In keeping with a tweet posted on Sunday, March 5, Litecoin’s highly-anticipated halving occasion is ready to happen within the subsequent 150 days. Which means that the newest and third halving of Litecoin cryptocurrency will occur on August 4, 2023.
Litecoin halving is a serious occasion that happens when the reward for mining LTC transactions is slashed in half. The occasion, which takes place as soon as each 4 years, reduces the speed at which new cash are produced and thus lowers the accessible quantity of latest provide, at the same time as demand rises. The aim of the halving is to protect the buying energy of the crypto asset.
Earlier Pre/Publish Halving Occasions Trace LTC Value To Rally
Since Litecoin’s launch in 2011, two main halving occasions have occurred for the crypto asset. The primary one occurred in August 2015, which slashed its block reward from 50 LTC to 25 LTC. The second which occurred in August 2019, lowered the 25 LTC reward to 12.5 LTC.
The upcoming Litecoin halving which might be third in historical past, slated to happen in August 2023, would scale back the present block reward of 12.5 LTC per block additional down to six.25 LTC per block.
Litecoin halving is an occasion to recollect as a result of it contributes to LTC shortage and deflationary. The variety of Litecoin mined per block will proceed to scale back by half, roughly each 4 years, till the present provide of 84 million LTC is mined. That is anticipated to happen someday round 2144.
The earlier two consecutive halving occasions had contributed to the altcoin’s worth surge. A 50% drop within the variety of Litecoin minted resulted in an uptick within the asset’s worth.
Primarily based on the previous worth evaluation, the earlier two halving occasions occurred after a risky LTC worth cycle related to an enormous worth spike, adopted by an enormous correction, a worth decline, and a restoration to a worth surge.
After the occasions, LTC’s worth corrected from its excessive creating one other backside and adopted it with one other large worth rally to a brand new file excessive.
Market analysts count on Litecoin worth to undergo the identical trajectories related to the 2015 and 2019 halving occasions.
Litecoin Value Motion
The halving announcement comes when Litecoin worth is buying and selling low amidst the current crypto downtrend triggered by detrimental information about Silvergate insolvency problem.
On the time of writing, Litecoin is presently buying and selling at $87.99, down 3.13% within the final 24 hours and seven.70% down within the final seven days.
The buying and selling quantity of LTC has been $415,444,930 within the final 24 hours, representing a 6.50% improve from the day past, displaying a current uptick in its market actions.
Litecoin reached its highest worth of $410.26% on Could 10, 2021, which suggests the present worth is down 78.60% from its all-time excessive worth.
LTC’s present market cap is $6,372,049,864, which means that the crypto is ranked #13 among the many largest crypto property by market cap, based on Coinmarketcap.
With a worth decline of seven.70% within the final seven days, LTC is underperforming the worldwide crypto market, which is presently down 4.90%, whereas Bitcoin is down by 5%.
Featured picture from Unsplash, Chart from TradingView