The third halving of Litecoin is just hours away. The block reward will automatically adjust from 12.5 to 6.25 LTC, making Litecoin a deflationary currency with a predictable monetary supply.
The Litecoin Network, which was founded in 2011 as a fork of Bitcoin, is due to perform its third mining reward halving later today, slowing the rate of supply expansion for its native cryptocurrency, LTC.
According to the website litecoinblockhalf.com, the third halving of Litecoin will most likely occur on Wednesday around 3:15:37 p.m. UTC.
According to the OKLink analytics platform, there are just about four hours remaining until the event. The current countdown at the time of writing is three hours and 49 minutes. There are presently 107 blocks left for this event.
Litecoin is experiencing a boom in its network fundamentals ahead of the halving event. On-chain analytics platform IntoTheBlock reports that the hashrate of Litecoin continues to achieve new highs as the expected halving approaches.
Unlike the previous halving, when the hashrate was decreasing in advance of the event, the current trend is showing increasing momentum.
Litecoin price action
LTC was trading at $91.36 as of press time, representing a 28.8% year-to-date gain. The cryptocurrency rose in the first half, mirroring prior pre-halving price advances.
Litecoin is slightly higher, up 1.18% in the last 24 hours, as the price remains unchanged on its halving day. Perhaps traders priced in the halvings in advance, as evidenced by the pre-event rallies, and then grabbed profits and then waited for a Bitcoin bull run.
Crypto analyst Ali highlights where the LTC price currently stands, utilizing on-chain data. "Litecoin trades between two significant supply walls ahead of the halving. One acts as support between $87 and $90, where 625,000 addresses bought 7.8 million LTC. The other one acts as resistance between $90 and $93, where 590,000 addresses hold 6 million LTC."