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Litecoin (LTC) is approaching a highly anticipated event known as halving, which has garnered much attention in the crypto community. The halving, which is scheduled to take place in less than 16 days, will reduce Litecoin’s mining rewards from 12.5 LTC to 6.25 LTC.
This event is considered a positive development by the LTC community and proof-of-work (PoW) consensus advocates as it is expected to control the token supply and potentially increase its value.
This halving, scheduled for August 2, will be the third halving in Litecoin history, with previous halvings occurring in 2015 and 2019. Not surprisingly, the event generated a significant amount of excitement and anticipation.
Data from on-chain analytics firm IntoTheBlock shows that search trends for Litecoin hit a new high each year. Upcoming Litecoin (LTC) halving is cited as one of the main factors driving the growing interest in the Litecoin network.
Adding to the halving buzz, Litecoin recently hit a significant milestone, surpassing 170 million transactions. The blockchain network proudly announced this achievement on Twitter, highlighting that it had processed 10 million transactions in seven weeks and over a million transactions in a week.
This milestone further solidifies Litecoin’s reputation as a reliable and robust blockchain. Litecoin, often referred to as “Digital Silver” versus Bitcoin’s “Digital Gold”, stands out as the only network that has been operating uninterruptedly for the past 11 years. This means that the network remains online without any significant interruptions during this time. Such uptime is unmatched in a crypto space where network failures and downtime are not uncommon.
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However, despite the enthusiasm surrounding the halving, the latest data from CoinMarketCap shows that LTC has dropped 1.191% in the last 24 hours. Currently, the token is worth $91.38, a significant drop from the $104 it reached last week. With a market cap of $6.7 billion, LTC is currently the 12th largest cryptocurrency network.