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Litecoin (LTC) Smashes Historic Milestone Ahead of Halving Event

Sun, 07/16/2023 - 12:43
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Tomiwabold Olajide
Litecoin (LTC) hits unprecedented high in transactions as halving looms
Litecoin (LTC) Smashes Historic Milestone Ahead of Halving Event
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Litecoin has smashed a historic milestone in its network transactions. The Litecoin network just processed its 170 millionth transaction, an exciting Twitter announcement reads.

This reflects accelerating growth for Litecoin, which has added over 10 million transactions over the past seven weeks. This suggests that well over a million transactions occur each week.

XRP, LTC, DOGE Survived Multiple Cycles, Here's What to Know

This is significant, as Litecoin has never been down in its over 11-year history of continuous uptime. Referred to as the silver to Bitcoin's "Digital Gold," Litecoin touts itself as the only blockchain with over 11 years of continuous uptime.

Litecoin (LTC) Halving Approaches: What to Know

One of the most eagerly anticipated events of 2023 for all proponents of proof-of-work (PoW) cryptocurrencies is the Litecoin (LTC) halving. The third halving in the history of Litecoin (LTC) is approaching; the first two occurred in 2015 and 2019.

Already, expectations are ramping up ahead of the event, which is about 18 days away, per an announcement from the official Litecoin Twitter account.

On July 12, on-chain analytics firm IntoTheBlock reported that search trends for Litecoin have hit a new yearly peak. Citing Media topics, the upcoming halving event is believed to be a key driver for the heightened interest.

OKLink's analytics platform gives a breakdown of the countdown to the halving event. The current countdown at the time of writing is 17 days and 3 hours, with an anticipated date of Aug. 2. There are presently 9,875 blocks left for this event.

The halving event, which will reduce Litecoin mining rewards from 6.25 LTC to 3.125 LTC, is seen as a net positive.

At the time of writing, LTC was marginally down in the last 24 hours to $94.70. Litecoin, which has a market value of $6.94 billion, is now ranked 12th among all cryptocurrencies.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.