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Litecoin Halving Arrives, Rewards Slashed By Half
On August 2, the long-anticipated Litecoin halving event took place. This event happened when the Litecoin blockchain reached block 2,520,000. As a result, the rewards for Litcoin (LTC) miners have now been reduced by half, with the reward for mining a new block of Litecoin now set at 6.25 LTC. This event now sets the clock back to zero, paving the way for the next halving event, approximately four years from now.
Word From Founder And Performance Of LTC
Charlie Lee, the founder of Litecoin, addressed the varying projections of different halving countdown timers. He revealed that, in his opinion, the NiceHash countdown was the most accurate. Nevertheless, all timers pointed to August 2 as the date of the halving. In terms of LTC price performance, a downward trend has been noticed from early July, depsite hitting a high of over $110--the highest since April 2022. The cryptocurrency, often referred to as the silver to Bitcoin's gold, is currently hovering around the $92 mark, approximately the same price it was two weeks ago.
Litecoin Surpasses Bitcoin On BitPay
Looking at Litecoin's role as a payment method, BitPay CEO Stephen Pair divulged that Litecoin and Bitcoin Lightning recordings showed their best performance in recent times on the global payments platform. Shockingly, Litecoin has edged past Bitcoin as the preferred crypto for payments on BitPay since June, accounting for a whopping 35% of transactions. BitPay has reportedly overseen 57,949 crypto-related transactions over the past 30 days.
Litecoin's Current Market Position
Litecoin presently sits in the 12th position in terms of cryptocurrency market capitalization with a total market cap of $6.8 billion. The daily trading volume is around $1.14 billion. There are currently 73.5 million LTC in circulation, which is part of a maximum supply of 84 million LTC.
