Miner rewards are expected to be halved around August 5

​LTC rate exceeds $100 on the eve of halving

30.06.2023 - 13:45


3 min

What’s new? On June 30, the value of Litecoin (LTC) rose by 21,5% overnight to $102,7. The last time the figure exceeded the $100 mark was on April 19 of this year. The increase is most likely due to the upcoming halving on the cryptocurrency’s network, which is expected around August 5, 2023, according to Neovesting. During the week, the asset added 18,9%, according to aggregator CoinGecko.

Binance’s data

Halving is code’s embedded cut in half of the reward to miners for a mined block on the blockchain. On the Litecoin network, it will decrease from the current 12,5 to 6,25 LTC.

What is known about Litecoin? The asset, launched by developer Charlie Lee in October 2011, is used to make small everyday transactions with low fees. At the end of 2021, it ranked third in popularity among Russians. It currently ranks 11th in the overall ranking of cryptocurrencies with a capitalization of over $7,46 billion.

Более 10 лет в строю. Что такое Лайткоин и почему он все еще популярен

Более 10 лет в строю. Что такое Лайткоин и почему он все еще популярен

Рассказываем об истории Лайткоина и о том, почему монету до сих пор используют для проведения быстрых криптовалютных переводов с низкой комиссией

Read further

In early May, Lee said that in the next bull cycle, the rate of LTC paired with bitcoin could grow by 700%, to 0,025 BTC. In his opinion, this will be facilitated by higher throughput and scalability, as well as privacy. At the time of writing, the asset is trading at 0,003279 BTC.

On June 1, analysts at Santiment also linked a sharp surge in LTC transactions with the upcoming reduction of the reward to miners.

On June 23, the network of the anonymous cryptocurrency DASH also saw a halving, with the reward reduced from 2,49 coins to 2,3097 coins.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy