Litecoin halving cycle occurs every 840,000 blocks
The third halving in the history of Litecoin (LTC) is fast approaching, and it is one of the most widely anticipated events of 2023.
The Litecoin halving cycle occurs every 840,000 blocks, according to the Litecoin protocol's preset Litecoin halving timetable. There have already been two Litecoin halving occurrences, the first in 2015 and the second in 2019.
The 2015 Litecoin halving decreased the Litecoin block reward from 50 LTC to 25 LTC per block. The most recent Litecoin halving event occurred in 2019, when the block reward was reduced from 25 LTC to 12.5 LTC per block. The upcoming halving event will reduce Litecoin mining rewards from 6.25 LTC to 3.125 LTC.
The Litecoin halving has historically been associated with rising price potential, so anticipation is building ahead of the event, which takes place in around five days.
The countdown until the halving event is given by the OKLink analytics platform. At the time of writing, the countdown was five days and five hours, with an expected date of Aug. 2. This event currently has 3,005 blocks left.
As previously reported, Litecoin has attained a significant milestone in network transactions ahead of the big halving event, performing its 170 millionth transaction.
Here's price reaction
Drawing optimism from the upcoming halving event, Litecoin experienced an incredible price gain for most of June, peaking at $114 on July 3. Profit-taking followed, sending the price of LTC below the $100 barrier, where it presently trades.
At the time of writing, LTC had risen modestly in the previous 24 hours to $91.11. On the LTC daily chart, two things stand out: Litecoin is currently trading in a triangle pattern, and the daily moving averages are going to converge.
As a result, traders will look for the constriction of the LTC triangle formation, which might result in a breakout to the upside or downside. On the upside, the aim remains to surpass the $114 high, while support may be expected at the $80 level in the event of a decline.