- The community is excited as LTC’s highly anticipated halving is 16 days away.
- Importantly, the halving will reduce mining rewards from 12.5 LTC to 6.25 LTC.
- LTC hits a historic 170 million transactions, with 10 million coming in, in just seven weeks.
With less than 16 days to go, the crypto community eagerly anticipates the Litecoin (LTC) halving. The halving is a significant event that would reduce Litecoin’s mining rewards from 12.5 LTC to 6.25 LTC. This is viewed by the LTC community and proof-of-work (PoW) proponents as a positive development that would control supply and increase the token’s value.
The halving scheduled for August 2 will be the third in Litecoin’s history, with the first two happening in 2015 and 2019. As expected, the halving has generated a lot of buzz and excitement.
Data from on-chain analytics firm IntoTheBlock also showed that search trends for Litecoin hit a new yearly peak. According to IntoTheBlock, the upcoming halving is one of the major drivers for the heightened interest around the network.
Elsewhere, LTC hit a historic milestone of 170 million transactions. In a Twitter announcement, the blockchain network said it hit that milestone after processing 10 million transactions in just seven weeks and over a million in a week.
This recent milestone also solidifies Litecoin’s position as a reliable and robust blockchain. Often tagged the silver to Bitcoin’s “Digital Gold,” Litecoin is also the only network running continuously for the past 11 years. That means the network has stayed up without downtimes for the past 11 years. LTC’s uptime is unprecedented in a crypto space awash with network downtimes and failures.
However, despite the excitement around the halving, data from CoinMarketCap shows that LTC shed 1.191% in the past 24 hours. The token currently sits at $91.38, a significant drop from the $104 it reached last week. LTC is the 12th biggest cryptocurrency network with a $6.7 billion market cap.
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