Litecoin Halving 2023: Predictions and Crypto Market Impact
- Litecoin halving is approaching on 2nd August 2023.
- This third Litecoin halving would drop to 6.25 LTC.
The crypto market is approaching its halving event coming up for various coins. The recent upcoming halving event is Litecoin’s which is scheduled on August 2, 2023. This is termed to be the third halving event on Litecoin which will occur once the mining of the 2.52Mth block happens. Let’s dive in to know more about Litecoin Halving 2023.
What is Litecoin Halving?
The term ‘Halving’ refers to an event in crypto that occurs when the block reward is cut in half every four years in count approximately. Here, Litecoin is one of the cryptocurrencies that undergoes halving for every 840,000 blocks getting mined.
(Source: TheNewsCrypto)
Considerably, the next halving is scheduled on August 2nd, 2023 which drops the block reward to 6.25 LTC from the first-ever block reward which is 50 LTC. It is noted that the first Litecoin halving happened in 2015 (halved to 25 LTC) and then in 2019 (halved to 12.5 LTC) for the second time.
Due to halving, the LTC community anticipates Litecoin’s price to be involved in larger engagement among investors and miners so that it becomes valuable over time.
Impact of LTC Halving
As per the prediction of crypto analysts, the Litecoin halving would probably spike the market price of LTC due to scarcity whereas others point out that there could be a sell momentum as the holders and miners might balance their amounts with that.
Meanwhile, the impact would purely depend on the crypto market and the demand for the LTC at the time of halving. It is expected that the effect of Litecoin halving will profoundly hit the LTC pricing in either way mentioned.
Details of Litecoin Halving
Considering the chronological order, the block height called ‘genesis’ was mined a decade ago on 7th October 2011. At that time, the block reward was set as 50 LTC. Secondly, when 840,000 blocks are mined in which the first halving hit and the block reward halved to 25 LTC, in 2015.
Litecoin Halving Records (Source: TheNewsCrypto)
Meanwhile, in 2019, the second halving happened when the block height reached 1.6M thereby the reward was reduced to 12.5LTC. Now, as per the stats, the upcoming third Litecoin halving would drop by 6.25LTC where the block height reaches 2.52M.
Bitcoin Halving vs Litecoin Halving
(Source: TheNewsCrypto)
Concerning the limited supply of Bitcoin which is 21M, the halving creates more demand and value with the price surge. Likewise, Litcoin has its total supply reporting to 84M which is four times more than BTC. So, if the Litecoin halving happens, scarcity would probably arise, and the impact may or may not include the price surge as depicted.
Current Status of Litecoin (LTC)
According to CoinMarketCap, Litecoin (LTC) is priced at $94.39. This enlarges the community with a trading volume spike of around 8.85% for $519,585,417 at the time of analysis. Furthermore, the circulating supply has reached 87.38% of the total supply.
Litecoin (LTC) 24H Price Chart (Source: CoinMarketCap)
The total tokens that are active include 73,402,127 overall. Over a week, LTC is facing a drop of around 6.43% yet the traders and investors are involved in trading LTC for an increase of about 11.48%. Moreover, the graph exhibits a bearish market throughout the week than the first.
Litecoin’s Future Price Prediction
Regarding the current market status of LTC, the resistance and support levels of Litecoin were predicted through the analysis. The resistance level 1 and 2 range by $97.54 and $134.57 respectively whereas the support level 1 and 2 range by $74.61 and $55.46 respectively.
Comparatively, the litecoin price prediction for the next five years is anticipated to be bullish and bearish separately. According to the bullish price for the consecutive five years, it raises to $155, $183, $210, $269, and $313. Likewise, the bearish price for the upcoming five years tends to fall by $59, $67, $79, $86, and $100.
Litecoin Mining Summary
The crypto market with respect to Litecoin has been facing difficulty for over a week. Currently, 26.6054M is the LTC mining difficulty and the hash rate is about 775.68 TH/s. On a daily basis, the Litecoin mining reward is around 7,200 LTC.
The current block reward is 12.5 LTC and the total blocks of around 2,512,202 are mined so far with a transaction fee average of $0.0010 (approximately 0.00001087 LTC).
Conclusion
Apparently, the upcoming halving event will be effective for investors. The sequential every four years impact the crypto investors but much lesser than Bitcoin halving. The event would highlight the scarcity as already 87% of coins are mined and the rest are yet to be in demand. Considering Litecoin’s price rally, the crypto marketplace would reflect back on digital assets.
Disclaimer: The opinions expressed in this article are solely those of the writer and not of this platform. The data in the article is based on reports that we do not warrant, endorse, or assume liability for.
Read more: https://thenewscrypto.com/litecoin-halving-2023-predictions-and-crypto-market-impact/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
