- Litecoin’s latest halving event is accomplished, reducing block rewards to 6.25 Litecoin per block, with the countdown reset for the next halving in approximately four years.
- Amidst this transition, Litecoin overtakes Bitcoin as the preferred cryptocurrency for payments on BitPay, marking one of the best months in its transaction history.
In a significant leap forward, Litecoin (LTC), the 12th largest cryptocurrency by market capitalization, has completed its halving event, marking a pivotal moment in the network’s lifecycle. This automated procedure that took place on August 2 at block 2,520,000, has successfully halved the block rewards to 6.25 Litecoin per block, setting the countdown for the next similar event in about four years.
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
Halving & Price Trends
Charlie Lee, the founder of Litecoin, acknowledged some discrepancies among different halving countdown timers but confirmed that the NiceHash timer was the most accurate, with all timers agreeing on the August 2 date.
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The price of Litecoin, often dubbed the “silver to Bitcoin’s gold,” has been experiencing downward pressure since early July when it surpassed $110 – a high unseen since April 2022. The cryptocurrency now fluctuates around the $92 mark, mirroring the level it held two weeks ago.
Litecoin – A Preferred Choice for Payments
While the halving event sparks interest, Litecoin’s adoption as a method of payment is surging, contributing to the coin’s significant standing. Stephen Pair, BitPay’s CEO, shared with Cointelegraph that Litecoin and Bitcoin Lightning had their strongest performance in recent history on the global payments platform.
Indeed, by June, Litecoin had dethroned Bitcoin as the favored cryptocurrency for payments on BitPay, accounting for 35% of transactions. BitPay reports processing a total of 57,949 crypto-related transactions over the past 30 days.
As of now, Litecoin’s market capitalization stands at $6.8 billion, with a daily trading volume around $1.14 billion. Out of the maximum supply of 84 million, there are currently 73.5 million LTC in circulation, reinforcing the ongoing demand and usability of the coin.
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