How will the August halving affect the value of Litecoin?

  • Dmitrey Slavskyi
  • 15:01 Mar 08, 2023
  • 243
How will the August halving affect the value of Litecoin?

Litecoin (LTC) developers have reminded us that halving - reducing miners' reward for mining a block - will take place on August 4, 2023.

This event occurs every four years and affects the value of digital currency.

This year's halving will take place in less than 150 days, according to a statement from the developers of LTC. Its result will be a decrease in the rate of new coin production.

Thus, the volume of cryptocurrency in circulation will be reduced.

The purpose of halving is to maintain the investment appeal of cryptocurrency.

In August, the reward of mining pools for mining a block will be reduced from 12.5 LTC to 6.25 LTC.

Previous halvings took place in 2015 and 2019. Miners' remuneration fell from 50 LTC to 25 LTC, and then from 25 LTC to 12.5 LTC.

 A total of 84 million LTC will be mined, mining will end around 2144. According to CoinMarketCap, the altcoin supply is now 72,434,977 LTC.

 Analysts predict the value of Litecoin will rise before halving in 2023.

A similar trend was observed in 2015 and 2019. For example, four years ago the exchange rate of LTC rose from $60.46 to $141.85, but after the halving the altcoin fell to $54.9.

Today, Litecoin is trading at $85.37. During the week, the cryptocurrency's capitalization plummeted almost 13% to $6.184 billion.

On May 10, 2021, LTC reached $410.26.

Analysts believe the digital currency will trade above $100 next summer. Litecoin could, as in 2019, approach $150.

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