The Litcoin (LTC) third halving event in history has just taken place, according to Litecoin Foundation on Twitter.
Like Bitcoin (BTC), the largest cryptocurrency by market cap, Litecoin’s block-halving events play out every four years. As of the time of writing, Litecoin occupies the 11th position in the market with the market capitalization of $6.5 billion, and changing hands at around $89, according to CoinMarketCap.
LITECOIN HAS SUCCESSFULLY HALVED ITS BLOCK REWARD!
⚡ $LTC ⚡ pic.twitter.com/iemCnkPsdu
— Litecoin (@litecoin) August 2, 2023
Read Also: Whales On LTC Accumulation Spree As Litecoin Halving Event Counts Down. Here’s the Significance
Litecoin halving events always precede Bitcoin halving, which is expected to play out anytime in April 2024. As Litecoin halving usually impacts the price of LTC, Bitcoin’s version of halving always carries the whole market on its back, resulting in many price all-time highs in the altcoins market.
Litecoin launched in October 2011 with 50 LTC as initial block rewards. The network’s last halving is estimated to take place in 2142. Litecoin miners have mined 87% of the network’s 84 million total coins, according to CoinMarketCap.
Google Bard: Some Analysts Believe LTC Could Reach $500, $600, or $1,000 After Halving
The Litecoin halving event that just happened has reduced the block reward earned by miners by half, thereby increasing and potentially impacting LTC price dynamics. Traders and investors usually seize moments like this to accumulate coins in numbers.
As many analysts and crypto pundits were coming up with speculations, TimesTabloid also consulted Google Bard, an artificial intelligence (AI) chatbot created by Alphabet, regarding the price trend to expect for LTC following the halving event.
Read Also: Litecoin (LTC) Price Prediction As Upcoming Halving Activates Buying Pressure
According to Bard, it’s difficult to predict, but there are three factors that could influence the price of LTC. The bot listed the factors as follows: the overall state of the cryptocurrency market, the demand, and the supply of Litecoin.
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Overall State of the Cryptocurrency Market: Per Google Bard, if the cryptocurrency market is bullish, it’s likely to impact the Litecoin price positively after halving. However, if the market is bearish, the halving may have no good impact on the LTC price.
The demand for Litecoin (LTC): The bot also said the demand for LTC after halving will determine whether there will be an increase or decrease in price.
The supply of Litecoin (LTC): Google Bard said after the halving, the supply of new Litecoin entering the Market will be reduced, which could clearly lead to an increase in price, as there will be less supply to the demand.
In conclusion, Google Bard said, “Based on these factors, some analysts believe that the price of Litecoin could reach $1,000 after Halving. However, others believe that the price could only reach $500 or $600. It is impossible to say for sure what the price will be, but it is likely to increase in the long term.”
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