The Litecoin price has been skyrocketing over the last few months, it is even up in price percentage-wise more than Bitcoin. The coin that is touted as the silver to Bitcoin gold sure has punched way above its weight.
Remarkably, it was the first of the Cryptocurrencies to pick itself up out of the bear market and has been on a tear to the moon ever since! Many in the cryptocurrency community are pointing to the Litecoin Halving as the reason behind the epic rise in price. So what is the Litecoin halving?
Litecoin, created by Charlie Lee back in 2011, has a supply limit of 84 million Litecoins hard-coded into its protocol which means there will only ever be 84 million Litecoins ever released. The litecoins come into circulation every 2.5 minutes at a rate of 25 for every period. At its current rate of emission this gives it an inflation rate of 8.82%.
Every 4 years the rate of emission drops in half, for example at the next halving halving point the amount of coins minted every 2.5 minutes will drop from 25 to only 12.5 coins. This will mean that the annual inflation rate will drop to 4.26% and that there will be less Litecoins being released every 2.5 minutes for the next 4 years.
Already 74% of all Litecoins have been mined and released, leaving only 25% left to be distributed, some say this will put pressure on the supply, and demand growing day by day, they anticipate that Litecoin could see triple digit percentage price gains over the coming months and years.
According to the Litecoin block reward halving countdown website the next halving will be in 54 days, 12 hours and 30 minutes at time of writing article, this would put the halving on approximately the 6th of August 2019. Miners will be competing for as many coins as they can possible get their hands on before the next halving as their reward will be drastically less every 2.5 minutes for the same amount of work.
No-one can say for sure where the price will be at the next Litecoin halving, it could go much higher or maybe do nothing at all, but one thing is for sure, the community is excited and there are many people accumulating their favourite coin.
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