Litecoin [LTC] halving done, up by 7%
Litecoin’s halving has concluded successfully. The block reward for Litecoin has been reduced by 50%. The previous block reward of Litecoin was 25 LTC, but due to halving the block reward has decreased to 12.5 LTC.
The halving took place after block 168,000. Immediately following the conclusion of halving, Litecoin price soared by 7% and touched $100. The news was tweeted by Litecoin’s creator Charlie Lee.
Litecoin halving was a success! And price just hit $100! 👍
Block 168,000 produced 12.5 LTC in block rewards.
Let's do this again in August 2023! 🎉 pic.twitter.com/aBvDJtH4FV
— Charlie Lee [LTC⚡] (@SatoshiLite) August 5, 2019
Litecoin’s halving is a fixed event which occurs every 4 years. The next halving will take place in 2023.
Effect on price
Historically, the price of a cryptocurrency does not immediately after halving but eventually, in the long run, it does. And it can be true for Litecoin as well.
Litecoin’s price though immediately rose up by 7%, but that could be due to market uptrend as well. Bitcoin is currently up by 8.67% and is about to cross $12,000. Litecoin price has fallen since its $100 peak and is currently trading $99.45.
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