Litecoin (LTC) enthusiasts are eagerly awaiting the upcoming halving event scheduled for Wednesday, August 2, 2023. This event is expected to mirror the Bitcoin halving event that often triggers another bull market.
In about 95 days from today, the Litecoin network will lower the block reward to about 6.25 LTC units at a block height of 2,520,000. Currently, Litecoin miners have been rewarded 12.5 LTC units for each block they mine. At the Genesis block, Litecoin miners received 50 LTC units, but the first halving took place on August 25, 2015 and reduced the reward to 25 LTC units.
With a hash rate of about 675.42 (TH/s), Litecoin miners are distributing freshly minted coins to more than 8 million holders, according to on-chain stats.
The volume of Litecoin social activity on Twitter has increased significantly since the start of the year, according to reports. Interestingly, the positive Litecoin mentions on Twitter are almost retesting the highs of the 2021 bull market. The impending halving is believed to be the main reason for the surge in social activity, and if history repeats itself, it could spark another bull market.
As of now, Litecoin is trading around $90, representing a 26% increase since the start of the year. According to aggregated data from Coingecko, it has a market cap of $6.1 billion and a 24-hour trading volume of about $1 billion.
Litecoin price has been consolidating around the same zone since reaching its all-time high during the 2017/2018 bull market. However, with the upcoming halving event, the price of Litecoin is expected to break out and possibly reach a new all-time high. Since the 2017/2018 bull market, Litecoin has not been involved in another major bull market.
