The Litecoin halving event of the cryptocurrency incentive came early on August 5, based on previous indication of fast-tracking block production. LTC trading surged 14% after the event and in the process taking the price to around $107 shortly before dropping.
Accelerated halving event
Prior to the halving, litecoin experienced a flurry of activity which led to accelerated block production. In recent months it has been held that the event will occur at the end of the month but the event came earlier because of relative block time.
The halving reduced block rewards from 25 litecoins per 2.5 minute block to around 12.5 litecoins. Surprisingly 50 LTC are created in every 10 minutes relative to only 12.5 BTC. The litecoin network is designed to half its mining reward once there are 840,000 blocks and the event was a result of the block hitting 1.68 million blocks.
LTC records daily trading of $3.5 billion
Yesterday LTC surged and performed well compared to BTC and other altcoins after it recorded daily trading equivalent to $3.5 billion. However even though the coin has been performing well in recent months it nonetheless since mid-last month lost close to 50% of its BTC price. The coin has dropped to 0.008 BTC from highs of around 0.016 and further from the 0.1 BTC when the coin was unveiled first.
The halving event was the second for the coin and it precedes another event that is scheduled to occur at the beginning of next year. Following the event the hash rate is still high and very far from the 523 TH/s highs. The halving event is expected to have long-terms impact on mining as miners will now only get access to limited coin supply.
Crypto reward miners have since rushed to dispose their block rewards something which has led to a downtrend in price.
The current LTC price is unstained by any expected events and will need to prove its consistency without anticipation of the halving. Follow all LTC developments by signing up below.