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Litecoin Halving Nears Final Countdown, Bullish Rally Promised?

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Litecoin

Litecoin

  • Litecoin’s all-time high of $110 highlights its growing prominence in the market.
  • The upcoming third halving in four weeks fuels anticipation and market sentiment.

Litecoin, the eldest altcoin, rejoices in the week of remarkable achievements. On June 30, the coin reached an all-time high of $110, marking a significant milestone. Adding to it, the Litecoin network processed over a million transactions in the last week. And the clear testament to the positive sentiment surrounding the coin is attributed to the upcoming Litecoin halving event, scheduled to occur in less than a month.

However, For the past month, Litecoin had been trading in a stable red zone, showing minimal fluctuations. But Zooming out to a seven-day perspective, it has experienced a remarkable 14.29% increase, primarily driven by the surge witnessed yesterday which sent shockwaves through the crypto community considering a couple of days ago, it was trading around $81.

LTC 7D Price Chart, Source: CoinMarketCap

Present day, While the all-time high has slightly dipped, the coin has managed to maintain its elevated position. The price is up 10.70% with a current rate of $105.

Litecoin Halving In Four Weeks: Peaks Excitement

The positive trajectory largely attributes to the anticipation surrounding the upcoming Litecoin halving event. Scheduled for around August 2, 2023, the event will reduce the block reward for miners from 12.5 LTC to 6.25 LTC. Market sentiment perceives this reduction in block rewards as a bullish signal, contributing to the positive outlook.

The previous halving events in Litecoin’s history have also generated considerable excitement. The first halving occurred on August 25, 2015, at a block height of 840,000. Subsequently, the second halving event took place at a block height of 1,680,000 on August 5, 2019. Now, as the third halving approaches, the crypto market eagerly awaits the potential impact it will have on Litecoin‘s value.

With the halving event, the production rate of new LTC is tightened due to the reduction in block rewards. This increased scarcity contributes to the event’s bullish nature, as it reduces the supply of available coins. Consequently, many investors and market participants have hyped up the halving event, expecting it to have a positive effect on Litecoin’s price.

As Litecoin continues to make headlines with its achievements and the impending halving event, it has captured the attention of the crypto community. The recent surge in price, coupled with the increased transaction volume on the Litecoin network, solidifies its position as a significant player in the cryptocurrency market.

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