With only three days and 19 hours remaining until the anticipated Litecoin (LTC) block reward halving, the cryptocurrency has experienced a 24-hour increase of 3.82%, trading at $94.68.
According to Tokenview data, Litecoin's block reward halving is approaching, expected to take place on August 3, 2023. This event will reduce the block rewards miners receive from 12.5 LTC to 6.25 LTC, effectively decreasing the cryptocurrency's inflation rate.
In anticipation of this halving, Litecoin's price has seen an uptick. Ouyi OKX market data reveals that LTC surged to $96.05 today, and currently trades at $94.68, marking a 3.82% increase in the past 24 hours.
Litecoin's block reward halving event usually results in a temporary increase in its price, as seen during the 2019 halving. The growing demand, combined with a decreased supply of new LTC, can serve as a catalyst for short-term price fluctuations. Market participants will closely monitor Litecoin's performance leading up to the halving and the subsequent price action in the days following.