It will be just a few hours till Litecoin’s third halving. Since the block reward will automatically change from 12.5 to 6.25 LTC, Litecoin will have a stable money supply and a deflationary effect.
Later today, the Litecoin Network—which was established as a fork of Bitcoin in 2011—is scheduled to carry out its third halving of mining rewards, which will reduce the rate at which the quantity of its native cryptocurrency, LTC, grows.
The website litecoinblockhalf.com predicts that Litecoin’s third halving will probably take place on Wednesday around 3:15:37 p.m. UTC.
The OKLink analytics software indicates that the incident will happen in around four hours. As of this writing, there are three hours and forty-nine minutes left in the countdown. For this event, there are now 107 blocks remaining.
Prior to the halving event, Litecoin’s network fundamentals are rapidly improving. As the anticipated halving draws near, the hashrate of Litecoin is continuing to reach new highs, according to on-chain monitoring tool IntoTheBlock.
The present trend is gaining speed, in contrast to the last halving, when the hashrate was declining before the event.
Litecoin price action
As of the time of writing, LTC was up 28.8% year to date, trading at $91.36. Like previous pre-halving price surges, the cryptocurrency saw an increase in the first half of its value.
On the day of its halving, the price of Litecoin has not moved, however it has increased little over the past 24 hours by 1.18%. The pre-event rallies suggest that traders may have priced in the halvings ahead of time, taken gains, and then bided their time for a Bitcoin bull run.
Crypto expert Ali uses on-chain data to illustrate the present state of the LTC price. “Prior to the halving, Litecoin trades between two major supply barriers. Between $87 and $90, when 625,000 addresses purchased 7.8 million LTC, one serves as support. Between $90 and $93, when 590,000 addresses possess 6 million LTC, the other one serves as opposition.”
