This catalyst could soon drive the Litecoin price up

• litecoin was one of the most powerful large cap coins.

• The countdown for halving Litecoin has started, 130 days.

litecoin The price has recovered sharply in the past few days because investors reposition themselves for the upcoming halving event. LTC has been one of the most powerful cryptocurrencies since June last year with an increase of over 130 %. Litecoin was traded at $ 92.17, which was about 40 % below the low this year.

ltc-half-interconnection countdown

Halving is an important part of proof-of-work (Pow) blockchains such as Bitcoin, Dash and Bitcoin Cash, as it reduces the block rewards for miners by half. The aim is to reduce the supply even with increasing demand. As such, the concept tends to raise the prices of the coin.

litecoin, a well-known proof-of-work cryptocurrency, will go through his half-time event this year. Data compiled by Nice Hash shows that the next halving will take place on August 6th of this year, which means that it will still take about 130 days.

Halion of Litecoin will take place if the block height increases from the current block height from 2.446 million to 2.52 million. This halving event takes place every four years and will lead to the current block reward from 12.5 LTC to 6.25 LTC.

historically, cryptocurrencies tend to climb before halving. For example, Bitcoin jumped up strongly before his last half -time event in May 2020. Shortly afterwards it retired.

The Hash rate of Litecoin has been in a strong downward trend in the last few days. It is currently 710 Th/s and thus under her maximum value of 785 Th/s. The hash rate is important data that show the condition of a proof-of work cryptocurrency.

litecoin price forecast

ltc-chart of tradingView