- Litecoin’s block rewards halved to 6.25 LTC per block on Aug. 2, with the next halving set for roughly four years from now.
- LTC has seen remarkable growth in payment adoption, outpacing Bitcoin on BitPay, accounting for 35% of transactions.
On August 2nd, a significant event occurred in the Litecoin (LTC) community, as the cryptocurrency underwent its automated halving process at block 2,520,000. This means the reward for mining a new block has been halved to 6.25 LTC, setting the stage for another four-year cycle until the next halving.
Litecoin’s founder, Charlie Lee, provided insights on different countdown timers for the event, expressing that the NiceHash countdown was the most accurate. Nevertheless, the consensus remained firm on the August 2nd date for this landmark event.
The Impact on Litecoin’s Market Price
While the anticipation of halving has been a central focus, LTC’s prices have seen some fluctuations. After peaking at $110 in early July, the highest since April 2022, the price has settled around the $92 mark, maintaining a stable position.
Litecoin’s Historical Collaboration with Dogecoin
In a tweet that reflects on Litecoin’s history and collaboration with Dogecoin, the official Litecoin Twitter account highlighted the importance of merge mining:
About this time in 2014, after months of a debate led by @SatoshiLite, $LTC and $Doge began #MergeMining
Enabling miners to process transactions, while providing an additional layer of security, to both decentralized networks. In the process, Dogecoin’s future was secured. pic.twitter.com/CaZPlrp23C
— Litecoin (@litecoin) August 3, 2023
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This merge mining initiative has played a critical role in securing both networks and showcases Litecoin’s contributions to the broader cryptocurrency community.
Litecoin Emerges as a Popular Payment Option
Arguably one of the most noteworthy developments for Litecoin has been its surge in payments adoption. According to BitPay CEO Stephen Pair, both Litecoin and Bitcoin Lightning payments experienced their best months on the global payments platform.
In a noteworthy shift, LTC has surpassed Bitcoin as the crypto of choice on BitPay. As of June, Litecoin accounted for 35% of transactions, out of 57,949 crypto-related total transactions processed in the last 30 days.
Litecoin’s Current Standing in the Market
Ranking as the 12th-largest cryptocurrency by market capitalization at $6.8 billion, and with a daily trading volume of around $1.14 billion, Litecoin continues to solidify its place in the crypto landscape. There are 73.5 million LTC in circulation at present, out of a maximum supply of 84 million.
Litecoin’s recent halving and growing acceptance in payments, as well as its historical collaboration with Dogecoin, are indicative of the coin’s evolving role and potential in the financial ecosystem. The future looks bright for this silver to Bitcoin’s gold.
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