As the Litecoin halving approaches, there is growing momentum and sentiment surrounding the asset. Previous cycles have seen significant price movements for Litecoin, which have preceded similar moves for Bitcoin.
OKlink, a Chinese blockchain explorer, has reported that the Litecoin halving is just 100 days away, with a predicted date of August 3, 2023. After the halving, the block reward will be reduced from 12.5 LTC to 6.25 LTC. Litecoin undergoes a halving event every 840,000 blocks, and the next halving is set to occur at block 2,520,000.
However, some other sources suggest that the halving could occur on August 2, slightly earlier than the predicted date, and just over three months away.
As the halving approaches, the cryptocurrency community is closely watching Litecoin, anticipating potential price movements and increased volatility.
Will Litecoin Price Pump?
Historically, Litecoin halvings have been known to trigger bull cycles in the crypto market. LTC tends to experience price movements before Bitcoin, which has its halving event the following year.
During the previous halving in 2019, there was a significant surge in LTC prices. After a bearish 2018, Litecoin rallied by 375% in 2019, starting the year at around $30 and peaking at $143 in June, just before the halving on August 5th. However, the asset retreated and ended the year near its starting price.
Nevertheless, when the crypto bull market gained momentum in November 2020, Litecoin saw another surge in prices. In May 2021, LTC hit an all-time high of $410, preceding the market peak in November of that year.
Looking even further back, there was a similar surge in LTC prices before the August 2015 halving. Often referred to as the 'silver to Bitcoin's gold,' Litecoin saw an increase of over 440% from April to July of that year.
As the upcoming Litecoin halving approaches, many are keeping a close eye on LTC's price movements, anticipating potential opportunities for profit.
Will History Rhyme for LTC?
If previous patterns repeat themselves, Litecoin could potentially experience significant gains in the next few months as it transitions from a bear to a bull cycle. This would mean that the asset could potentially exceed the $100 mark, despite the current market correction.
However, at present, Litecoin's price is retreating from its 2023 high of $104, which was recorded on April 18. The asset has experienced a significant pullback, falling 16% and currently trading at $87.70 at the time of writing.
Litecoin has experienced a 3.4% gain in the last 12 hours, which is a positive move that counters the overall trend of the crypto market. Nevertheless, the asset is still down by 78.5% from its peak. However, the coming months may hold some interesting developments for Litecoin investors.
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Source: beincrypto
image Source:Photo by Kanchanara on Unsplash
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Disclaimer
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
