- Litecoin successfully completed its halving procedure, decreasing block rewards to 6.25 LTC, setting the stage for the next halving in approximately four years.
- Despite the halving event, Litecoin’s usage as a payment method is on an upswing, with BitPay reporting an increase in LTC payments.
A New Chapter Begins for Litecoin
The Litecoin network marked a significant milestone recently, with the completion of its anticipated halving event. On August 2nd, at block 2,520,000, Litecoin’s blockchain successfully underwent its pre-scheduled halving mechanism. As a result, the reward for mining each block on the Litecoin network was halved from 12.5 LTC to 6.25 LTC. This automated event resets the halving clock, initiating another four-year cycle.
— IntoTheBlock (@intotheblock) August 2, 2023
Charlie Lee, the founder of Litecoin, clarified the varying predictions across different halving countdown timers, citing the NiceHash timer as the most accurate. However, all agreed that the halving event would occur on August 2nd.
Litecoin’s price has been on a downward trajectory since peaking at $110 in early July. The digital silver to Bitcoin’s gold, Litecoin is currently maintaining a steady position around the $92 mark, exhibiting its robustness in the face of a major network event.
Rising Adoption Amid Halving
Alongside the successful halving, Litecoin is gaining traction as a favored cryptocurrency for payments. BitPay CEO, Stephen Pair, shared insights with Cointelegraph, stating that Litecoin and Bitcoin Lightning payments experienced significant growth on their global payments platform recently.
In an encouraging trend, Litecoin surpassed Bitcoin as the preferred cryptocurrency for payments on BitPay as of June, accounting for 35% of transactions. The platform reported processing a total of 57,949 crypto-related transactions over the past 30 days.
Currently, Litecoin holds the 12th position among cryptocurrencies by market capitalization, boasting a market cap of $6.8 billion. The daily trading volume is approximately $1.14 billion, with a circulating supply of 73.5 million LTC out of a maximum supply of 84 million.
The successful completion of this halving event coupled with the increased adoption of Litecoin as a payment method highlight Litecoin’s unwavering fundamentals and resilience, paving the way for an intriguing journey in the next halving cycle.