The much-expected Litecoin halvening is due in less than an hour and it will get LTC miners’ reward reduced in half.
Since such an operation reduces the amount of coins minted and sent to the circulation, it makes the price increase. This is what the Litecoin community is very much looking forward to.
‘People expect a rise’
The coming event will bring down the reward for each newly mined LTC block from 25 LTC to 12.5 LTC for miners. Not long ago, the community complained of poor tech advances undertaken by the LTC team recently. Still, the LTC Foundation was quick with its response and released a wallet that was meant to support confidential transactions.
On Sunday evening, the LTC price declined slightly over 3.54 percent, just the evening before its halving. However, at press time, the coin is showing a rise as market participants are buying LTC in hopes of seeing the price go up.
The community expects that the halving, making LTC scarcer than before, will make the price surge substantially.
Litecoin’s previous highs
In 2017, Litecoin reached its all-time high of over $300. At the start of 2019, LTC went up from $30 to about $61, gaining 100 percent of its value. In June, LTC hit the $145 level but then faced a drawdown in its price together with Bitcoin.
At present, the asset is trading $97.47, demonstrating a nearly 6-percent rise.
Many on Twitter are wishing luck to the Litecoin Foundation with the coming event.
Recently, Charlie Lee has spread the word that the next halving would take place in 2023 – three years after the approaching BTC reward cut.