Litecoin Halving Happening In 4 Hours: Buy Or Sell Signal?

Litecoin

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The Litecoin (LTC) halving is now here and the event is currently the most-watched among crypto investors. In addition to the anticipation of the cut in rate of supply, there are also speculations around the digital asset and what the current halving could mean for it.

Is It Time To Buy Or Sell LTC?

The question of whether buying or selling Litecoin (LTC) leading up to and following the halving event is a good idea remains on the minds of investors even with just a couple of hours to go. As such, taking a looking at the historical performance around this event could help to determine the best course of action.

The last Litecoin halving event actually saw the price of LTC rise leading up to the event. And like the halving before it, the price of LTC took a big hit not too long after. So far, LTC seems to have maintained a certain level of similarity to the previous halving, which would suggest following the same registered pattern.

If this historical performance is anything to go by, then investors should not expect a surge in price for the altcoin once the halving event is complete. Rather, it is more likely that the price of LTC would correct further downward, losing a good chunk of its early July gains.

LTC halving happening in less than four hours | Source: NiceHash

The Litecoin Countdown

There is only a couple of hours left to go for the Litecoin halving and it is safe to say that investors are watching the clock closely. Data from NiceHash shows that the event will take place around 15:00 PM UTC, which is about four hours from the time of writing.

Once the halving is completed, the number of LTC miners receive as a reward for mining a block will go from 12.5 LTC to 6.25 LTC. This effectively cuts in half the rate at which new LTC coins are being brought into circulation.

Since the Litecoin blockchain is set up in a similar way as Bitcoin, the halving events are expected to take place approximately every four years until the year 2142 when the last block is expected to be mined.

The maximum total supply of the altcoin is also 84 million, after which no more new coins will be produced. The eventual halt in supply and rising demand is expected to make the coins more valuable as time goes by.

Presently, the price of LTC is sitting at $91.36, recording meager gains of 0.90% in the last 24 hours. However, the altcoin is performing much better on the weekly chart with 2.04% gains.

LTC price sitting at $91.36 | Source: LTCUSD on Tradingview.com
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