Litecoin experienced a massive increase against Ethereum, the leading altcoin, in November. Litecoin has gained nearly 100% against Ethereum. On the other hand, a double bottom formation is observed in the current chart. The said observation was brought up by one of the experienced commodity traders, Peter Brandt. brought.
The double bottom pattern is a classic chart pattern that shows a major change in trend since the previous downtrend. This pattern indicates that the downward move is complete and a strong uptrend will begin. Litecoin seems to have completed this move.
Overall, it can be said that Litecoin has had a positive November so far. Known as “digital silver,” the altcoin briefly broke away from the overall market trend and outperformed other cryptos for most of November. His monthly income has reached 40.47%.
Besides, on-chain analytics company Santiment reported that the LTC price increase coincided with the significant increase in wallets holding more than 1,000 LTC since May 22.
Litecoin halving will take place in the next 250 days
According to information shared by both the Litecoin Foundation and the Litecoin official Twitter account, the next Litecoin halving is estimated to take place in the next 250 days. Litecoin, just like Bitcoin, has a fixed supply (84 million tokens) and uses a mining proof-of-work (PoW) algorithm to secure its network. Simply put, the Litecoin halving event means that the rewards for miners will be halved.
The next Litecoin Halving will be in 250 days!
⚡84,000,000 Max Supply
⚡2.5-minute block intervals
⚡Halving event every 4 years
⚡Become scarcer over time
⚡Decrease in supply, demand rises
— Litecoin Foundation ⚡️ (@LTCFoundation) November 26, 2022
The reward amount is currently 12.5 LTC. However, after the upcoming halving, this will drop to 6.25 LTC. This trend is expected to continue until 2124.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.