Litecoin, which ranks 12 in terms of the global market cap according to CoinMarketCap.
- Litecoin halving is set to occur in 100 days.
- The halving will cut down the block reward from 12.5 LTC to 6.25 LTC.
- The next halving is expected to happen at block 2,520,000.
Litecoin halving is set to occur in 100 days, and the community is expecting a price surge. In the realm of cryptocurrencies, halving refers to a process where the block reward given to miners for verifying transactions on the blockchain is reduced by 50%. This means that miners receive fewer coins for each block they mine.
According to the details, the Litecoin halving is set to take place on August 3, 2023. The upcoming Litecoin halving will result in a reduction of the block reward from 12.5 LTC to 6.25 LTC. These halving events occur every 840,000 blocks, and the next one is expected to take place at block 2,520,000.
The entire vision of the halving process is to curb the inflation of cryptocurrency. This in turn is also expected to create scarcity, which can help with the price hike.
Will LTC witness a price jump?
Based on historical patterns, there is a possibility that the price of LTC could start to rise as the Litecoin halving event approaches. However, other factors such as market conditions, investor sentiment, competition, and regulatory changes could also influence the price of the asset. Therefore, it is important to consider a range of variables that could impact the value of Litecoin.
Litecoin, which ranks 12 in terms of the global market cap according to CoinMarketCap, is trading at $88.29 at press time. LTC shot up in price and touched its all-time high of $412 on May 10, 2021. However, the coin is down 78% from its all-time high.
The possibility of a price jump after the halving process is negotiable as it is dependent on numerous factors.