Litecoin completes 3rd halving, block reward cut to 6.25 LTC
- Litecoin halving is complete, with block reward reduced to 6.25 LTC.
- LTC price was $91 at halving, down 4% in the past 24 hours.
Litecoin has halved its block reward from 12.5 LTC to 6.25 LTC following the activation of its third halving event at block height 2,520,000.
The proof-of-work (PoW) coin’s latest halving happened as LTC price hovered near price levels also seen during the last event in 2019.
However, the network has seen significant growth in terms of total addresses, number of active daily addresses, transaction volume, and hashrate among other metrics, according to market intelligence and on-chain data analytics platform IntoTheBlock.
— IntoTheBlock (@intotheblock) August 2, 2023
LTC price at halving
Litecoin price is down 4% in the past 24 hours and 17% in the past month.
At current levels of $89.7, LTC/USD is about 78% from its 2021 bull market peak. Notably too is that the coin peaked at just above $115 in its pre-halving rally, a scenario that opens up a potentially short-term negative flip.
Historically though, prices have rebounded higher post-halving and positive market conditions in next few months could aid that outlook.
Crypto analyst Rekt Capital pointed out this forecast earlier today.
Many months later, $LTC has registered its Pre-Halving top around the $115 region
Picture-perfect rejection from the orange Macro Downtrend
As per post-Halving tendencies, here’s what to expect in the coming months:
📉 #LTC may experience deep retracement
Historically, LTC… https://t.co/XUz1Woukog pic.twitter.com/RP5oYQSVi9
— Rekt Capital (@rektcapital) August 2, 2023
As noted above, the price of Litecoin at the time of halving today was largely the same as at the last halving. However, as Rekt mentions above, LTC has rallied more post-halving than pre-halving and the prediction could still materialise in the next several months.
Litecoin’s value rose to a new all-time high of $410 in May 2021, before the bear market of 2022 saw the cryptocurrency lose most of that value. Prices dropped to lows of $47 in June as crypto contagion impacted markets after the collapse of Terra and Three Arrows Capital.