- August 3, 2023
- Posted by: [email protected]
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The much-anticipated Litecoin halving event has recently concluded, causing block rewards to be reduced to 6.25 LTC per block. Occurring at block 2,520,000 on the Litecoin blockchain, the halving has reset the clock for the next occurrence, expected in approximately four years. Litecoin miners are now receiving half the rewards they were before the event, which is an automated process designed to control the supply of LTC over time.
Amidst the halving excitement, LTC prices have experienced a downward trend since early July. The value of Litecoin surpassed $110, reaching levels unseen since April 2022. However, at present, it is hovering around $92, similar to its value two weeks ago.
In contrast to the price fluctuations, Litecoin’s adoption as a payment method has been on the rise. BitPay CEO Stephen Pair highlighted that Litecoin and Bitcoin Lightning payments witnessed remarkable growth on the global payments platform. As of June, LTC has overtaken Bitcoin as the preferred cryptocurrency for transactions on BitPay, accounting for 35% of all transactions. Impressively, BitPay processed a total of 57,949 crypto-related transactions in the last 30 days. While North America, Europe, and the United Kingdom remain the largest markets for BitPay, the company reported significant growth in crypto payments in Africa. Pair emphasized that African-based BitPay users are increasingly opting for cryptocurrencies over traditional banking systems, while Latin America is also expected to witness a surge in BitPay activity in the coming years.
In terms of market capitalization, Litecoin currently ranks as the 12th-largest cryptocurrency, with a market cap of $6.8 billion and a daily trading volume of around $1.14 billion. Out of a maximum supply of 84 million LTC, there are currently 73.5 million LTC in circulation.
The Litecoin halving event and its successful completion have caught the attention of the crypto community. As the supply of new LTC coins reduces, many believe this could potentially drive further upward pressure on the cryptocurrency’s value over time. With Litecoin gaining ground as a preferred payment option, its future prospects in the rapidly evolving world of cryptocurrencies appear promising. Investors and enthusiasts are keeping a close eye on the market as Litecoin continues to assert its position as the silver to Bitcoin’s gold.
