Litecoin (LTC), the 4th largest cryptocurrency by market capitalization obviously conforms to the price fluctuation battling other digital currencies in the crypto market, led by Bitcoin (BTC).
The first of its kind halving underwent by LTC took place on Aug 26th 2015, which led the digital asset into a consolidation phase that preceded a rise in price. Litecoin will undergo another halving in ten days’ time. How could this benefit LTC traders and investors?
Litecoin, one of the early forks of Bitcoin (BTC) has been trending up and down in terms of price, with other digital currencies in the market. Sometime this year, LTC traded slightly about $150, a feat which some crypto pundits claimed it could maintain, but later failed to hold its supports.
As at then, before its nosedive below, Litecoin was surging independently without bowing to the sovereignty of the largest cryptocurrency by market cap, Bitcoin. Howbeit, LTC has since lost the price surging trend it initially showcased, an appreciation its community members (investors and traders) would like to witness again.
Litecoin is now very close to its second halving ever and much expectation for likely price uptrend is already in place. At the time of filing this report, LTC is trading at $93.37, with about 2% price decrease in the last 24 hours.
How the Last Litecoin (LTC) Halving Played Out
Exactly how Bitcoin (BTC) undergoes halving, Litecoin (LTC) as well experiences same every 4 years. After 840,000 LTC are mined, the daily supply of miners will be reduced by halve. This will mathematically reduce the miners’ total supply by 50%.
Litecoin (LTC) came to existence in October 2011, but its first halving took place on August 26th, 2015. Back then, miners’ block reward was reduced from 50 LTC to 25 LTC. About two days later, the price of the digital currency experienced over 500 percent increase.
The benefit of the halving was not limited to the aforementioned; Litecoin’s block reward remained on top for quite some months, investors also smiled to the bank afterwards.
What to Expect in Ten Days’ Time, as another Litecoin (LTC) Halving Knocks
Litecoin miners presently mine one LTC per 2.5 minutes, with block reward of 25 LTC. This is expected to decrease by 50% in the next 10 days.
This will equally result in significant reduction in supply, which would positively impact the price of the digital currency. However, Litecoin Miners would be at the losing side when LTC price falls below the breakeven point.
Reactions of Litecoin (LTC) Community Members to the Upcoming Halving
Litecoin (LTC) community members are earnestly awaiting the benefits which the much talked about halving could bring. Enthusiasts and investors of the cryptocurrency have been echoing this for months.
A Big fan and investor of cryptocurrencies and blockchain also reminded the crypto sphere of the upcoming halving. He summarised the trend and benefit of the last Litecoin halving, wishing for the scenario to replay.
He said “Today it’s only 10 days until the Litecoin Halving! Litecoin has only had one halving to date, which occured on Aug 26th 2015. At the time it led LTC into a consolidation phase before it slowly started to rise in value. It will be interesting to follow it on it’s 2nd halving!”
Today it's only 10 days until the #Litecoin Halving!
Litecoin has only had one halving to date, which occured on Aug 26th 2015. At the time it led $LTC into a consolidation phase before it slowly started to rise in value.
It will be interesting to follow it on it's 2nd halving! pic.twitter.com/b6E6DqmpTT
— CryptosBatman ⚡ (@CryptosBatman) July 26, 2019