Litecoin (LTC) Halving is Days Away, How High Can Price Rise?
State of the Litecoin Halving Event
The entirety of 2023 has been dedicated toward preparation for the forthcoming Litecoin Halving. While there is no special preparation by the Litecoin protocol, the sensitization has notably stirred the community who believes the scarcity that will be ushered in will have a positive impact on the price of LTC in the immediate future.
The coming halving event is the third the Litecoin blockchain will be experiencing with the first recorded back on August 25, 2015. The second halving took place on the 5th of August 2019 with the next one expected sometime in the coming week.
The first Halving event occurred on the 25th of August, 2015 at block height 840,000. The second Halving event occurred on the 5th of August, 2019 at block height 1,680,000.
The third is just days away!
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The implication of the halving event is that the rewards paid out to Litecoin miners will be slashed by half from 12.5 LTC to 6.25 LTC respectively.
The Litecoin Halving event, like other renowned Proof-of-Work (PoW) protocols, occurs by default without the need for any intervention from the Litecoin Foundation. The success of the previous Halving event is notably boosting the confidence that this forthcoming one will be a success as well.
The LTC Price Outlook
One of the most important assumptions is that the halving event will boost LTC prices according to different experts. Despite the bullish projections, at the time of writing, Litecoin is down marginally by 0.60% to $91.15.
On the upper end of the bullish predictions, many are optimistic that the halving will lend the needed boost for LTC to retest its previous 52-week high of around $114.50. Litecoin’s All-Time High (ATH) is pegged at $412.96 per on-chain data, a figure that proponents of the Litecoin blockchain believe can be breached in the months following this halving event.
Amidst the broad optimistic projection ahead of the halving, some analysts are already advocating caution with a thesis that the event might trigger a selloff for LTC coin. The coming week will hold a lot of significance into how high the price of Litecoin can grow post-halving and LTC is bound to be on many investors’ watchlists.