Crypto & Blockchain News

Half Litecoin Is Only 100 Days Away, Will LTC Price Recover?

[ad_1]

According to Chinese blockchain explorer OKlink, Litecoin’s next halving is only 100 days away. The platform predicts the halving will take place on August 3, 2023. The block reward will be lowered from 12.5 LTC to 6.25 LTC after the Litecoin halving. For every 840,000 blocks, Litecoin is halved, and the next split is scheduled for block 2,520,000.

Another opportunity predicts that it will come on August 2, more than three months away.

The Litecoin halving sparked an earlier crypto market bull run. The asset usually moves ahead of Bitcoin, which has a halving event the following year. LTC made substantial strides towards its previous halving in 2019. After a violent bear market in 2018, Litecoin increased by 375% in 2019.

It started the year with roughly $30 and spent the next six months climbing. LTC hit a high of $143 in June 2019, just weeks before halving on August 5 of the same year.

Nonetheless, it spent the rest of 2019 in a downturn, ending up not far from its starting price – around $40. Litecoin, on the other hand, was surging when the bull market really took off in November 2020.

The LTC price peaked at $410 in May 2021, just before the crypto market peaked in November of the same year. Going back further reveals a similar increase in the price of LTC prior to its halving in August 2015. From April to July of that year, ‘Bitcoin silver to gold’ increased by more than 440%.

If history repeats itself for Litecoin during this cycle (transition from bear to bull), the next few months could witness significant increases. As a result, despite the recent market downturn, a return to three figures is possible.

The LTC price is currently declining from its April 18 peak of $104 in 2023. The asset value is down 16% 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 few months may be interesting for LTC investors.

[ad_2]

Source link

Related Articles

Back to top button