Litecoin Price Prediction as Halving 70 Days Away - Can LTC Hit $1,000 in 2023?
Litecoin (LTC), the cryptocurrency that powers the payments-focused Litecoin blockchain, is consolidating in the $91 area, just above its 50 and 100-Day Moving Averages, both of which reside around $89.50.
Litecoin traders continue to count down for the upcoming halving event, which is now just 70 days away.
Litecoinblockhalf.com explains that, “as part of Litecoin's coin issuance, miners are rewarded a certain amount of litecoins whenever a block is produced (approximately every 2.5 minutes)”.
“When Litecoin first started, 50 litecoins per block were given as a reward to miners… (and) after every 840,000 blocks are mined (approximately every 4 years), the block reward halves and will keep on halving until the block reward per block becomes 0 (approximately by year 2142)”.
Right now, the block reward is 12.5 LTC, which will soon decrease to 6.25 LTC.
Whilst Litecoin’s prior halvings haven’t necessarily been as bullish events as halving have been for Bitcoin, a slowing of the LTC inflation rate should nonetheless prove to be a positive for LTC in the long-run.
Out of a total 84 million LTC tokens that can ever exist, just under 73 million have been mined, which is around 86.7% of the supply.
That means the upcoming halving event will see LTC’s inflation rate drop from around 3.67% to around 1.8%.
Litecoin’s technical set-up is looking good for a continuation of short to medium-term upside.
LTC’s second recovery from below its 200DMA this year earlier this month suggests investors remain keen to buy the dip and the recovery from earlier monthly lows also confirmed a long-term uptrend from the November lows.
Meanwhile, with Litecoin having also managed to get back above its other major moving averages, a retest of annual highs to the
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