Litecoin pumps ahead of halving event in August 2023

Litecoin pumps ahead of halving , What do you expect ?

Litecoin (LTC) is another cryptocurrency experiencing price increases as its halving events near, following Bitcoin (BTC), with only three months until its halving in August, when the reward for mining new coins will split in half.

Does Litecoin Have a Halving?

Yes, Litecoin has a halving schedule of 840,000 blocks or roughly every 4 years.

The Litecoin Halving Cycle takes place every 840,000 blocks according to a predetermined Litecoin halving schedule defined in the Litecoin protocol.

Two Litecoin halving events have already taken place, the first in 2015 and the second in 2019.

The Litecoin halving in 2015 reduced the Litecoin block reward from 50 LTC each block to 25 LTC each block.

The last Litecoin halving event occurred in 2019 dropping the block reward in half from 25 LTC to 12.5 LTC per block.

When is the Next Litecoin Halving?

The first Litecoin halving date was in 2015 and the last Litecoin halving date was in 2019. The Next Litecoin Halving Event will take place on Thu, Aug 03, 2023 at 01:04:39 AM GMT (PROJECTED).

According to current data gathered on May 19, Litecoin has indeed approached the crucial $100 price milestone after flying to $92.22 in the early hours of May 19.

This represents a 21% gain from $77.06, where its price was nine days earlier, and reflects a 21% increase from the previous day.

In the meantime, LTC is currently changing hands at $92.22, which represents an increase of 3.64% on the day and 16.29% across the previous week, as the crypto asset reverses losses of 6.75% accumulated over the past month.

heightened activity

Meanwhile, LTC-20 crypto assets are “shaking up the network activity and supply distribution of wallets,” as noted by the blockchain analytics platform Santiment on May 12. This has led to a sudden, massive increase in the number of active Litecoin addresses.

On top of that, the number of Litecoin transactions per day is soaring as well, according to the chart from the leading onchain and financial metrics analytics platform Glassnode shared in a tweet published by Litecoin Foundation on May 10.

As a reminder, block halving takes place every four years on the Litecoin blockchain, and the next one should take place on August 2, 2023, at block 2,520,000, although the exact date might change in accordance with the network’s hash rate fluctuations.

Litecoin Halving Chart

The Litecoin halving chart shows the Litecoin block rewards (subsidy) halving schedule predetermined in the Litecoin protocol.

This Litecoin (LTC) block reward is given to the miner or pool when a Litecoin block is solved with a valid hash.

Litecoin supply is being cut in half; analysts expect it to reach $1100 and higher

The halving of Litecoin is a major event for the coin’s price because it reduces the supply that is accessible.

Currently, 12.5 LTC are given to the successful miner for each block of Litecoin that is successfully mined. The block reward, however, will be reduced in half to 6.25 LTC as of August 2.

The amount of $LTC that is accessible for trading is frequently increased by miners dumping the tokens they receive as block rewards onto the market. Block rewards will be cut in half, which implies the supply of $LTC will grow more slowly.

Price should increase if demand remains unchanged from where it is at this time.