• Litecoin (LTC) is set to undergo its third halving event on July 19, 2023.
• Prior to the first and second halvings, Litecoin’s prices rallied by 820% and 550%, respectively.
• Market analysts predict that Litecoin may mirror Bitcoin’s price action during its halving events.
On July 19, 2023, Litecoin (LTC), a cryptocurrency inspired by Bitcoin, will undergo its third halving. This event is highly anticipated by market analysts, as they predict that Litecoin’s price actions may mirror those of Bitcoin during its halving events. At a block height of 2,520,000, Litecoin miners will begin receiving a block reward of 6.25 LTC, down from the current reward of 12.5 LTC.
The crypto trader and analyst Rekt Capital has illustrated that Litecoin tends to rally more post-halving than pre-halving. According to Rekt Capital, prior to Halving 1, LTC bottomed 122 days and rallied +820 per cent. Similarly, prior to Halving 2, LTC bottomed 243 days and rallied +550 per cent. Signs of a rally in anticipation of the halving can already be seen, with LTC’s price up approximately 20% in the past 14 days, currently trading around $82.08. As of Wednesday, Litecoin has a reported market capitalization of approximately $5,915,676,673 and a trading volume of approximately $678,675,992 in the past 24 hours.
The upcoming halving event is expected to reduce the supply of Litecoin, and this has caused increased speculation among crypto traders. Market analysts believe that Litecoin’s price action will mirror that of Bitcoin’s during its halving events, and that this event will have a positive impact on the price of Litecoin. Analysts are also optimistic that the halving event will provide a much-needed boost to the cryptocurrency market, as this event could be the catalyst for a new bull run.
Ultimately, the halving event will be a major event for the cryptocurrency industry, and the effect it will have on the price of Litecoin remains to be seen. However, with the anticipation and speculation surrounding the event, it is likely that the halving will have a bullish outlook for the cryptocurrency.