Litecoin seems to be doing well despite the general setback in cryptocurrency. The anticipated LTC halving could be the likely reason for the rally.
Since the 11th of March, the Litecoin price (expressed in USD) has been on a positive trend, despite some minor setbacks along the road. Yet it is its price increase over the last two days that has captured the attention of cryptocurrency traders and investors.
How is Litecoin doing today?
What is driving the price of Litecoin higher?
The impending halving of Litecoin’s supply in 2023 is the primary reason for the recent spike in the price of Litecoin. Cryptocurrency trader and analyst Rekt Capital published a message on Twitter today with the headline “Important not to forget about the #LTC Halving this coming August 2023.” The tweet encourages users to bear in mind that it is “important not to forget about the LTC Halving this coming August 2023.”
Since roughly 91 percent of the blocks needed for the halving to take place have already been created, the Litecoin community is already making preparations for the halving of LTC’s supply. According to the most recent forecasts, the LTC will split in half at a block height of 2,520,000.
At the time of this publication, there were around 77,000 blocks left to reach the requisite block height.
In preparation for Litecoin halving in 2023, market analysts anticipate that LTC will continue to build on its recent upward trend. Moreover, the cryptocurrency market as a whole has been recovering since January, although this trend has waned somewhat over the course of the previous few days.