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Litecoin (LTC) Wraps up Exciting Quarter With Record 500,000 Daily Transactions

Fri, 06/30/2023 - 17:30
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Tomiwabold Olajide
Litecoin (LTC) closes eventful quarter with record half million daily transactions
Litecoin (LTC) Wraps up Exciting Quarter With Record 500,000 Daily Transactions
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According to IntoTheBlock, Litecoin saw an eventful quarter as it set a new record in its transaction count.
IntoTheBlock shares a quarterly update on Litecoin, noting that the network processed over half a million (500,000) daily transactions for the first time in the quarter. It notes that this comes close to the number of daily Bitcoin transactions for May.

Litecoin has had an exciting quarter, reaching new milestones.

EDX Markets, a new crypto exchange that launched last week and is backed by big Wall Street heavyweights Charles Schwab, Citadel Securities and Fidelity Digital Assets, has opted to allow its traders - institutional investors only - to start trading with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

The Litecoin (LTC) mining hash rate has been steadily increasing, reaching new all-time highs.

In a tweet on June 27, the Litecoin Foundation announced that the blockchain's hashrate had reached an all-time high of 957.22 TH/s. According to the tweet, this update was a direct indication of the LTC network's steady, healthy and maturing growth, as well as Litecoin's network security.

Another positive development for the Litecoin blockchain is the upcoming halving. The third Litecoin halving event is anticipated to take place on or around Aug. 2, 2023. The current Litecoin block reward of 12.5 LTC will be decreased to 6.25 LTC.

Litecoin saw its first halving event on Aug. 25, 2015, at a block height of 840,000, while the second halving event occurred at a block height of 1,680,000 on Aug. 5, 2019. 

The crypto market is now anticipating Litecoin's impending halving event.

At a block height of 1,680,000 on Aug. 5, 2019, the second halving event took place. Now, the crypto market waits expectantly for Litecoin's approaching halving event.

Dash (DASH) Completes Halving, Litecoin and Bitcoin Next

On June 30, Litecoin had a big rise, as demonstrated by a massive green candlestick. The LTC price climbed from $83 to $103 before slightly retreating to where it presently trades.

LTC was up 14.16% in the last 24 hours to $97.53 at the time of writing, following an impressive price surge. With a market capitalization of $7.1 billion, Litecoin has entered the top 10 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.