derivatives trader, Tone Vays has predicted that the imminent Litecoin halving (LTC) will result in a bearish trend for the cryptocurrency.

In a rather contrasting view, Vays also noted that the same LTC halving event, while turning out bearish for the concerned cryptocurrency, will instigate a bullish trend for Bitcoin (BTC).

Litecoin is scheduled for a block reward halving on the 6th of August, 2019. In the normal scenario, when a cryptocurrency halves, there is usually an immediate bullish response for the particular coin. This is mostly due to economic factors of supply and demand, where value increases as a result of scarcity.

In a rather contrary opinion, Vays has noted that the event will be entirely bearish for Litecoin, while the bullish effect will be experienced by Bitcoin instead.

The Relationship Between Coin Scarcity and Litecoin Price

While explaining his view, Tone Vays acknowledged that when Bitcoin halves, it reminds miners about scarcity, as mentioned above. Consequently, the scarcity factor would drive up the value of Bitcoin, making the mining exercise more profitable.

On the contrary, according to Tone Vays, for Litecoin, scarcity is not a major factor. He also identified the fact that Litecoin has more competitors in the market, unlike Bitcoin which is a dominant cryptocurrency. Hence, he noted that Litecoin mining will be a reminder to participants in the industry that there is no value in mining Litecoin in the current market.

“Litecoin is easily replaceable, so investing a lot of money in Litecoin mining infrastructure only to watch Litecoin disappear in the halving is a problem. Hence, halving is a major problem for altcoins but, not necessarily for Bitcoin”, he said.

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