Litecoin (LTC) Halving to Go Live in 150, Here Are Key Trends to Watch
Litecoin (LTC), despite its recognition as one of the top legacy blockchain protocols, has joined the list of altcoins whose prices have been in a downtrend all week long. The cryptocurrency has dropped approximately $2.75 in its price, atop a 3% drop over the past 24 hours. At the time of writing, the coin is changing hands at a spot price of $88.04. While this gloom persists in the short term, many Litecoin proponents are already looking forward to the long term. This longer term is embodied in the much-awaited halving event which, according to current estimates, is bound to go live in just about 150 days.
One of the revolutionary aspects of Litecoin is its deflationary model. This means that the amount of Litecoin mined decreases over time, by 'halving' every 4 years and thus become scarcer over time. #Litecoin ⚡— Litecoin (@litecoin) March 5, 2023
The next Litecoin halving will be in 150 days. pic.twitter.com/C6BUtu3pow
Litecoin halving is a networking event that has been enshrined in its code and set to go live once about every four years. Through halving, the Litecoin network will extend its deflationary status, as the rewards paid out to miners will be reduced by 50%.
The same trend applies to the Bitcoin blockchain, and one crucial trend to watch in the near term is that Litecoin will experience an influx of additional miners. The rationale is simple: with a reduced supply,
LTC is bound to be more valuable in the long term, and many will want to be a part of this growth. Impact on price There is tons of historical evidence that show halving is good for price in the long term,
and as the date draws near, we can expect another predictable trend that will involve enhanced price growth in the midterm. As more investors anticipate the next halving, many are bound to start injecting their capital into acquiring the LTC coin in hopes that they may cash in on the uptrend in the near future. With more publicity from the protocol and its community, we can expect this cash influx to kickstart anytime.