According to Chinese blockchain explorer OKlink, the next Litecoin halving is only 100 days away. The platform predicts that the halving will take place on August 3, 2023. The block reward will be lowered from 12.5 LTC to 6.25 LTC following the Litecoin halving. For every 840,000 blocks, Litecoin is halved, and the next halving is scheduled for block 2,520,000.
Other odds estimate that it will come on August 2, just over three months away.
Litecoin halvings fueled previous crypto market bull runs. The asset usually moves ahead of Bitcoin, which has its halving event the following year. LTC made a substantial move in the run-up to its previous halving in 2019. After a harsh bear market in 2018, Litecoin increased by 375% in 2019.
It started the year at roughly $30 and spent the next six months climbing. LTC reached a high of $143 in June 2019, just a few weeks before halving on August 5 of the same year.
Nonetheless, it spent the remainder of 2019 in retreat, ending up not far off the starting price – around $40. Litecoin, on the other hand, soared when the bull market really took off in November 2020.
LTC prices peaked at $410 in May 2021, just before the crypto market peaked in November of the same year. Going back even further reveals a similar increase in LTC pricing prior to its halving in August 2015. From April to July of that year, the’silver to Bitcoin’s gold’ increased by more than 440%.
If history repeats itself for Litecoin during this cycle (transition from bear to bull), the following few months could witness significant increases. As a result, despite the recent market slump, a return to three figures could be in the cards.
LTC prices are currently declining from their April 18 peak of $104 in 2023. The asset has dropped 16% in value to trade at $87.70 at the time of writing. LTC has risen 3.4% in the last 12 hours, outperforming the total crypto market. It is still down 78.5% from its high, but the next several months might be intriguing for LTC investors.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.