With less than 16 days left, the crypto community Litecoin waiting impatiently for its halving. The halving is a major event that will reduce mining rewards on the network from 12.5 LTC to 6.25 LTC. This is seen by the LTC community and proof-of-work (PoW) advocates as a positive development that will control the supply and increase the value of the token.
The first two halvings took place in 2015 and 2019, and the next halving is expected on August 2nd. As this represents the third halving event, the community remains excited.
Data from on-chain analytics firm IntoTheBlock also showed that search trends for Litecoin reached a new one-year high. According to IntoTheBlock, the upcoming halving has been one of the biggest factors in increasing interest in the network.
The network, on the other hand, marked a historic milestone with 170 million transactions. In a Twitter announcement, the blockchain network said it reached this milestone after processing 10 million transactions in just seven weeks and over a million transactions in one week.
This latest milestone also solidifies Litecoin’s position as a reliable and robust blockchain. Often labeled as Bitcoin’s “Digital Gold” versus silver, LTC is also the only network that has been operating continuously for the past 11 years. This means that the network has survived without interruption for the past 11 years. LTC’s uptime is unprecedented in a crypto space awash with network outages and failures.
However, despite the excitement created by the halving, data from CoinMarketCap shows that LTC has lost 1,191% in the last 24 hours. The token is currently at $91.38, which is a significant drop from the $104 level it reached last week. LTC is the 12th largest cryptocurrency network with a market cap of $6.7 billion.
You can follow the current price action here.