Litecoin Halving Just 13 Days Out, but the LTC Price Rally Seems to be Playing Hide and Seek

Bitcoin (BTC) may still have nearly a year to go until its next block reward halving, but the situation is quite different for Litecoin (LTC).

Litecoin Halving Just 13 Days Out, but the LTC Price Rally Seems to be Playing Hide and Seek

In less than two weeks, Litecoin’s block subsidy will decrease from 12.5 LTC to 6.25 LTC per block. Despite facing controversies, Litecoin holds its ground as the 12th-largest cryptocurrency by market cap, valued at approximately $6.8 billion.

As the halving approaches, LTC miners are preparing for the impact of reduced block rewards. Currently, these miners earn 7,200 LTC in block rewards daily, amounting to roughly $670,000.

Investors, including some prominent whales, are looking for opportunities in light of the halving event. Popular trader Mikybull Crypto and others have observed large purchases of almost $60 million worth of LTC in the past two days. However, when measuring the value of Litecoin against Bitcoin, there seems to be little reason for celebration.

LTC is currently trading near its all-time lows concerning the largest cryptocurrency, Bitcoin. This downward trend has persisted over the years, regardless of previous halvings.

As of July 19, the LTC/BTC pair is trading at 0.0031, with its all-time low recorded in June 2022 at 0.0017. In the past, 1 LTC used to be valued as high as 0.052 BTC, which, in today’s terms, would be equivalent to $1,560.

In summary, while Litecoin halving approaches and miners brace for its impact, the value of LTC against Bitcoin remains on a downward trajectory, a trend that has continued through various halvings.