LTC Halving: Anticipation Builds Third Halving Event Inches Closer
Summary: The Litecoin (LTC) halving event, scheduled for 2023, is a highly anticipated network event in the cryptocurrency space. Many believe that the shortage will positively impact the price of LTC in the near future. The halving event happens automatically, without any involvement from the Litecoin Foundation.
One of the most anticipated network events in the cryptocurrency space is the Litecoin (LTC) halving. The whole year of 2023 was devoted to getting ready for the next Litecoin halving.
Despite the lack of any specific preparation on the part of the Litecoin protocol, the promotion has agitated the community to the point that many members hold the view that the resulting shortage will have a favorable effect on the price of LTC in the near future.
High Volatility Expected
The first halving event was recorded on August 25, 2015, making the next halving the third for the Litecoin network. The second occurred on August 5, 2019, and the third is scheduled for later this week. As a result of the halving event, Litecoin miners will have their payouts cut in half, from 12.5 LTC to 6.25 LTC.
The Litecoin halving event happens automatically, without any involvement from the Litecoin Foundation, much like other well-known Proof-of-Work (PoW) systems. The confidence that the next Halving event will again be successful has been significantly bolstered by the success of the last event.
One of the most critical hypotheses is that the halving event will increase LTC prices. Litecoin is now trading at $92.21, up 1.17%.
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The halving is expected to provide the necessary push for LTC to revisit its prior 52-week high of roughly $114.50, according to the most bullish forecasts. According to on-chain statistics, the ATH for Litecoin is $412.96, although advocates of the Litecoin blockchain expect this to be breached in the months after the halving.