"Some people say up and some say down, which one is this?"
Investors since the beginning of 2023 have been preparing for the upcoming Litecoin (LTC) halving event as they believe the price will see a drastic rise from its current level.
It was reported that the first LTC halving event took place on August 25, 2015, then the second happened on August 5, 2019 and the third time is expected to appear in a few weeks.
It is widely known that the halving event means that the reward paid to LTC miners will be halved from 12.5 LTC to 6.25 LTC.
The LTC halving event, like other well-known Proof-of-Work (PoW) protocols, takes place without any intervention from the LTC Foundation, so investors are very confident that it will bring success to the digital asset.
This is because there is speculation that the halving event will increase the price of LTC even though the digital asset has recently seen a flat movement after breaking through $104 on July 13, 2023.
Most investors are optimistic that the halving event will not only push the price of LTC to retest the 52-week high of $114.50 but also surpass $412.96 in the months following the halving event.
However, some analysts cautioned investors not to be overconfident and should always scrutinize the movement as LTC prices could experience selling pressure during the halving event.
As of this writing, the price of LTC has plunged by 1.08% to $93 in the last 24 hours with the $6 billion market cap still registering a jump of around 0.60% over the last week.
