Litecoin Halving Finally Completed; Surprisingly Price Drops 6%

Litecoin Halving Finally Completed; Surprisingly Price Drops 6%

Time Stamp: August 2, 2023 2:30 PM
Litecoin Halving Finally Completed; Surprisingly Price Drops 6% PlatoBlockchain Data Intelligence. Vertical Search. Ai.
  • Litecoin follows Bitcoin’s lead in going through the halving cycle every 4 years.
  • LTC lost value in the last 24 hours, falling 6.57% to $86.95 as per data from CMC.

As of today, the pace at which Litecoin is being issued has decreased by half, an occurrence known as “the halving.” Litecoin follows Bitcoin’s lead in going through the halving cycle every 4 years.

The block reward for verifying blockchain transactions is halved during a crypto-halving event. After the event, miners will be rewarded in cryptocurrency at a rate that is 50% lower for every block. As a result of the scarcity created by the halving process, the value of cryptocurrencies may be maintained or even increased.

The goal is to reduce network inflation by making each coin worth more by producing fewer of them. Assuming no further changes to the network infrastructure are necessary, this should theoretically lead to a higher price.

Charlie Lee, the founder of Litecoin, expressed his confidence that these regular halvings aid in widespread adoption without jeopardizing the network’s underlying security.

Selling Pressure

However, LTC hasn’t seen any price increases yet. On the contrary, the currency lost value in the last 24 hours, falling 6.57% to $86.95 as per data from CMC. The market cap is down 6% and now stands at $ 6,413,084,253.

The price of Litecoin, a fork of Bitcoin, was anticipated by investors to surge, but it seems traders are selling out, with strong bearish momentum. Meanwhile, as of June, the Litecoin network has processed 33 million transactions.  As the halving date drew near, Litecoin’s social influence grew, and so did the concern of its investors. The recent volatility in LTC has been difficult to handle for many. Despite recent attention, LTC has not yet achieved widespread popularity to rival Bitcoin.

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