Litecoin overtook Bitcoin cash last week, by an overwhelming $360 million at the time, closing the game of $150 million in the span of 3 days.
Both coins were battling the #4 spot of top cryptocurrencies as listed by CoinMarketCap, there being quite a large difference between #4 and #3. Litecoin was seeing a small increase as the halving was nearing, most people feeling FOMO from the possible increase in Litecoin after the event, coming in 27 days.
Following a statement by the creator of Litecoin, Charlie Lee expecting over 90% dip in cost after the halvening, it appears to have created some amount of FUD in the crypto currency, causing a substantial amount of people to drop out of HODLing Litecoin.
While Lee believes that even if it simply halves the mining reward, everyone will still be forced to reorganize in various ways and many miners might even decide to turn off their machines because it might no longer be convenient to mine. Lee himself no longer owns any LTC, as he did not want to be deemed responsible for taking advantage of his influence to drive the price of LTC.
Currently LTC sits at $120.95 value, with a lower change over the past 24 hours if compared to BCH, at 0.95%. Whereas BCH is sitting at 2.77% increase and $423.82 value. The market cap is extremely close, only $10 million difference, with BCH being $7,578,646,746 and LTC being $7,569,344,793.
Although all of this is just speculation, the possibility of Litecoin dropping drastically is still quite possible and people must be mindful and keep a close eye on the price. Though, that might not help much as the price could drop in a matter of seconds.