Litecoin momentum and sentiment started to show as the asset approached the halving. Previous cycles saw the LTC move big ahead of its big brother.
According to Chinese blockchain explorer OKlink, there are only 100 days left until the next Litecoin halving. The platform has predicted that the halving will occur on August 3, 2023.
After the Litecoin halving, the block reward will be reduced from 12.5 LTC to 6.25 LTC. Litecoin halving events occur every 840,000 blocks, and the next halving is scheduled at block 2,520,000.
However, other counters indicate that it may be August 2, just over three months away.
Will it pump the price of Litecoin?
Previous bullish cycles in the cryptocurrency market were catalysed by the Litecoin halving. The asset tends to make a move ahead of Bitcoin, whose halving event will be in the following year.
There was a big move for LTC leading up to the previous halving in 2019. After the brutal bear market of 2018, Litecoin is up 375% in 2019.
It started the year around $30 and spent the next six months turning higher. LTC topped out at $143 in June 2019, a few weeks before its halving on August 5 of that year.
However, it spent the rest of 2019 in a slump, finishing initially priced around $40. However, when the bull market really picked up speed in November 2020, Litecoin exploded.
LTC prices skyrocketed to an all-time high of $410 in May 2021, which preceded the crypto market peak in November of that year.
Going back even further, it turns out that there was a similar pump in LTC prices before the halving in August 2015. The value of “silver vs. bitcoin gold” increased by more than 440% from April to July of that year.
Will history rhyme to LTC?
If history is to chime with Litecoin during this cycle (going from Bear to Bull), the next couple of months could see significant gains. Therefore, a return to above three digits could be on the table despite the current market correction.
LTC price is currently declining from its 2023 high of $104 on April 18th. The asset fell sharply with a 16% decline to trade at $87.70 at the time of writing.
LTC has gained 3.4% over the past 12 hours in a move that has challenged the cryptocurrency market in general. However, it is still down 78.5% from its peak, but the next couple of months could be interesting for LTC investors.
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.