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Since its inception, Litecoin has undergone two halving events. The first occurred on August 25, 2015, reducing block rewards from 50 LTC to 25 LTC. The second halving, on August 5, 2019, further decreased rewards to 12.5 LTC.
According to the Litecoin halving tracker, the next halving is expected around August 3, 2023, which will cut block rewards to 6.25 LTC. The final halving for this proof-of-work cryptocurrency is estimated to take place around 2142, when Litecoin will reach its maximum supply. As of now, Litecoin’s circulating supply stands at over 72 million coins, with daily mining rewards averaging 7,200 LTC.
Impact of Litecoin Halving Events
Historical data shows that Litecoin typically experiences significant price fluctuations around halving events. Prior to each halving, the price tends to bottom out, followed by a rally that peaks near the event. After the halving, a price correction often occurs, eventually leading to a post-halving phase of exponential price growth.
Analysts anticipate a similar trend for the upcoming halving, based on patterns observed during the previous two events. For example, in the weeks preceding Litecoin’s first halving in August 2015, the price peaked near $10, while in 2019, Litecoin reached a local top of around $340 in June before the August halving. Notably, Litecoin prices have typically bottomed out about six to seven months prior to these rallies.
Litecoin’s Current Price Movements
Analysts observe a pattern similar to the pre-halving trends of 2015 and 2019, where post-halving lows are typically higher than pre-halving lows. Litecoin has been on a steady upward trajectory since the start of the year. Following a 130% recovery since its June 2022 bottom, the coin is predicted to achieve gains exceeding 200%, potentially surpassing $100 in value.
Market forecasts suggest Litecoin could reach as high as $180 by July 2023, just before the halving. With 86.08% of the total supply already mined, the coin might see a stronger post-halving rally compared to previous events.
What Lies Ahead for Litecoin
Overall, 2023 is projected to be a bullish year for the crypto market. Litecoin’s deflationary design makes it a potential hedge against inflation. If the upcoming halving follows the pattern of prior events, Litecoin could enter a breakout phase leading into 2024, coinciding with Bitcoin’s next halving scheduled for Q1 2024. By reducing its coin supply, Litecoin becomes scarcer, potentially driving up its value.
The combination of limited supply and Litecoin’s popularity as a leading payment cryptocurrency could contribute to price increases, provided demand remains steady or grows. Currently, Litecoin accounts for over 25% of transactions on BitPay. Additionally, LTC recently surpassed Shiba Inu (SHIB) in market capitalization and ranks high on various price-tracking platforms like CryptoChipy.
With just over 200 days remaining until the halving, Litecoin’s block rewards will decrease from 12.5 to 6.25 LTC. This event is expected to occur around August 3, 2023, after the mining of an additional 116,000 blocks. The 2023 halving is highly anticipated within the cryptocurrency community, with many speculating on its potential impact on the market.
