Litecoin Halving 2023
• The third Litecoin halving is expected to take place this week, when the block reward will be reduced from 12.5 LTC to 6.25 LTC
• Crypto experts believe that Litecoin’s value could rally to a new high this year after the halving
• Long-term investors have had the chance to buy low as Litecoin’s price has consolidated in a macro wedge pattern
Halving Effect on Price
The long-awaited Litecoin halving event has historically triggered increased volatility amid high traded volume. With Litecoin price up only 15 percent YTD, to trade around $90.6 on Tuesday, a faction of crypto experts believes that the cryptocurrency’s value could rally to a new all-time high (ATH) following the halving event. Moreover, Litecoin’s price only surpassed its prior ATH by less than 10 percent during the 2021 crypto bull market following its 2019 halving event. Additionally, Litecoin’s price has consolidated in a macro wedge pattern, which has given long-term investors a chance to buy low and accumulate coins while waiting for the post-halving effects.
Increased Mining Hash Rate
Furthermore, Litecoin’s mining hash rate has increased exponentially in the past year to about 800 TH/s, with its difficulty standing around 25.64 M. According to on-chain data, Litecoin’s transactions have continued to scale from more than 9.7 million holders to about 172,161,987; 11 million coins remain unmined out of 84 million total supply of LTC .
Increased Demand Pre-Halving
Market intelligence platform Santiment reported that mid-tier holders (accounts with between 100–10k coins) have been loading up their bags in preparation for post-halving effects; they have accumulated over 18 million LTC in just two weeks despite price consolidation seen in daily and weekly time frames. This aggressive accumulation means that whales and dolphins are hoarding up large amounts of coins before the halvening takes place and further drives up demand for LTC ahead of time.
Conclusion
Overall it appears that there is immense interest surrounding this upcoming third litecoin halvening taking place this week; with whales and dolphins accumulating huge amounts of LTC before it happens and mid tier holders buying into it too – potential indicates that we may see an uptrend following soon after it occurs or at least some sort of sustained market activity as investors wait for prices to move higher afterwards.
